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Fiscal Police Office: S&P 'amazed' at Thailand’s rapid economic recovery

BANGKOK, Oct 21 -- Standard & Poor’s, an American credit ratings agency, was said to be 'amazed' at the rapid recovery of the Thai economy despite the adverse impacts of its domestic political strife and the debt crisis in Europe in April and May, according to a senior Fiscal Policy Office official.

FPO Macroeconomic Analysis Division director Pisit Puapan said S&P officials met with Thai fiscal policy officials as part of their annual collection of economic data.

It is expected that S&P will take one to two months to release its report on Thailand’s sovereign position credit rating, rated BBB+ at present.

Mr Pisit said the FPO informed the S&P officials that Thailand’s economic condition had improved significantly in terms of consumption, investment, and exports.

The FPO assured the officials that the Thai economy would grow 7.5 per cent this year. It is expected the economy would enjoy an annual growth of 4.5 per cent on average in the next decade.

Mr Pisit said S&P had paid attention to Thailand’s employment figure, which had not declined despite impacts of the economic crisis in Europe.

He said that the S&P officials were amazed at the country’s rapid economic recovery since April and May in which the Thai domestic political violence and the debt crisis in Europe erupted.

They were surprised to see the Thai economy taking a small toll from both incidents, he said.

Standard & Poor's is a credit rating agency (CRA) issuing credit ratings on the debt of public and private corporations. It is one of several CRAs designated in the United States as a nationally recognized statistical rating organisation by the US Securities and Exchange Commission.

It issues both short-term and long-term credit ratings. S&P rates borrowers on a scale from AAA to D. Intermediate ratings are offered at each level between AA and CCC (e.g., BBB+, BBB and BBB-). For some borrowers, S&P may also offer guidance (termed a "credit watch") as to whether it is likely to be upgraded (positive), downgraded (negative) or uncertain (neutral). (MCOT online news)

-- TNA 2010-10-21