Thailand's Increasingly Expensive Rice Buying Scheme Is Credit Negative - Issuer Comment
On 23 May, the Bangkok Post reported that losses from Thailand's (Baa1 stable) rice buying scheme in the harvest season 2011-12 are bigger than the Ministry of Finance originally forecast. At the same time, the Thai authorities appear committed to maintaining the scheme unchanged. These recent losses, and any future losses from the unmodified rice buying scheme, increase the difficulty of the government's task of reaching its goal of a balanced budget by 2017, and are credit negative for the Thai sovereign. According to the report, which we were unable to confirm with government sources, new estimates based on actual amounts received imply losses of THB200 billion from the 2011- 12 harvest year. This is significantly higher than previous estimates by the World Bank discussed in our April Credit Analysis, which pegged losses at THB115 billion, as well as Thailand's Ministry of Finance forecast losses of THB70-THB100 billion. The current iteration of the rice subsidy scheme was established...
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Thailand's Increasingly Expensive Rice Buying Scheme Is Credit Negative - Issuer Comment
On 23 May, the Bangkok Post reported that losses from Thailand's (Baa1 stable) rice buying scheme in the harvest season 2011-12 are bigger than the Ministry of Finance originally forecast. At the same time, the Thai authorities appear committed to maintaining the scheme unchanged. These recent losses, and any future losses from the unmodified rice buying scheme, increase the difficulty of the government's task of reaching its goal of a balanced budget by 2017, and are credit negative for the Thai sovereign. According to the report, which we were unable to confirm with government sources, new estimates based on actual amounts received imply losses of THB200 billion from the 2011- 12 harvest year. This is significantly higher than previous estimates by the World Bank discussed in our April Credit Analysis, which pegged losses at THB115 billion, as well as Thailand's Ministry of Finance forecast losses of THB70-THB100 billion. The current iteration of the rice subsidy scheme was established...
ที่มา : http://moodys.alacra.com/research/moodys-global-credit-research---CTS_747330