Global rating agency Fitch affirmed Thailand’s rating at ‘BBB+’ with ‘Stable’ outlook, citing robust external finances against its ‘BBB’ category peers and an acceleration of GDP growth next year from tourism and export momentum as well as higher domestic demand.
Moreover, Fitch noted that it believes the World Bank Governance Indicators will improve to reflect a greater degree of political stability after the end of Senate’s terms from 2024 moving onward.
Meanwhile, Fitch Ratings saw some near-term uncertainty in terms of parliamentary approval for the government to fully fund the scheme with new debt. This could imply slippage in near-term consolidation targets and further constrain fiscal headroom.
A full article of Fitch’s outlook can be read here.