The Finance Ministry is closely monitoring problems with corporate debenture repayments, says permanent secretary Lavaron Sangsnit.
He said the ministry, the Bank of Thailand and the Securities and Exchange Commission (SEC) are keeping tabs on maturing debentures that may default.
According to a recent evaluation, only one company faced difficulties securing funds to repay debentures.
The ministry and related agencies are ready to take action in a prompt and timely manner if a default occurs, said Mr Lavaron.
The capital market is considered capable of maintaining financial stability, he said.
More corporate issuers are receiving negative outlooks or rating actions than in previous periods because of internal factors specific to each enterprise, according to a previous central bank statement.
Investors are likely to be more cautious about high-yield bond investment, especially for non-rated bonds, said the bank.
Prime Minister Srettha Thavisin is scheduled to convene a meeting on Wednesday with the Finance Ministry and central bank to discuss delayed repayment of debentures and measures to deal with default.
The market was rattled this week when Italian-Thai Development Plc (ITD), one of the country's largest contractors, said it was seeking to delay principal repayments on 14.3 billion baht worth of debentures by two years. ITD shares fell 12% on the news.
Mr Lavaron downplayed concerns, saying a meeting of bondholders is expected soon to defer or extend the repayment period instead of reporting it as a default.
As a result, investors will receive a higher amount of interest, while bond issuers will have more time to raise funds to repay debentures, he said.
The SET-listed company JKN Global Group, owner of the the Miss Universe Organization, last year delayed repayment on its bonds and in October filed for business rehabilitation with the Central Bankruptcy Court.
In a related development, the central bank is expected to forward a final list of qualified holders of virtual bank licences to the Finance Ministry for approval this week after the first draft was sent in July last year.
The Bank of Thailand is offering up to three virtual banking licences in the initial stage of its digital plans, allowing both financial institutions and non-financial firms to apply.
The central bank has said it will consider more licence applications in the future if additional players meet the requirements of virtual banks.