Fitch upgrades Thailand outlook to ‘stable’

Rating agency cites political stability and strong external finances

PUBLISHED : 18 Sep 2026 at 18:17

Fitch Ratings has revised Thailand’s outlook to “stable” ​from “negative”, ‌citing increased confidence that government debt will broadly stabilise over the medium term and that political conditions will improve following the general elections ​held ⁠earlier this year.

The outlook revision reverses a downgrade warning issued last year, when concerns over rising debt and weak growth weighed on the country’s credit profile.

The Thai ⁠economy has remained resilient despite higher energy costs and softer tourism demand following tensions in the Middle East, with technology and data-centre investment helping support growth.

The ​rating action also follows a smooth political transition after the February general election, ​with ‌Prime Minister Anutin Charnvirakul’s coalition securing a working majority and easing concerns over policy ​uncertainty.

⁠In a statement on Friday, Fitch said Thailand’s strong external finances and its ability to fund ⁠most government debt domestically continue to underpin the investment-grade rating, despite elevated debt levels and modest long-term growth prospects.

The ⁠move follows a similar action ​by Moody’s in April, when it revised Thailand’s outlook to stable, citing reduced downside risks from US tariffs.

The ‌ratings agency ⁠also affirmed country’s BBB+ sovereign credit ​rating.