SINGAPORE -Fitch Ratings has affirmed Singapore's long-term foreign- and local-currency issuer default ratings (IDR) at AAA. The outlook on those is stable.
The ratings on Singapore's senior unsecured local-currency bonds are also affirmed at AAA.
Fitch said: "The ratings reflect Singapore's high per capita income levels, strong governance indicators, exceptionally strong external balance sheet and robust fiscal framework."
It added these are balanced against Singapore's "high degree of vulnerability to shocks because of the economy's significant trade dependence and a financial sector that is highly integrated with the rest of the world".