Fitch ratings affirm Singapore at 'AAA', outlook Stable

Earlier today, Fitch ratings agency affirmed Singapore’s credit rating at ‘AAA’, citing the following reasons:

Singapore's 'AAA' rating reflects a strong external balance sheet, which is supported by substantial current account surpluses, sound fiscal framework

Expects GDP to expand by 3.4% in 2018, forecasts GDP growth to stabilize at around 3.2% in 2019 and 2020

Over the medium term, continued recovery in the oil and gas sector could have positive spillover effects on growth in Singapore

Estimate Singapore's net foreign assets will be close to 76% of GDP at end-2018, significantly above historic 'AAA' median of -7.5%.