Fitch Thailand recorded no national ratings defaults for financial institutions, corporates, or structured-finance securities through 2015.
Fitch's 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. National scale ratings are not directly comparable with Fitch's 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.
This special report is available at www.fitchratings.com under Rating Transition & Default Studies. It should be read in conjunction with Fitch's National Scale Ratings Criteria.