Moody’s Raises Thailand’s Outlook to Stable

Moody’s Ratings on Tuesday upgraded Thailand’s credit outlook to stable from negative, while affirming its foreign- and local-currency issuer ratings and local-currency senior unsecured rating at Baa1. The decision came as the impact of U.S. tariffs has eased and domestic political volatility has cooled. Moody’s had downgraded Thailand’s outlook about a year ago, citing concerns that the Thai economy would be weighed down by U.S. tariffs. The latest outlook revision indicates that political volatility has declined following the country’s elections. Moody’s projects Thailand’s real GDP growth at about 1.5% in 2026 and 2.2% in 2027, reflecting continued drag from structural weaknesses and the impact of higher oil prices. S&P Global Ratings assigns Thailand a BBB+ rating with a stable outlook.