This report does not constitute a rating action. SINGAPORE (S&P Global Ratings) July 28, 2025--Growing hostilities between Thailand and Cambodia are unlikely to meaningfully elevate credit risks without a prolonged escalation. Our base case is that heightened intensity of military actions between the two sides over recent days will be temporary. Sporadic confrontations may occur, but we see less likelihood of full-scale conflict. In this scenario, we see no immediate impact on our sovereign credit ratings on Thailand (BBB+/Stable/A-2). A protracted military conflict could diminish the Thai government's efforts to support key sectors of its economy, particularly tourism, at a time when goods exports also face potentially higher U.S. tariffs beginning in August. The Thai government has shown a willingness
