Thai debt rating upgraded

Thai debt rating upgraded

BANGKOK: Moody's Investors Service on Friday upgraded its outlook on Thailand's long-term foreign debt rating in a move hailed by Prime Minister Thaksin Shinawatra as boost for the country's image and economy.

The U.S. global risk evaluator said it had raised its outlook on Thailand's Baa3 rating for its foreign currency debt to positive from stable.

Thai Prime Minister Thaksin Shinawatra on Friday applauded the move and said a positive image for the country would promote further economic growth.

"Today we have done our best and I believe that everything will get better but the most important thing is, everybody must create a positive country image," Thaksin told reporters when asked about the upgrade.

Moody's said its outlook upgrade was "prompted by Thailand's demonstrated resiliency in its external payments position, thanks to a recent rebound in exports and the resumption of net capital inflows. -- AFP