Credit up but confidence dips | Bangkok Post: business

ECONOMY

Thailand is improving in the eyes of foreign credit rating agencies but the country's consumers continue to have only weak confidence in the economy.

The US-based agency Standard & Poor's yesterday revised its outlook on the kingdom to stable from negative, citing an improvement in political conditions. It also raised the Asean scale rating on Thailand to 'axAA/axA-1' from 'axAA-/axA-1'. It affirmed its 'BBB+/A-2' foreign currency and 'A-/A-2' local currency sovereign credit ratings.

"We have revised the outlook to stable to reflect our view that Thailand's real economy and the government's fiscal position have suffered little damage despite the political uncertainties and unstable policy environment," said S&P credit analyst Takahira Ogawa.