This report supplements our research update "Ratings On Thailand Affirmed At 'BBB+/A-2' And 'A-/A-2'; Outlook Stable," published on Dec. 21, 2015. To provide the most current information, we may cite more recent data than that stated in the previous publication. These differences have been determined not to be sufficiently significant to affect the rating and our main conclusions. Thailand's strong external balance sheet and liquidity, a modest level of government debt, and a history of effective monetary and fiscal policies support the rating. These strengths are weighed against the economy's relatively low-income level and the country's continued political uncertainty. Anchoring the rating on Thailand is the country's strong external balance sheet with ample external liquidity. Strong current account performances and
