Fitch cagey on sovereign

Modest GDP growth undercuts Thai rating

Leaflets touting quick loans abound in Bangkok. Economists see high household debt as a challenge to Thailand's growth outlook. WEERAWONG WONGPREEDEE

Thailand's subpar economic growth is the main obstacle to the country's sovereign rating improving, says Fitch Ratings.

It is quite difficult for Thailand's long-term foreign and local currency issuer default rating, which stands at BBB+, to be raised if the country's economy continues to expand at around 3%, said Andrew Fennell, director of Asia-Pacific sovereign at Fitch Ratings Hong Kong.

The international credit rating agency has maintained Thailand's outlook at stable.

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