Moody’s gives thumbs up to Thai foreign currency ratings

? Ratings for the Thailand government’s long-term foreign currency bonds have been raised by Moody’s Investor Service, as has the ceiling for foreign currency bank deposits and the foreign currency ceilings for short-term notes and deposits.

The improved ratings have been bestowed as a result of a strengthening in Thailand’s external payments position, its reduction of external debt, its strong export performance and the continued positive outlook for macroeconomic growth.

Total and short-term debt have been markedly reduced since the Asian financial crisis of 1997 while Thailand’s exchange rate policy has allowed for a strong appreciation of the baht relative to Thailand’s regional trade partners.