Thailand Credit Ratings & Outlooks

Country	Moody's	S&P	Fitch	DBRS	Scope Ratings
Thailand	Baa1 Negative	BBB+ Stable	BBB+ Negative	NR	NR

Credit Rating History

Country	Date of Change	Rating Agency	Previous Rating	Previous Outlook	Current Rating	Current Outlook
Thailand	Sep 24, 2025	Fitch	BBB+	Stable	BBB+	Negative
Thailand	Apr 29, 2025	Moody's	Baa1	Stable	Baa1	Negative
Thailand	Apr 21, 2020	Moody's	Baa1	Positive	Baa1	Stable
Thailand	Apr 13, 2020	S&P	BBB+	Positive	BBB+	Stable
Thailand	Mar 17, 2020	Fitch	BBB+	Positive	BBB+	Stable
Thailand	Dec 11, 2019	S&P	BBB+	Stable	BBB+	Positive
Thailand	Jul 25, 2019	Moody's	Baa1	Stable	Baa1	Positive
Thailand	Jul 18, 2019	Fitch	BBB+	Stable	BBB+	Positive
Thailand	Mar 08, 2013	Fitch	BBB	Stable	BBB+	Stable
Thailand	Dec 09, 2010	S&P	BBB+	Negative	BBB+	Stable
Thailand	Oct 28, 2010	Moody's	Baa1	Negative	Baa1	Stable
Thailand	Apr 16, 2009	Fitch	BBB+	Negative	BBB	Stable
Thailand	Dec 04, 2008	Moody's	Baa1	Stable	Baa1	Negative
Thailand	Dec 01, 2008	Fitch	BBB+	Negative Watch	BBB+	Negative
Thailand	Dec 01, 2008	S&P	BBB+	Stable	BBB+	Negative
Thailand	Oct 31, 2006	S&P	BBB+	Negative Watch	BBB+	Stable
Thailand	Sep 19, 2006	Fitch	BBB+	Stable	BBB+	Negative Watch
Thailand	Sep 19, 2006	S&P	BBB+	Stable	BBB+	Negative Watch
Thailand	May 11, 2005	Fitch	BBB	Positive	BBB+	Stable
Thailand	Aug 26, 2004	S&P	BBB	Positive	BBB+	Stable

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	CCC	CC
Extremely Speculative Grade			C	CCC	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.