Thailand's gross domestic product (GDP) grew more than 10 per cent in the first half of the year despite two months of Bangkok street protests and a government crackdown that left 91 people dead and parts of the capital in flames this spring.
Exports stoked the growth, which surprised analysts at Fitch Ratings, which had changed its outlook on Thailand's local currency to negative, or A-, in April, one of only two downgrades in Asia this year.
"On the local currency side, we're more concerned with the government's capacity to service debt in its own currency," Andrew Colquhoun, head of Fitch's sovereign ratings for the Asia-Pacific, said Wednesday.
Fitch's rating for Thailand's sovereign risk is BBB, below Malaysia's A- but above India's BBB- and Indonesia's BB+.//DPA
