Country risk in Singapore is low, suggesting a relatively low likelihood that it will be unable or unwilling to meet its external debt obligations. Singapore has the highest possible sovereign credit ratings from Moody’s, Fitch and S&P. Singapore's large fiscal and external buffers that are in line with, and often surpass, those of other highly rated countries supports the rating agencies’ assessments. In addition, very strong institutions and governance alongside effective policy implementation ensures ongoing fiscal strength and broad financial stability. These strengths help mitigate near-term cyclical pressures and provide some cushion to address structural challenges.