Debt levels in Thailand's corporate sector remain relatively high due to large-scale investments and a business operating environment that remains weak, according to Fitch Ratings' Thailand Corporate Credit Outlook conference.Obboon Thirachit, senior director of corporate ratings at Fitch Ratings (Thailand), said Thai corporates face a combination of pressures in 2026: a more challenging operating environment, elevated leverage accumulated over the past decade from large investments, and rising investment needs related to the climate transition.
The pressure is most pronounced in the petrochemicals, property and utilities sectors, while telecom remains strong.
The aggregated earnings before interest, tax, depreciation and amortisation net leverage for Thailand's 10 largest bond issuers was 3.7 times in 2025, significantly higher than 2 times for Fitch-rated companies in Thailand and across Asia-Pacific.
PTT Plc, rated BBB+ with a negative outlook and AAA(tha), had the lowest leverage of 1.8 times, while the other large issuers had leverage ranging from 4.1 times to 15 times.
The high leverage and heavy reliance on the domestic bond market could reduce financial flexibility and increase refinancing risk should market conditions tighten, noted Fitch.
