Singapore 'resilient to global shocks': Moody's Investors Service

Singapore has a high degree of resilience to global financial shocks, despite its open economy and dependence on global finance and trade, said ratings agency Moody's Investors Service.

But the economy is facing structural challenges with slower growth and changes in the political landscape.

Still, Moody's is keeping a stable outlook on its triple-A rating on Singapore's sovereign credit, citing strengths in its economy, institutions and the Government's financial position.

In its annual credit report on the country released on Tuesday, Moody's said Singapore excels in four areas: its strong economy, institutions, government finances and low vulnerability to external shocks.

Moody's has also rated the Government's financial position as being 'very high', despite the move to channel more resources to help lower- income earners.