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Singapore Isn’t Greece, Temasek Tells S&P

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Temasek Holdings Pte, Singapore’s AAA-rated investment company, has told Standard & Poor’s in 29 pages why it shouldn’t mess with how its creditworthiness is assessed.

Temasek, which managed S$223 billion ($166 billion) of assets as of last March, said the rating firm’s proposed new rules for grading investment holding companies lump Singapore with riskier nations such as Greece and Jamaica, according to a Feb. 2 response to the changes. S&P’s new criteria take into account the firms’ lack of direct ownership of assets, the challenges they face when selling in illiquid markets and volatility of assets they hold.