Standard Poor's yesterday lowered Thailand's local currency rating, saying that news footage of violent clashes on the streets of Bangkok were likely to spook foreign investors and cause further economic disruption. SP dropped the ratings by a notch to A-, in response to the troubles of the holiday weekend, and affirmed its negative outlook.
The rating downgrade reflects the latest deterioration in the Thai political situation, which has diminished further the prospects of a near-term return to stability, said Standard Poor's credit analyst Kim Eng Tan. We believe that investor confidence has been damaged significantly as a result of the latest developments, while in the near term, inbound tourism will also be affected negatively....
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