Fitch Thailand recorded no national ratings defaults for either corporate finance rated entities or structured finance securities through 2014. The absence of national ratings defaults in Thailand is due in part to the limited issuance of lower rated bonds and the limited size of Thailand's bond market.
The National Rating scale ranks the degree of perceived risk relative to the lowest default risk in that same country. National Ratings exclude the effects of sovereign and transfer risk and exclude the possibility that investors outside the country may be unable to repatriate any due interest and principal repayments. It is not related to the rating scale of any other national market. National scale ratings are not directly comparable with the international ratings or with national ratings in other countries. Consequently, national ratings are identified by the addition of a special identifier for the country concerned, such as 'AAA(tha)' for National Ratings in Thailand.
The special report is available on Fitch's website 'www.fitchratings.com' under Rating Transition & Default Studies.
This report should be read in conjunction with Fitch's National Scale Ratings Criteria.