07.07.2016, 17:14
Fitch Hosts Briefing on Infrastructure in Thailand and CLMV
OREANDA-NEWS. Fitch Ratings (Thailand) Limited held a briefing on its criteria for rating infrastructure projects and provided an overview of infrastructure development in Thailand and the CLMV (Cambodia, Laos, Myanmar and Vietnam) region today. More than 50 participants from the regulatory, investor, financial and corporate sectors attended the event in Bangkok.
The agency aims to provide investors and potential issuers with a deeper understanding of how Fitch would assess these types of infrastructure and project finance securities and issuers. While there has been only limited issuance of these types of securities in Thailand, Fitch expects Thailand's bond markets to continue to develop as a wider range of issuers in Thailand and CLMV access the capital markets for their funding needs in the longer term, which may include the further issuance of these types of securities.
"Infrastructure development is critical for faster economic growth, boosting countries' competitiveness, as well as facilitating greater trade and regional integration," said Mr. Vincent Milton, Managing Director of Fitch Ratings (Thailand).
Mr. Yasushi Negishi, Country Director, Thailand Resident Mission of Asian Development Bank, was the guest speaker at Fitch's event, where he spoke on the infrastructure development in CLMV countries.
There has been a lag in infrastructure development in Thailand since the Asian financial crisis in 1997 compared with neighbouring countries, according to Mr. Obboon Thirachit, Director in Fitch's Corporates rating team, in his presentation. Public investment in Thailand has declined from the peak during the pre-crisis of around 12% of country's GDP to about 6% in the past few years. However, Fitch expects infrastructure investment in roads, rail, ports and mass transit systems to increase substantially over the next several years as the government prioritises infrastructure development.
The agency aims to provide investors and potential issuers with a deeper understanding of how Fitch would assess these types of infrastructure and project finance securities and issuers. While there has been only limited issuance of these types of securities in Thailand, Fitch expects Thailand's bond markets to continue to develop as a wider range of issuers in Thailand and CLMV access the capital markets for their funding needs in the longer term, which may include the further issuance of these types of securities.
"Infrastructure development is critical for faster economic growth, boosting countries' competitiveness, as well as facilitating greater trade and regional integration," said Mr. Vincent Milton, Managing Director of Fitch Ratings (Thailand).
Mr. Yasushi Negishi, Country Director, Thailand Resident Mission of Asian Development Bank, was the guest speaker at Fitch's event, where he spoke on the infrastructure development in CLMV countries.
There has been a lag in infrastructure development in Thailand since the Asian financial crisis in 1997 compared with neighbouring countries, according to Mr. Obboon Thirachit, Director in Fitch's Corporates rating team, in his presentation. Public investment in Thailand has declined from the peak during the pre-crisis of around 12% of country's GDP to about 6% in the past few years. However, Fitch expects infrastructure investment in roads, rail, ports and mass transit systems to increase substantially over the next several years as the government prioritises infrastructure development.
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