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* indicates monthly or quarterly data series

Sovereign credit ratings in Thailand: The table shows the history of sovereign credit ratings. Click on the following link to see the values of Sovereign credit ratings around the world.

Agency Rating Outlook Date
Fitch BBB+ Stable 10/2020
Standard & Poor's BBB+ Stable 4/2020
Standard & Poor's BBB+ Stable 4/2020
Moody's Baa1 Stable 4/2020
Fitch BBB+ Stable 3/2020
Standard & Poor's BBB+ Positive 12/2019
Moody's Baa1 Positive 7/2019
Fitch BBB+ Positive 7/2019
Fitch BBB+ Stable 12/2018
Fitch BBB+ Stable 6/2018
Moody's Baa1 Stable 7/2017
Fitch BBB+ Stable 6/2017
Fitch BBB+ Stable 7/2016
Fitch BBB+ Stable 11/2015
Fitch BBB+ Stable 10/2014
Fitch BBB+ Stable 9/2014
Fitch BBB+ Stable 8/2014
Fitch BBB+ Stable 7/2014
Moody's Baa1 Stable 6/2014
Fitch BBB+ Stable 6/2014
Fitch BBB+ Stable 5/2014
Fitch BBB+ Stable 4/2014
Fitch BBB+ Stable 3/2014
Moody's Baa1 Stable 2/2014
Fitch BBB+ Stable 2/2014
Fitch BBB+ Stable 1/2014
Fitch BBB+ Stable 12/2013
Fitch BBB+ Stable 11/2013
Fitch BBB+ Stable 10/2013
Fitch BBB+ Stable 3/2013
Fitch BBB Stable 8/2012
Fitch BBB Stable 7/2012
Fitch BBB Stable 5/2012
Fitch BBB Stable 11/2011
Fitch BBB Stable 9/2011
Fitch BBB Stable 5/2011
Standard & Poor's BBB+ Stable 12/2010
Moody's P-2 Stable 10/2010
Fitch BBB Stable 4/2010
Standard & Poor's BBB+ Negative 4/2009
Fitch BBB Stable 4/2009
Standard & Poor's BBB+ Negative 12/2008
Moody's Baa1 Negative 12/2008
Fitch BBB+ Negative 12/2008
Standard & Poor's BBB+ Stable 10/2006
Fitch BBB+ Stable 10/2006
Standard & Poor's BBB+ Negative watch 9/2006
Fitch BBB+ Negative 9/2006
Standard & Poor's BBB+ Stable 11/2005
Standard & Poor's BBB+ Stable 11/2005
Fitch BBB+ Stable 5/2005
Standard & Poor's BBB+ Stable 8/2004
Fitch BBB Stable 3/2004
Moody's Baa1 Stable 11/2003
Standard & Poor's BBB Positive 10/2003
Fitch BBB Stable 9/2003
Moody's Baa3 Positive 11/2002
Fitch BBB- Positive 10/2002
Standard & Poor's BBB- Positive 8/2002
Fitch BBB- Stable 9/2000
Standard & Poor's BBB- Stable 5/1999
Fitch BB+ Positive 4/1999
Standard & Poor's BBB- Negative 1/1998
Standard & Poor's BBB Negative 10/1997
Standard & Poor's A- Negative 9/1997
Standard & Poor's A Negative watch 8/1997
Standard & Poor's A Stable 5/1996
Standard & Poor's A Stable 12/1994
Standard & Poor's A- Stable 12/1992
Standard & Poor's A- Negative watch 5/1992
Standard & Poor's A- Stable 2/1991
Standard & Poor's A- Positive 6/1989

Definition: S&P includes long-term ratings from the highest AAA to the lowest D rating. Moody’s includes long-term ratings from the highest Aaa to the lowest C. Fitch includes long-term ratings from the highest AAA to the lowest D rating. Scope includes long-term foreign-currency ratings from the highest AAA to the lowest D rating.

For all four international credit rating agencies, ratings are divided into two main groups based on the level of credit risk: investment grade for lower levels of credit risk and speculative grade for higher levels of credit risk. For S&P, Fitch and Scope, investment grade issues/issuers are those rated from BBB- and above, while those from BB+ and below are categorized as speculative grade. Moody’s denotes as investment grade issues/issuers as those rated from Baa3 and above, while ratings from Ba1 and below fall into the category of speculative grade.

All four agencies include modifiers into their generic alphabet-based ratings for particular ranges. Ratings from S&P, Fitch and Scope are modified with “+” or “-” from the range AA to CCC. Moody’s appends numerical modifiers from 1 to 3 to the generic rating classifications from Aa to Caa. 1 indicates standing in the higher end of the generic category, while 3 indicates ranking in the lower end. All modifiers denote relative status within major ratings categories.

Rating Outlooks indicate the direction the rating is likely to move over a one- to two-year period. In determining an outlook, consideration is given to any changes in fundamental business conditions. Credit Watch focuses on identifiable events that cause ratings to be placed under special surveillance.

Rating Outlooks/Watches for the four agencies are the following:

- Positive means that a rating may be raised
- Negative means that a rating may be lowered
- Stable means a rating is not likely to change
- When the fundamental trend has strong, conflicting elements of both positive and negative, the Outlook/Watch can be denoted as Developing (for Scope, a Stable Outlook would be assigned in this case).

Credit Watches do not include a Stable Watch because they are only event driven and denote higher probability of change in the rating. Credit Outlooks and Watches are mutually exclusive.
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