Fitch Ratings maintains Thailand’s credit rating at BBB+

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Fitch Ratings has maintained Thailand’s credit rating at BBB+ and is awaiting the government’s economic stimulation measures.

James McCormack, global head of sovereign ratings at Fitch Ratings Co in London, said his company had a stable outlook on the Thai economy and would review its rating for Thailand after considering its new economic stimulation measures.

Mr McCormack commented that the measures should stimulate investment which the country had lacked for a long time which should result in the economy expanding by 4 per cent next year. The company supports the Thai government in increasing infrastructure investment and does not think that the economic stimulation measures will negatively impact the fiscal well-being of the country.

Vallop Vitanakorn, vice chairman of the Thai National Shippers’ Council, said the council predicted the value of Thai exports would drop 0.25 per cent this year and the decline would continue for the second consecutive year in 2014 after a fall of 0.4 per cent last year.

The council expects the value of Thai exports to stand at US$227 billion throughout this year as exports to all markets have fallen except cross-border trade with Cambodian, Laos, Myanmar and Vietnam which has risen 12 per cent.

Exports to general markets have shrunk because global markets have grown ,ore slowly than expected.

The value of Thai exports in August this year amounted to US$18.943 billion, falling 7.40 per cent.

Exports in the first eight months stood at US$150.544 billion, dropping 1.36 per cent.

Declining exports were rubber, automobiles and auto parts. Growing exports included rice, frozen and processed vegetables and fruit, and frozen chicken. (MCOT online news)