Singapore’s sovereign wealth fund (SWF) the Government Investment Corporation (GIC) is closely monitoring U.S. credit rating developments, Xinhua reports, citing Lianhe Zaobao. As per a report released by the GIC, nearly 33% of its investment portfolio was in the U.S., as of March 31, down from 36% a year earlier. The GIC had 28% of its investments in Europe, as of March 31, down from 30% a year earlier. Singapore’s other SWF Temasek invested 8% of its portfolio in U.S. assets, as of March 31.
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