Thailand Earns Stable Outlook From All Three Top Rating Agencies
Fitch Ratings upgraded Thailand's credit outlook to Stable on September 18, joining Moody's and S&P in maintaining positive assessments as all three major agencies now cite improved political stability and fiscal discipline.
On September 19, Deputy Government Spokesperson Lalida Perpisuwattana announced that Fitch Ratings has upgraded Thailand's credit outlook from Negative to Stable, while maintaining the country's BBB+ rating effective September 18. The upgrade reflects improved political stability, moderate government debt trends, and policy continuity. With Fitch's adjustment, all three major global rating agencies—Fitch Ratings, Moody's Ratings, and S&P Global Ratings—now hold a Stable outlook on Thailand. Moody's upgraded Thailand's outlook to Stable with a Baa1 rating in April, while S&P maintains Thailand's long-term foreign currency rating at BBB+ with a Stable outlook.
According to Lalida, Fitch cited improved political stability under Prime Minister Anutin Charnvirakul's coalition government as a key factor in the upgrade, noting that it is more stable than previous administrations and better positioned for medium-term policy implementation, including fiscal consolidation. She emphasized that reduced economic uncertainty strengthens investor confidence and allows for more consistent and predictable policy execution across economic management, fiscal discipline, and the investment environment.
The unified Stable outlook from all three agencies represents a positive signal for Thailand's economy. The government plans to leverage this momentum to sustain policy continuity, maintain fiscal discipline, and accelerate economic opportunities to convert international confidence into investment, employment, and household income growth. Fitch projects Thailand's economy will grow 2.3 percent in 2025, driven by artificial intelligence-related investment and domestic consumption. The agency also improved its forecast for government debt, expecting it to remain below 63 percent of GDP by fiscal year 2027, compared to the previous estimate of around 65 percent.
Thailand's external financial position is also strong, with Fitch forecasting a current account surplus of 1.5 percent of GDP in 2026. Most government debt is financed domestically in baht at low borrowing costs, reducing vulnerability to currency fluctuations and global financial volatility. Lalida stated that the government will use this confidence to attract new investment in future industries, including artificial intelligence, data centers, advanced technology, and clean energy, while promoting linkages with Thai businesses, labor skill development, and broader economic advancement.
