Thailand Securities & Exchange Commission consults on revised credit rating requirements for foreign issuers and foreign risk securitized bonds

The Thailand Securities & Exchange Commission has launched a public consultation on proposed amendments to the credit rating requirements for bonds issued and offered in Thailand by foreign entities, and for securitized bonds with foreign risk. The changes would adjust the approval process to better reflect how international credit rating agencies assign ratings, including the use of expected ratings, while aiming to reduce operational hurdles for issuers. The proposal covers Thai baht–denominated bonds issued in Thailand by foreign entities (Baht Bonds), foreign currency–denominated bonds issued in Thailand by foreign entities (FX Bonds), and securitized bonds with foreign risk. Issuers would be required to obtain an issuer rating and an expected issue rating from an international credit rating agency established under foreign law; new issuers would need ratings no lower than investment grade, while existing issuers seeking approval for roll over issuance could be granted a waiver from the minimum rating requirement. Filing documents and factsheets would have to disclose both ratings, clearly label the issue rating as an expected rating subject to change, and describe risks and uncertainties. After approval, issuers would need to disclose the final issue rating on their website and submit it to the SEC by the following day, and if the final rating differs from the expected rating, disclose and submit the reasons and factors behind the difference. The public hearing closes on 20 April 2026.