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Thailand Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Baa1 Stable | BBB+ Stable | BBB+ Stable | NR — | NR — |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Sep 18, 2026 | Fitch | BBB+ | Negative | BBB+ | Stable | |
| Apr 21, 2026 | Moody's | Baa1 | Negative | Baa1 | Stable | |
| Sep 24, 2025 | Fitch | BBB+ | Stable | BBB+ | Negative | |
| Apr 29, 2025 | Moody's | Baa1 | Stable | Baa1 | Negative | |
| Apr 21, 2020 | Moody's | Baa1 | Positive | Baa1 | Stable | |
| Apr 13, 2020 | S&P | BBB+ | Positive | BBB+ | Stable | |
| Mar 17, 2020 | Fitch | BBB+ | Positive | BBB+ | Stable | |
| Dec 11, 2019 | S&P | BBB+ | Stable | BBB+ | Positive | |
| Jul 25, 2019 | Moody's | Baa1 | Stable | Baa1 | Positive | |
| Jul 18, 2019 | Fitch | BBB+ | Stable | BBB+ | Positive | |
| Mar 08, 2013 | Fitch | BBB | Stable | BBB+ | Stable | |
| Dec 09, 2010 | S&P | BBB+ | Negative | BBB+ | Stable | |
| Oct 28, 2010 | Moody's | Baa1 | Negative | Baa1 | Stable | |
| Apr 16, 2009 | Fitch | BBB+ | Negative | BBB | Stable | |
| Dec 04, 2008 | Moody's | Baa1 | Stable | Baa1 | Negative | |
| Dec 01, 2008 | Fitch | BBB+ | Negative Watch | BBB+ | Negative | |
| Dec 01, 2008 | S&P | BBB+ | Stable | BBB+ | Negative | |
| Oct 31, 2006 | S&P | BBB+ | Negative Watch | BBB+ | Stable | |
| Sep 19, 2006 | Fitch | BBB+ | Stable | BBB+ | Negative Watch | |
| Sep 19, 2006 | S&P | BBB+ | Stable | BBB+ | Negative Watch |
Table Key
| Grade | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Prime | Aaa | AAA | AAA | AAA | AAA |
High Grade | Aa1 | AA+ | AA+ | AA (high) | AA+ |
Aa2 | AA | AA | AA | AA | |
Aa3 | AA- | AA- | AA (low) | AA- | |
Upper Medium Grade | A1 | A+ | A+ | A (high) | A+ |
A2 | A | A | A | A | |
A3 | A- | A- | A (low) | A- | |
Lower Medium Grade | Baa1 | BBB+ | BBB+ | BBB (high) | BBB+ |
Baa2 | BBB | BBB | BBB | BBB | |
Baa3 | BBB- | BBB- | BBB (low) | BBB- | |
Non-investment Grade Speculative | Ba1 | BB+ | BB+ | BB (high) | BB+ |
Ba2 | BB | BB | BB | BB | |
Ba3 | BB- | BB- | BB (low) | BB- | |
Highly Speculative Grade | B1 | B+ | B+ | B (high) | B+ |
B2 | B | B | B | B | |
B3 | B- | B- | B (low) | B- | |
Substantial Risk Grade | Caa1 | CCC+ | CCC+ | CCC | |
Caa2 | CCC | CCC | CCC | CCC | |
Caa3 | CCC- | CCC- | CCC | ||
Extremely Speculative Grade | Ca | CC | CC | CC | CC |
C | CC | C | |||
In Default with Little Prospect for Recovery | CD | RD | RD | ||
In Default | SD | SD | |||
C | D | D | D | D | |
DD | DD | ||||
DDD | DDD | ||||
Not Rated | NR | NR | NR | NR | NR |
FAQ
What is Thailand’s current credit rating?
Thailand’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Thailand’s credit risk.
Has Thailand’s credit rating changed recently?
This page lists the latest rating and outlook actions for Thailand, showing when each agency last reviewed or changed its assessment.
Why does Thailand’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Thailand's bond yields, currency, and equity flows as investors reassess risk.
How does Thailand’s rating compare to other countries?
You can explore how Thailand ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.
What do outlooks like Positive, Stable, and Negative mean?
They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk
What is the difference between investment grade and speculative grade?
Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.
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