Credit agency Standard & Poor's has affirmed Thailand's sovereign currency rating at BBB+/A-2 with a stable outlook. The local currency sovereign rating was also affirmed at A-/A-2.
"Thailand's favourable external position, relatively light government indebtedness and credibility of its monetary policy are the main rating supports," said S&P credit analyst Takahira Ogawa. "These strengths balance Thailand's low-income economy and continued political uncertainty."
The agency said foreign currency reserves are projected at US$190 billion by year-end, while current account surpluses run since 2006 are expected "to continue at least through 2015".
Government debt, 24% of GDP at the end of fiscal 2011, is also expected to only modestly increase over the next several years.
Per capita GDP, at $5,350 this year, was cited as a credit constraint, and S&P said Thailand's infrastructure, health and education indicators are also "in keeping with those of lower-rated sovereigns".
But political uncertainties, a key credit weakness in recent years, have ebbed since the Yingluck Shinawatra government took power last year.
"The stable outlook reflects our expectation that imbalances in Thailand's external, fiscal and monetary accounts will not emerge and that the country's political economy will remain in a steady state," said Mr Ogawa. "However, we could lower the rating if Thailand's fiscal position and economic indicators worsen significantly _ for example, due to the government adopting strongly populist policies."