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MOODY'S ASSIGNS P-2 RATING TO THAILAND'S CP PROGRAM

Info-Prod Research (Middle East), June, 2009

Moody's Investors Service has assigned aforeign currency rating of P-2 to the Kingdom of Thailand'sUS$2,000,000,000 Euro-Commercial Paper Program, the purpose of which isto refinance existing debt and to support the government's nationaleconomic and social development projects. The Kingdom of Thailand's P-2 short-term foreign currency rating is based on the government's Baa1 long-term foreign and local currency bond ratings.

The long-term ratings currently have a negative outlook owing to the resurgence in political turbulence in late 2008 which, if notameliorated, may threaten to erode the investment environment and theeffectiveness of Thailand's economic and fiscal policies. Support for the government's long-term ratings comes from a strong external payments position and...

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