The Thailand Securities and Exchange Commission has launched a consultation on draft amendments to the credit rating rules for bonds with foreign risk exposure, aimed at aligning the framework with international credit rating agency practices and facilitating fundraising by issuers. The proposal would require issuers to obtain both an issuer rating and an expected issue rating from an international credit rating agency established under foreign law, keep a minimum investment grade threshold for new issuers, and allow existing issuers issuing bonds for rollover purposes to seek a waiver from that minimum. Filing documents and factsheets would have to disclose both ratings, make clear that the issue rating is an expected rating that may change, and describe risks arising from that uncertainty, including changes in information or transaction structure. After approval, issuers would need to disclose the final issue rating on their website and submit it to the SEC by the following day. If the final rating differs from the expected rating, issuers would also have to explain the reasons and the factors that affected the outcome. The draft follows a March–April 2026 hearing on the underlying principles, where most respondents agreed with the proposal. Comments are open until 15 June 2026.
Thailand Securities & Exchange Commission2026-05-13
Thailand Securities and Exchange Commission seeks comments on revised rating rules for foreign risk exposure bonds
The Thailand Securities and Exchange Commission is consulting on draft amendments to credit rating rules for bonds with foreign risk exposure to align with international credit rating agency practices and support issuer fundraising. The proposal would require both issuer and expected issue ratings from an international credit rating agency, maintain a minimum investment grade for new issuers with limited waivers, and introduce enhanced disclosure of expected and final ratings, including explanations where final ratings differ.