Singapore Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Aaa Stable | AAA Stable | AAA Stable | AAA Stable | NR |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Jan 29, 2016 | DBRS | NR | AAA | Stable | ||
| May 14, 2003 | Fitch | AA+ | Stable | AAA | Stable | |
| Jun 14, 2002 | Moody's | Aa1 | Stable | Aaa | Stable | |
| Sep 21, 2000 | Fitch | AA+ | — | AA+ | Stable | |
| Nov 18, 1998 | Fitch | NR | AA+ | — | ||
| Jan 18, 1996 | Moody's | Aa2 | Stable | Aa1 | Stable | |
| Mar 06, 1995 | S&P | AA+ | Stable | AAA | Stable | |
| May 24, 1994 | Moody's | Aa3 | Stable | Aa2 | Stable | |
| Sep 06, 1991 | S&P | AA | Positive | AA+ | Stable | |
| Sep 20, 1989 | Moody's | NR | Aa3 | Stable | ||
| Jun 26, 1989 | S&P | AA | — | AA | Positive | |
| May 24, 1989 | S&P | NR | AA | — |
Table Key
| Grade | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Prime | Aaa | AAA | AAA | AAA | AAA |
High Grade | Aa1 | AA+ | AA+ | AA (high) | AA+ |
Aa2 | AA | AA | AA | AA | |
Aa3 | AA- | AA- | AA (low) | AA- | |
Upper Medium Grade | A1 | A+ | A+ | A (high) | A+ |
A2 | A | A | A | A | |
A3 | A- | A- | A (low) | A- | |
Lower Medium Grade | Baa1 | BBB+ | BBB+ | BBB (high) | BBB+ |
Baa2 | BBB | BBB | BBB | BBB | |
Baa3 | BBB- | BBB- | BBB (low) | BBB- | |
Non-investment Grade Speculative | Ba1 | BB+ | BB+ | BB (high) | BB+ |
Ba2 | BB | BB | BB | BB | |
Ba3 | BB- | BB- | BB (low) | BB- | |
Highly Speculative Grade | B1 | B+ | B+ | B (high) | B+ |
B2 | B | B | B | B | |
B3 | B- | B- | B (low) | B- | |
Substantial Risk Grade | Caa1 | CCC+ | CCC+ | CCC | |
Caa2 | CCC | CCC | CCC | CCC | |
Caa3 | CCC- | CCC- | CCC | ||
Extremely Speculative Grade | Ca | CC | CC | CCC | CC |
C | CCC | C | |||
In Default with Little Prospect for Recovery | CD | RD | RD | ||
In Default | SD | SD | |||
C | D | D | D | D | |
DD | DD | ||||
DDD | DDD | ||||
Not Rated | NR | NR | NR | NR | NR |
FAQ
What is Singapore’s current credit rating?
Singapore’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Singapore’s credit risk.
Has Singapore’s credit rating changed recently?
This page lists the latest rating and outlook actions for Singapore, showing when each agency last reviewed or changed its assessment.
Why does Singapore’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Singapore's bond yields, currency, and equity flows as investors reassess risk.
How does Singapore’s rating compare to other countries?
You can explore how Singapore ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.
What do outlooks like Positive, Stable, and Negative mean?
They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk
What is the difference between investment grade and speculative grade?
Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.
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