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Fitch affirms Singapore at AAA

Fitch Ratings affirmed Singapore's long-term foreign-currency issuer default rating at AAA, with a stable outlook, based on strong public finances and fiscal sustainability.

The affirmation reflected Singapore's sound external and fiscal balance sheets, high per capita income, conducive business environment and stable macroeconomic policy framework, Fitch said.

The agency commended the country on its large accumulation of current account surpluses, an expected 17% of GDP this year, supported by a high savings rate. Meanwhile, government debt/GDP is projected to be 35.1% at end-2018, below the AAA median of 40.3%.

However, trade tensions weigh on Singapore's GDP growth prompting Fitch to reduce its 2019 growth projection to 0.5% from last review's 3.2%.