Thailand cut 24 credit ratings in nine months — Bangkok Post

In Thailand, corporate creditworthiness remained under pressure during the first nine months of 2026: rating agency Tris Rating recorded 24 credit rating downgrades and only five upgrades. Four defaults also occurred during this period, Bangkok Post reports.

Most downgrades in real estate

The largest number of negative rating actions, nine, involved residential builders and real estate developers. Ratings were downgraded five times in the regulated utilities sector and twice in the restaurant business. Negative changes also affected asset management companies, financial services, manufacturers of branded consumer nondurables, commodity trading and the retail sector.

Tris Rating explained the rating deterioration by weak operating performance, high debt burdens, liquidity problems and debt refinancing risks. The largest rating downgrades by the amount of outstanding issues involved Sri Trang Agro-Industry, Origin Property and Noble Development.

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Four defaults in nine months

The number of defaults in the first nine months of 2026 stood at four, compared with three in the same period of 2025. They were spread among companies in engineering and construction, residential real estate, leisure and sports, and regulated utilities.

The agency also revised rating outlooks: 12 times to negative and 11 times to positive. Among companies with upgraded ratings was Central Pattana: its rating was raised from AA with a stable outlook to AA+ with a stable outlook.

As of September 30, issuers rated A accounted for 31% of the portfolio, compared with 33% at the end of 2025. At the same time, the share of companies in the BBB category rose to 33% from 31%. Tris Rating also reported an increase in the share of issuers in the weakest B, C and D categories.