Country risk in Singapore is low suggesting a relatively low likelihood that it will be unable or unwilling to meet its external debt obligations in a systemic sense (though individual debtors can and do default). Singapore enjoys the best possible Moody’s, Fitch and S&P credit ratings. The fiscal position is sound with the IMF expecting a string of budget surpluses over the next five years. The government also manages the Temasek sovereign wealth fund worth US$235b (equivalent to 68% of GDP). Favourable public finances allow the government to support the economy during a downturn, a key driver of Singapore’s ratings.