RAM Ratings reaffirmed Thailand's global and ASEAN-scaleratings of gBBB1(pi) and seaAA1(pi), respectively, with a stable outlook.

The rating agency said the ratings reflect the country's robustexternal finances, strong fiscal position and well-diversified economy.However, the strengths are balanced by risks of political upheavals andstructural challenges that constrain growth potential.

RAM Ratings said it may upgrade Thailand's ratings if thereis a recovery in economic conditions where GDP expands at a faster pace.Structural reforms that lead to growth are also positive factors for thecountry's ratings. On the other hand, the ratings could face negative pressureif there is significant deterioration of government finances. Politicalupheavals that result in revolts and massive growth disruption may also lead toa negative rating action.