Thailand's strong external profile, low government debt, and monetary policy credibility support the rating. The referendum results have restored stability but the underlying sociopolitical fissures along with a tepid economy remain rating constraints. We are affirming our 'BBB+' long-term and 'A-2' short-term foreign currency sovereign credit ratings, and our 'A-' long-term and 'A-2' short-term local currency ratings on Thailand. We are also affirming our 'axAA/axA-1' long- and short-term ASEAN regional scale ratings on Thailand. The stable outlook reflects our expectation that macroeconomic fundamentals are sufficient to counter the effects of uncertain political conditions over the next two years. On Dec. 13, 2016, S&P Global Ratings affirmed its 'BBB+' long-term and 'A-2' short-term foreign currency sovereign credit ratings, and its 'A-'
