Thailand's Samurai Bonds Rated BBB- from Standard, Poor's.

Dec. 12--Thailand's new 35-billion-yen Samurai bond issue has received a rating of BBB- from Standard and Poor's with a stable outlook.

Fitch also said yesterday that it was rating the yen-denominated bonds BBB-, with a stable outlook. Both agencies' ratings are investment grade.

The bonds, the first sovereign international issue since 1997, will be used to refinance yen-denominated debt carried by several state enterprises.

The senior unsecured bonds will be launched in three lots: a nine-billion-yen bond lot due in 2004 paying 0.8 percent, a 13-billion-yen bond lot due in 2006 paying 1.13 percent and a 13-billion-yen issue due in 2008 paying 1.7 percent .

Standard and Poor's said that the investment-grade rating reflected Thailand's improved balance-of-payments position, noting that a current account surplus of 4 percent of gross domestic product was projected for 2001.

Foreign reserves have also risen while external debt continued to fall, with debt and claims on reserves estimated at 36 percent of exports at the end of the year compared with 100 percent in 1997.

"Although the current account could revert to a deficit in the medium term, Standard & Poor's expects Thailand's international liquidity position to remain better than that of many similarly rated sovereigns," the agency said.