Singapore has a high degree of resilience to global financial shocks, despite its open economy and dependence on global finance and trade, said ratings agency Moody's.

Singapore was awarded with a triple-A sovereign credit rating due to its strong economy, government finances and low vulnerability to external events.

In its annual credit report on Singapore released on Tuesday, Moody said that Singapore has one of the world's largest net-asset international investment positions.

The high rating is also supported by a track record of political stability and social cohesion since the country's independence in 1965, despite the gradual increase in the opposition to the ruling party's monopoly on political power.

natlim@sph.com.sg