BANGKOK(NNT) - The Minister of Finance has revealed the latest credit rating assessment by Standard & Poor (S&P), from which Thailand now receives a better position and improved stability. However, the trade war between the U.S. and China continues to affect the country’s export sector.
The Minister of Finance Uttama Savanayana, announced today that S&P Global Ratings had on 11th December released its credit analysis of Thailand, saying the country now has a positive assessment on stability, as well as BBB+ long-term and A-2 short-term foreign-currency sovereign credit ratings.
The company confirmed the long-term rating for Thailand’s currency the Baht, at A-, and short term at A-2. Thailand is perceived positively in this assessment for its strong monetary policies, low public debt, and solid external balance sheet and liquidity.
The Minister of Finance said today the recent implementation of monetary policies is considered appropriate, while other positive factors include the national strategy and a change in administration to an elected government which is favorable for political stability, economic reform, and public administration, all of which will help create economic growth.
In its report, S&P has noted the effects of U.S.- China trade war on Thailand, should continued to be monitored.
In July, Fitch Ratings and Moody’s Investors Service had upgraded Thailand’s rating from stable to positive, affirming the country’s ratings at BBB+ and BAA1 respectively. In October, Rating and Investment Information (R&I) upgraded Thailand’s rating from BBB+ to A-, reflecting improved confidence among international investors towards the Thai economy.
The Finance Minister said these improved ratings will help raise confidence among Thai and international investors, and help support the government’s actions to achieve national strategic goals, which require increased investment in infrastructure, and more public–private partnership (PPP) investment projects.