Fitch Ratings has affirmed Thailand's long-term foreign-currency issuer default rating (IDR) at BBB+ with a stable outlook.
The country's ratings are underpinned by robust external finances and a strong macroeconomic policy framework, which should bolster the economic recovery from the Covid-19 pandemic.
These strengths are balanced by weaker structural features compared with its peer group, including lower per capita income and World Bank governance scores. Public finance metrics deteriorated in the past couple of years, and while they are in line with peers, future consolidation could be challenged by adverse demographic factors and scarring from the pandemic. Among other factors influencing the rating:
