Ratings agency Fitch Ratings announced a one-notch upgrade in Thailand's credit rating as of Friday, supported by declining policy risk, stable finances and low public debt.
The upgrade raises the country's long-term foreign currency rating to BBB+ from BBB, with a stable outlook. The short-term foreign currency rating was also upgraded to F2 from F3, while the country ceiling was hiked to A- from BBB+.
Credit ratings are widely used in the financial markets to help price new debt issues, with the sovereign rating used as a benchmark by investors for pricing risk and private company debt.
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