Japan-based credit rating agency Rating and Investment Information (R&I) has affirmed Thailand's sovereign credit rating at A- and maintained the country's outlook at stable, says the Public Debt Management Office (PDMO).Jindarat Wiriyataweekul, director-general of the PDMO, said R&I announced the decision on Friday, citing Thailand's stable macroeconomic fundamentals and prudent fiscal management despite mounting global uncertainties.
R&I said the country's real GDP growth expanded by 2.4% in 2025, supported by stronger exports and a improvement in the trade balance with the United States amid uncertainties surrounding reciprocal tariff policies.
However, the agency warned the economy could face increasing pressure this year from rising global energy prices linked to the Middle East, persistently high household debt and structural constraints associated with an ageing society, all of which could weigh on domestic consumption and economic growth prospects.
Thailand's public debt-to-GDP ratio stood at 64.7% at the end of September 2025. R&I said it believes the government will be able to manage public debt within the fiscal discipline framework required by law while adhering to the Medium-Term Fiscal Framework (MTFF), which aims to gradually reduce the fiscal deficit to below 3% of GDP by fiscal year 2029.
