We expect Thailand's political transition under the elected government to be delayed during the COVID-19 outbreak-induced state of emergency. We are revising our outlook on Thailand to stable from positive due to our expectations of slower political adjustments under the economic and social uncertainties associated with the COVID-19 outbreak. We are affirming our 'BBB+/A-2' foreign currency and 'A-/A-2' local currency sovereign credit ratings on Thailand. Government measures to alleviate the economic impact are expected to widen the fiscal deficit to 5.5% of GDP, raising net government debt to 31% of GDP in 2020. On April 13, 2020, S&P Global Ratings revised its outlook on Thailand to stable from positive. At the same time, we affirmed our 'BBB+' long-term and 'A-2'
