FINANCIAL INSTITUTIONS - Non-Bank Financial Institutions

We maintain a stable credit outlook on non-bank financial institutions (NBFIs). Strong capital and well-managed liquidity and asset quality have thus far helped underpin NBFIs’ ratings.

FINANCIAL INSTITUTIONS - Banks

We maintain our “stable” outlook on Thai commercial banks, despite the pressure on profitability and asset quality amid economic headwinds induced by successive outbreaks of COVID-19.

Tough Times Continue: An Update on 2021 Thai Economic Outlook

We revise our forecast for Thailand’s real GDP growth in 2021 to be 1.0%, down from our forecast of 2.6% growth in Feb/2021.