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Insight / Sovereign ratings & debt distress

BBB+ Stable and BBB Negative

Letters are not a DSF category. PH split: S&P BBB+ Stable, Moody’s Baa2 Stable, Fitch BBB Negative; public debt 60.2% GDP (2026). LA distress pole: LIC-DSF In debt distress, CCC+/Caa2, debt 74.6% GDP, external 115.4% GNI. SG AAA with high gross debt is a hub footnote, not a distress peer.

Mixed vintages

Sovereign ratings

Agency letter grades and outlooks remain agency-specific.

S&P rating

letter_grade

Mixed vintages
EconomyValueVintage
BruneiGAPGAP
CambodiaGAPGAP
IndonesiaBBB2026
LaosCCC+2025
MalaysiaA-2026
MyanmarGAPGAP
PhilippinesBBB+2026
SingaporehubAAA2026
ThailandBBB+2020
VietnamBB2021
Timor-LesteGAPGAP

GAP

S&P outlook

outlook

Mixed vintages
EconomyValueVintage
BruneiGAPGAP
CambodiaGAPGAP
IndonesiaStable2026
LaosStable2025
MalaysiaStable2026
MyanmarGAPGAP
PhilippinesStable2026
SingaporehubStable2026
ThailandStable2020
VietnamGAPGAP
Timor-LesteGAPGAP

S&P Global Ratings (13 Jul 2026; BI republication)

Moody’s rating

letter_grade

Mixed vintages
EconomyValueVintage
BruneiGAPGAP
CambodiaB22026
IndonesiaBaa22026
LaosCaa22025
MalaysiaA32026
MyanmarGAPGAP
PhilippinesBaa22026
SingaporehubAaa2026
ThailandBaa12026
VietnamBa22026
Timor-LesteGAPGAP

GAP

Moody’s outlook

outlook

Mixed vintages
EconomyValueVintage
BruneiGAPGAP
CambodiaStable2026
IndonesiaNegative2026
LaosStable2025
MalaysiaStable2026
MyanmarGAPGAP
PhilippinesStable2026
SingaporehubStable2026
ThailandStable2026
VietnamPositive2026
Timor-LesteGAPGAP

Moody's (via TheGlobalEconomy / FXEmpire Mar–Apr 2026)

Fitch rating

letter_grade

Mixed vintages
EconomyValueVintage
BruneiGAPGAP
CambodiaGAPGAP
IndonesiaBBB2026
LaosCCC+2026
MalaysiaBBB+2025
MyanmarGAPGAP
PhilippinesBBB2026
SingaporehubAAA2026
ThailandBBB+2026
VietnamBB+2026
Timor-LesteGAPGAP

GAP

Fitch outlook

outlook

Mixed vintages
EconomyValueVintage
BruneiGAPGAP
CambodiaGAPGAP
IndonesiaNegative2026
LaosGAPGAP
MalaysiaStable2025
MyanmarGAPGAP
PhilippinesNegative2026
SingaporehubStable2026
ThailandStable2026
VietnamStable2026
Timor-LesteGAPGAP

Fitch Ratings (press; affirmed BBB, outlook Negative 2026)

Mixed vintages

Debt-distress framework

LIC-DSF appears only where the framework applies.

LIC-DSF overall risk

risk_category

Mixed vintages
EconomyValueVintage
BruneiGAPGAP
CambodiaLow2025
IndonesiaGAPGAP
LaosIn debt distress2026
MalaysiaGAPGAP
MyanmarLow (STALE)2021
PhilippinesGAPGAP
SingaporehubGAPGAP
ThailandGAPGAP
VietnamGAPGAP
Timor-LesteModerate2025

Not applicable (market-access / not LIC-DSF)

2026

Public debt companion

Gross public debt is not a debt-distress category.

Public debt

pct_gdp

2026
EconomyValueVintage
Brunei1.52026
Cambodia27.12026
Indonesia41.52026
Laos74.62026
Malaysia69.52026
Myanmar51.92026
Philippines60.22026
Singaporehub171.92026
Thailand66.82026
Vietnam29.82026
Timor-Leste14.92026

IMF WEO GGXWDG_NGDP via topics/fiscal_debt/scoreboard.csv

2024

External debt companion

External debt uses a different concept and denominator.

External debt stock

pct_gni

2024
EconomyValueVintage
BruneiGAPGAP
Cambodia46.112024
Indonesia30.972024
Laos115.42024
MalaysiaGAPGAP
Myanmar15.282024
Philippines26.262024
SingaporehubGAPGAP
Thailand37.492024
Vietnam28.852024
Timor-Leste15.372024

World Bank WDI DT.DOD.DECT.GN.ZS

Every frame preserves its own unit and vintage. Empty cells are shown as GAP, never zero.

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ASEAN in Data (2026). Sovereign ratings & debt distress. /insights/sovereign-ratings

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