Standard & Poor's Ratings Services affirmed on Friday its 'AAA/A-1+' sovereign credit ratings on Singapore.
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In a statement, Standard & Poor's said the outlook is stable. The ratings reflect Singapore's enduring fiscal and external strengths and competitive economy, while taking into account the challenges it faces as a small and open economy.
Singapore's general government surplus is estimated at 8.8 percent of GDP in fiscal 2007 and averaged 8.0 percent of GDP between 2003 and 2007.
Standard & Poor's added that this level of surplus – one of the highest in the world – provides strong fiscal flexibility, which is needed for structural reforms such as the ongoing efforts to diversify the economy so that it would be less reliant on electronics exports and be more cost competitive. - CNA/so
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