The Japan Credit Rating Agency (JCR) has become the first ratings agency to downgrade Thailand's credit outlook to "negative" from "stable".
The JCR warned the political turmoil could cripple the economic recovery, while a protracted crisis amid the current account deficit could weaken the country's foreign currency liquidity position.
It has become more likely that implementation of economic measures including infrastructure development needed for economic growth will be delayed, the JCR said.
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