Call bullshit on MOF "revelations"

Ministry Of Finance (MOF) said, "All CPF monies are safe. CPF monies are invested in bonds that are issued and guaranteed by the Singapore government. The full resources of the government are backing this guarantee that CPF monies will be paid back."
On Temasek and GIC, MOF said both have "fully recovered from the global financial crisis" of 2008-2009.

In response to questions about Singapore's high level of government debt as reported in the CIA Public Debt Factbook, MOF said, "Our assets are much larger than our liabilities. There is not net government debt. Singapore is in fact a net creditor country, not a debtor country." 

"That is why international credit rating agencies give the Singapore government the highest short and long-term credit ratings of AAA."

Firstly who should take AAA rating that seriously? S&P is a private company rating countries and companies. I thought this was the company who also rated Lehman. What happened to Lehman? What about the subprime issue? The credit rating affects primarily the purchase of bonds. This is seen as a lack of confidence in the government to re-pay its debt, not a lack of faith in companies and industries per say.

If MOF say the AAA rating is somehow related to it's net credit reserve position, what is the secret are we talking about?

Secondly, There is no mentioned of the source of this"profits" in Temasek and GIC investments. Did this come from the citizens daily lives, like high price Public housing, public transport fares, GST etc? Certainly not from Citi and UBS.

Thirdly, the timing of releasing this news somehow is timed to softened down the "transparency concern" which some of the presidential candidates are campaigning on. This is unfair tactics by PAP to credit Tony Tan's reputation at GIC.

Forth, No mention if this will be a periodic or annual reporting?

It is an insult to Singaporean intelligence by putting up all these dirty tactics. Try something new, if not step down let other able body run the show.