The one complication in the agreement was controlling foreign currency flows, an issue that Singapore, like many other Asian nations, believed was critical to avoiding a repeat of the financial crisis.
It also has a policy of restricting imports through formal and informal means to try to stop foreign currency reserves from flowing out of the country.
A law restricting all currency flows related to capital-account transactions and requiring exporters to deposit all foreign currency with domestic banks was passed in late November.
Mr Jen calls these "upstream currency flows".
But the spending, along with in-flows of foreign currency through private investments and speculation, what some economists call "hot money," is fueling inflation.
In allowing companies to be rated higher than the government, Moody's is saying that the government is unlikely to restrict the flow of foreign currency during a financial crisis.
It also is more challenging to deal with countries like China that have capital controls in place to regulate the flow of foreign currency in and out of the economy.
During the first six decades of the republic, between 1923 and 1983, Turkey generally adhered to a quasi-statist approach with strict government planning of the budget and government-imposed limitations over foreign trade, flow of foreign currency, foreign direct investment and private sector participation in certain fields (such as broadcasting, telecommunications, energy, mining, etc).
A current account deficit - which is a broader measure than the trade deficit, and includes cross-border investment income flows - affects a country's foreign currency reserves as well as the value of its currency.
Colombia pursues an independent monetary policy -- the ability to set interest rates -- and free capital flow -- handling of foreign currency reserves -- therefore having a floating exchange rate system.
