Markets
Thailand’s Credit rating Down to Negative
The outlook on Thailand’s long-term local currency credit rating was cut to negative from stable by Fitch Ratings, citing the country’s worsening political unrest.
The rating for the local-currency debt was affirmed at A-. The country’s long-term foreign currency credit rating was kept at BBB with a stable outlook, Fitch said in a statement today.
The change in outlook “reflects an escalation in political uncertainty, coupled with a slow economic recovery and a deteriorating policy environment, all of which are expected to impact adversely on sovereign creditworthiness over time,” Vincent Ho, associate director in Fitch’s Asia sovereign ratings team, said in the statement.
Clashes this month between Thai anti-government protesters and security forces in Bangkok killed 25 people and injured over 800 others in the deadliest political violence in 18 years. Tourism may be “decimated” by the unrest, and economic growth may be shaved by one or two percentage points, Finance Minister Korn Chatikavanij said April 15.
via Thai Local Credit Outlook Cut to Negative by Fitch (Update2) – BusinessWeek.
Markets
Thai Mango growers complain of low prices and fewer exports
Because of the global COVID-19 pandemic, their mangoes are not being exported, due to fewer buyers, and their prices have plunged to between 10 and 20 baht per kilogram, depending on size.
Mango orchard owners in Thailand’s northern province of Phitsanuloke are seeking help from the provincial administration to promote the sale of their sweet fruit, particularly Barracuda Mango variety.
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Investment
Foreigners’ Participation in Thai Listed Companies explained
Special vehicles have been created to facilitate foreign investors so that they are able to invest in Thai
securities flexibly and conveniently.
Similar to foreign business laws existing in most Asian countries, Thai laws have imposed restrictions on foreign ownership of Thai companies.
(more…)
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