In this paper, I build an economic model and adapt it to fit Singapore’s economic and historical background. My empirical analysis is based on data about external debt to GDP, foreign investment, and net export products and partners. But I also address concerns about risk factors coming from covid and the oil crisis. In my analysis, even in the worst case, Singapore is not going to be worse than the Netherlands in the IIR rating, which corresponds to an IIR rating of 90. In contrast to my baseline, risk assessment for Singapore is a rating of 93.