PM is pleased after Fitch Ratings raises Thailand’s credit rating

Prime Minister Yingluck Shinawatra on Saturday said that it was good news for Thailand that Fitch Ratings has raised its credit rating on Thailand, citing a resilient economy and a more stable political environment.
Yingluck said that the upgrade was the result of cooperation from all parties concerned and could strengthen Thailand’s credit ranking as a whole.
She added that the rating upgrade will benefit the country and allow it to borrow at cheaper rates.
The rating agency cited a strong economy, low government debt and a stable political situation as being three of the main reasons for the rating upgrade.
Fitch said in a statement on Friday that the rating agency has upgraded Thailand’s Long-Term Foreign Currency Issuer Default Rating (IDR) to ‘BBB+’ from ‘BBB’.
The Outlook is Stable. The Long-Term Local Currency IDR has been affirmed at ‘A-’ with a Stable Outlook. The Short-term Foreign Currency IDR is upgraded to ‘F2’ from ‘F3’. The Country Ceiling is upgraded to ‘A-’ from ‘BBB+’.
The new rating is in line with the ratings assigned by two larger US-based ratings agencies, Standard & Poor’s and Moody’s Investors Service.
According to the statement, Fitch said Thailand’s economy has been resilient to repeated shocks, including heavy flooding in the fourth quarter of 2011, underpinned by a flexible monetary and exchange-rate policy framework.
It said Fitch has revised its assessment of risks to policy predictability and the investment environment from political and social tensions.
The investment rate has accelerated in recent years. The government led by Yingluck Shinawatra has consolidated its position and faced no serious extra-legal challenges since its election in July 2011. (MCOT)
 

Emerson Climate Technologies opens service center in Rayong

(L to R) Joe Healy (Director Application Engineering, Emerson Climate Technologies based in Hong Kong), John Heo (Vice President Sales Rest of Asia (China not included), Emerson Climate Technologies based in Bangkok), Ashok Joshi (Vice President Distribution Services Marketing Asia Pacific, Emerson Climate Technologies based in Philippines), Thomas Zofkie (Vice President Manufacturing Thailand & India, Emerson Climate Technologies based in Rayong Plant), and Abel Gnanakumar (Director Refrigeration Marketing Asia, Emerson Climate Technologies based in Hong Kong) cut the ribbon to officially open the new facility.

Phasakorn Channgam
Emerson Climate Technologies has expanded its Rayong operations with the opening of a Southeast Asia service center.
Ashok Joshi, Vice President for Emerson’s Distribution Services Marketing department, opened the new training and repair center March 5.
“Asia is an important market for Emerson with the development and growth of Southeast Asia, Emerson’s technology and the expertise of the employees will fulfill the needs of the growing market,” Joshi said. “Thailand is considered as an ideal strategic location in the region, which means the service and training center in Rayong can become an outstanding operating center in the Asia region.”
The center will create efficiency for Emerson’s refrigeration business with the launch of its Partner+ program. Partner companies can send employees to Rayong for training and develop more expertise in servicing compressors around the region.
“The new training center will help Emerson increase its potential in serving customers and the Partner+ program helps in providing information regarding important problems that the partners must know of in the market, such as the lack of training for limited employees,” Joshi said. “The establishment of the center will help solve these problems along with focusing on providing potential service for the partners in this region.”

Customers examine the Copeland compressor technology.

Emerson and their customers and partners give a roaring cheer for a new success.