20 Feb '12, 3pm

S&P reiterates Singapore's AAA rating based on budget surplus

S&P reiterates Singapore's AAA rating based on budget surplus

SINGAPORE : Standard & Poor's has reiterated Singapore's AAA credit rating based on the Republic's budget surplus for this year and next. Still, many analysts say the budget for 2012 announced on Friday may be inflationary. Restrictions on hiring of foreign workers and lifting employer's CPF contributions for older workers are budget measures that spell higher business costs that may not be easily defrayed. Experts say in the near term, business will be hesitant to pass these business costs to consumers, given that the overall external growth environment is still soft from the Eurozone debt crisis, a slowing US economy and a Japan still recovering from the twin disasters last March. Still, inflation is likely to remain high. OCBC Bank's economist Selena Ling said: "We may see core inflation elevated in the near term. The official forecast for headline inflation is 2.5 to 3...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

Tweets

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