Fitch affirms Singapore

Fitch Ratings said it affirmed Singapore's long-term foreign- and local-currency issuer default ratings at AAA with a stable outlook, its short-term issuer default rating at F1+ and its country ceiling at AAA.

The ratings reflect Singapore's exceptionally strong external finances, sound fiscal framework, strong investment climate and diverse, high value-added economy, the agency said. These buffers have insulated the small, open economy from external shocks.

Singapore's economic performance and creditworthiness are further supported by fundamental structural factors including the high quality of public institutions, respect for rule of law and low reported corruption rates, Fitch said. However, Singapore falls short relative to AAA peers on "voice and accountability" in the World Bank's system of governance indicators, the agency noted.

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