Fitch: Singapore's AAA rating not in doubt

Credit rating agency Fitch Ratings said that Singapore's top-notch AAA country credit rating is not in doubt, though longer-term pressures it shares with other advanced economies remain.

These include slow productivity growth, income inequality, and an ageing population, Andrew Colquhoun, head of Asia Pacific sovereigns at Fitch Ratings, told The Business Times over the phone on Monday.

The 2015 general election results show how the PAP remains in control of the process of changing Singapore's economic and social model, Mr Colquhoun said.

"The strategy is clear, the Government's intentions are clear. This is hard to do though, with no quick fixes generally," he said, referring to efforts to boost productivity.

And while Singapore has increased welfare spending in recent years, the spending is "well short on what would have a material impact on the rating".

"Singapore is certainly living well within its means," he said.