? Ratings for the Thailand government’s long-term foreign currency bonds have been raised by Moody’s Investor Service, as has the ceiling for foreign currency bank deposits and the foreign currency ceilings for short-term notes and deposits.
The improved ratings have been bestowed as a result of a strengthening in Thailand’s external payments position, its reduction of external debt, its strong export performance and the continued positive outlook for macroeconomic growth.
Total and short-term debt have been markedly reduced since the Asian financial crisis of 1997 while Thailand’s exchange rate policy has allowed for a strong appreciation of the baht relative to Thailand’s regional trade partners.
The future of Thailand’s ratings, according to Moody’s, will depend on the country’s external competitiveness and the government’s ability to maintain sound macroeconomic policy and framework.