Fitch upgrades Thailand credit outlook to stable from negative

Fitch Ratings upgraded Thailand’s sovereign credit outlook from Negative to Stable while affirming its long-term foreign-currency rating at BBB+, bringing it into alignment with Moody’s and S&P Global Ratings. The decision reflects greater confidence that public debt will stabilize over the medium term and improved political conditions after the February 2026 general election. Fitch also cited Thailand’s resilient economy, technology and data-center investment, strong external finances and ability to finance most government debt domestically. Despite higher energy costs, geopolitical tensions and softer tourism demand, Fitch expects public debt to remain below Thailand’s 70% statutory ceiling through 2028, while warning that elevated debt and modest long-term growth remain risks.