elef Posted September 21, 2006 Report Share Posted September 21, 2006 Moody's affirms Thailand's credit ratings with stable outlook Moody's Investors Service has affirmed Thailand's ratings and stable outlook as the country's financial and external payments positions should be strong enough to withstand temporary disturbances caused by Tuesday's military coup. The ratings affirmation includes the Baa1 foreign and local currency ratings of the government as well as the A3 foreign currency ceiling for bonds and the Baa1 foreign currency ceiling for bank deposits. All other ratings and guidelines also remain unchanged. Moody views the September 19 coup as mainly a domestic political development reflecting tensions between the Thaksin administration, the army and the Bangkok elites, rather than as a financial development. The Nation Link to comment Share on other sites More sharing options...
elef Posted September 21, 2006 Author Report Share Posted September 21, 2006 Thai baht opens stronger, recovering from coup losses SINGAPORE - The Thai baht opened stronger in Asian trade Thursday, recovering much of the ground lost Wednesday after a bloodless coup ousted Prime Minister Thaksin Shinawatra, dealers said. At 10:11 am (0211 GMT), the baht was at 37.5150 to the dollar, up sharply from 37.68 on Wednesday. The unit had traded at 37.305 shortly before tanks were ordered onto Bangkok's streets late Tuesday, showing gains against the dollar for the year of around 9.0 percent. "The market price action has been fairly orderly," said Jimmy Koh, a treasury economist with United Overseas Bank Group in Singapore. "It looks like things are fairly calm and it appears that we're going to have a smooth transition (of power)." Dealers said the relatively peaceful nature of the coup, and the different economic backdrop compared with 1997, would likely limit the fallout. "We doubt that there would be a 1997-type crisis in Thailand," said Lehman Brothers currency analyst Rob Subbaraman. "Besides much stronger economic fundamentals, the Bank of Thailand (BOT) is much better equipped to defend the Thai baht. He said the Thai central bank has 58 billion dollars of foreign exchange reserves at its disposal, compared with 38 billion dollars in January 1997. "But even more important, Thailand is currently not overheating from massive hot money inflows, as was the case in 1997," Subbaraman said. Agence France-Presse The Nation Link to comment Share on other sites More sharing options...
cavanami Posted September 22, 2006 Report Share Posted September 22, 2006 >...the Thai baht opened stronger in Asian trade >Thursday, recovering much of the ground lost >Wednesday after a bloodless coup ousted Prime >Minister Thaksin Shinawatra, dealers said... ...and I was all set to make my milloins ...who on here said the baht was going to tumble??? Link to comment Share on other sites More sharing options...
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