S&P:Thailand’s outlook remains stable

BANGKOK, January 4 (TNA) - US-based Standard & Poor’s Rating Services has affirmed Thailand’s stable outlook on long-term foreign and local currency ratings despite the country’s ongoing political uncertainty. Chularat Suteethorn, Director-General of the Thai Ministry of Finance's Public Debt Management Office, told reporters that S&P has affirmed Thailand’s long-term debt instrument and short-term foreign currency rating at BBB+/A-2, while the country’s rating on long-term debt instrument and short-term local currency has reamined stable at A-/A-2. Chularat said the globally-recognized rating agency has also affirmed the 'axAA/axA-1' ASEAN regional scale rating for long and short-term, respectively, for Thailand. According to the senior official, S&P has projected Thailand‘s gross domestic product (GDP) per capita in 2013 at 6,200 US dollars. S&P acknowledged, however, that Thailand’s political uncertainties remain a weakness for the country’s credibility over the past two-three years, while frequent changes of the government since 2006 has delayed several infrastructure development projects and has posed obstacles to the government‘s planned infrastructure investment programmes. S&P assessed that Thailand’s secured financial situation should cushion any unexpected severe situation without affecting national credit rating.(TNA)