03873nas|a2200481 i 4500 20260817172438.0 031219s2003 th uu m rtt 00| a1eng d .b11907393 AIT RSPR no.SM-03-16 Chowdhury, Bitopi Das Changes in bond credit ratings in Thailand : a conceptual analysis Bangkok : Asian Institute of Technology, 2003 68 p. Research studies project report ; no. SM-03-16 A research study submitted in partial fulfillment of the requirements for the degree of Master of Business Administration, School of Management The Thai Credit Rating industry is 10 years old. There are two credit rating agencies in Thailand: Thai Rating and Information Services and Fitch Ratings Thailand Limited. TRIS was set up in 1993 with technical collaboration from Standard and Poor (S&P). Fitch Thailand is a subsidiary of Fitch IBCA Duff and Phelps and started operations in February 2001. A total of 134 companies and instruments have been rated in Thailand during 1998-2002. No institution or instrument was rated by both the agencies. There have been 29 instances of rating changes during the study period. 76% of the changes were upgrades; the degree of upgrade was also found to be higher than the degree of downgrade. The study shows that the rating changes are unbiased, caused by changes in the characteristics of the company or its environment. The ratings changes do not show any pattern of correction to previous systematic errors. An in-depth case study of Italian - Thai Development Plc reveals that a lag exists between actual perfo1mance changes of the company and changes in credit rating. On the other hand, the stock market reacts very quickly to changes in the company or its environment. This is in agreement with the concept of Credit Ratings being long - te1m indicators of a company's ability to meet debt obligations; as such the rating company will not reso1t to changing the credit ratings very frequently based on short-te1m market cues. Bonds Ratings Thailand Credit ratings Thailand Venkatesh, Sundar, Chairperson Johri, Lalit M., Examination Committee Tang, John C.S., Examination Committee Nazrul Islam, Examinaiton committee Norwegian Agency for Development Cooperation (NORAD), Scholarship donor Asian Institute of Technology. Research studies project report ; no. SM-03-16 Full-Text http://203.159.5.9/ait-thesis/detail.php?q=B08602 .b11907393 mnait u 240703 0 031219 m a u 0 mnait mnait mnarc mnarc mnarc 20 22 40 Barcode : 30050120924310 CREATED : 2003-12-19 RECORD # : i12367564 LPATRON : 1017718 LCHKIN : 2006-04-12 # RENEWALS : 0 # OVERDUE : 0 IUSE3 : 0 TOT CHKOUT : 3 TOT RENEW : 1 Barcode : 30050120993984 CREATED : 2003-12-19 RECORD # : i12367576 LPATRON : 1018897 LCHKIN : 2006-11-20 # RENEWALS : 0 # OVERDUE : 0 IUSE3 : 0 TOT CHKOUT : 2 TOT RENEW : 1 Barcode : 30050120667034 CREATED : 2012-02-11 RECORD # : i12714057 LPATRON : 0 LCHKIN : - # RENEWALS : 0 # OVERDUE : 0 IUSE3 : 0 TOT CHKOUT : 0 TOT RENEW : 0 Barcode : 30050160079637 CREATED : 2016-05-19 RECORD # : i12984267 LPATRON : 0 LCHKIN : - # RENEWALS : 0 # OVERDUE : 0 IUSE3 : 0 TOT CHKOUT : 0 TOT RENEW : 0 Barcode : 30050120988026 CREATED : 2020-09-04 RECORD # : i13268727 LPATRON : 0 LCHKIN : - # RENEWALS : 0 # OVERDUE : 0 IUSE3 : 0 TOT CHKOUT : 0 TOT RENEW : 0 16150 16150 0 0 0 0 MAIN MAIN mnait 2026-08-17 50.00 0 AIT RSPR no.SM-03-16 30050120924310 2026-08-17 17:24:38 1 2026-08-17 20 0 0 0 0 MAIN MAIN mnait 2026-08-17 50.00 0 AIT RSPR no.SM-03-16 30050120993984 2026-08-17 17:24:38 2 2026-08-17 20 0 0 0 0 MAIN MAIN mnarc 2026-08-17 0 AIT RSPR no.SM-03-16 30050120667034 2026-08-17 17:24:38 3 2026-08-17 22 0 0 0 0 MAIN MAIN mnarc 2026-08-17 0 AIT RSPR no.SM-03-16 30050160079637 2026-08-17 17:24:38 1 2026-08-17 40 0 0 0 0 MAIN MAIN mnarc 2026-08-17 0 AIT RSPR no.SM-03-16 30050120988026 2026-08-17 17:24:38 4 2026-08-17 20