23 Thai Listed Companies Downgraded in 2026 Amid Weak Performance and Liquidity Issues

Key summary

Tris Rating data as of October 15, 2026, shows that 23 listed companies were downgraded since the start of 2026. The primary causes include weaker-than-expected operations, rising debt burdens, declining profitability, and liquidity constraints leading to default for some firms. Of the 23 downgraded entities, 21 are listed on the Stock Exchange of Thailand (SET). The real estate development sector accounts for the largest number with nine companies downgraded. Other affected sectors include finance and securities, construction contracting, energy and utilities, and food and beverage, each with two downgraded companies. Notable cases include Royal Orchid (ROH), Thai Polycones (TPOLY), and Saha Equipment (SQ) which were downgraded to level D due to default or restructuring equivalent to default. ROH was downgraded from C to D effective July 15, 2026, after failing to repurchase its sole revenue-generating asset, Royal Orchid Sheraton Hotel & Towers, from Grand Royal Orchid Hospitality Trust by the contractual deadline of July 14, 2026. The repurchase obligation was part of a transaction in July 2024 requiring buyback at 4.9 billion baht after five years. TPOLY was downgraded from B+ to D effective May 19, 2026, following failure to repay a short-term loan of 108.4 million baht, with negotiations ongoing for an extension. SQ was downgraded from C to D effective May 27, 2026, due to extending bond SQ25NA maturity without interest compensation, deemed a distressed restructuring by Tris Rating. Other downgrades include KSL (BBB+ to BBB), LALIN (BBB to BBB-), QH (A- to BBB+), CI (BB to BB-), NOBLE (BBB to BBB-), SST (BB+ to BB-), STA and STGT (A- to BBB+), ANAN (BB+ to BB), MUD (BB+ to BB-), SST again linked to parent Saha Thai, TPCH (B+ to B) linked to parent TPOLY, BRI (BBB to BBB-) linked to parent Origin, JMART and JMT (BBB+ to BBB), TSE (BBB to BBB-), SCG (A- to BBB+), ML (BB- to B+), PRIN (BBB- to BB+), and KUN (BB- to B+). Downgrades reflect financial pressure across various sectors, particularly real estate.