Thailand is experiencing fresh protests amid a prolonged pandemic-induced economic recession. We are affirming our 'BBB+/A-2' foreign currency and 'A-/A-2' local currency sovereign credit ratings on Thailand. Our ratings balance Thailand's longstanding track record of political uncertainty with the country's strong external position, moderate government debt, and generally healthy public finances. The outlook remains stable, reflecting our expectation that the current political volatility will not significantly damage the country's economic growth prospects and institutions. On Nov. 18, 2020, S&P Global Ratings affirmed its '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. The outlook is stable. Our transfer and convertibility assessment remains 'A'. The stable outlook reflects
