BANGKOK, Nov 1 (TNA) – Rating and Investment Information Inc (R&I) raised the credit rating of Thailand from BBB+ to A-.
Patricia Mongkhonvanit, director-general of Public Debt Management Office, said R&I that was a big credit rating company of Japan improved the rating and maintained its stable outlook for Thailand.
The Japanese rating agency R&I based its decision on four main factors. Firstly, the Thai government is seriously developing high-value industries, the Eastern Economic Corridor and infrastructures.
Secondly, Thailand has posted surpluses in trade and service accounts due to tourism and has huge foreign exchange reserves.
Thirdly, the Fiscal Responsibility Act enacted last year requires monetary and fiscal disciplines and clearly sets a ceiling of public debt which is still low compared with the gross domestic product of the country.
Fourthly, Thai politics is more stable as its government was elected and is continuously implementing its economic policies. (TNA)
