Summary: S&P Global Ratings has reaffirmed Thailand’s foreign-currency sovereign credit rating at BBB+ and its local-currency rating at A-, maintaining a stable outlook following its latest assessment completed on November 4. The Thai government plans to leverage the stable ratings to accelerate investment in emerging industries, including advanced technology, artificial intelligence (AI) and data centers, alongside major infrastructure projects, while maintaining fiscal discipline and managing public debt risks.

 

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On November 7, local time, Thai government deputy spokesperson Lalida Persvivatana announced the results of S&P Global Ratings’ latest assessment. Following its review completed on November 4, the agency maintained Thailand’s sovereign credit ratings at BBB+ for foreign-currency debt and A- for local-currency debt, with the outlook remaining stable.

 

 

Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas said the government would continue promoting emerging industries and strengthening the country's competitiveness while maintaining fiscal stability and creating an investment environment conducive to long-term growth. On the industrial front, Thailand will prioritize advanced technology sectors, provide tax incentives for data center investments, and encourage domestic companies to integrate into the global AI supply chain. Supporting measures will include increased research and development (R&D) investment and technical workforce training. S&P noted in its report that sustained investment in these areas could help improve Thailand's industrial structure and strengthen its long-term economic growth potential.

 

Infrastructure development will continue to focus on the Eastern Economic Corridor (EEC) and nationwide transportation projects. State-owned enterprises will participate in relevant investments, with public-private partnerships (PPP) serving as a key financing and implementation mechanism. The government emphasized that all projects would undergo careful assessments of expected returns and debt obligations to ensure fiscal risks remain under control. These investments are also intended to benefit domestic entrepreneurs, facilitate technology deployment and transfer, and systematically improve the technical capabilities of Thailand's local workforce.

 

The spokesperson also reminded the market that the latest assessment represents a reaffirmation of Thailand's existing sovereign credit ratings, not an upgrade. Looking ahead, the government will continue balancing efforts to attract investment and support future-oriented industries with strict fiscal discipline. Its priorities remain maintaining macroeconomic stability and pursuing sustainable long-term economic growth.