Moody’s Ratings affirms the ratings of seven Thai financial institutions and revises their outlooks to stable from negative, following the sovereign rating upgrade from negative to stable.

Singapore, April 22, 2026 — Moody’s Ratings (Moody’s) has today affirmed the ratings of seven Thai financial institutions and changed their outlooks to stable from negative. The seven Thai financial institutions are Bangkok Bank Public Company Limited (BBL), Export-Import Bank of Thailand (EXIMT), KASIKORNBANK Public Company Limited (KBank), Krung Thai Bank Public Company Limited (KTB), Siam Commercial Bank Public Company Limited (SCB), SCB X Public Company Limited (SCBX) and TMBThanachart Bank Public Company Limited (TTB).

The rating action follows the affirmation of Government of Thailand’s Baa1 rating and the change in outlook to stable from negative. The other Thai banks are not affected by this sovereign rating action.

Key Actions

• Moody’s affirmed the ratings of seven Thai financial institutions: Bangkok Bank (BBL), Export-Import Bank of Thailand (EXIMT), KASIKORNBANK (KBank), Krung Thai Bank (KTB), Siam Commercial Bank (SCB), SCB X (SCBX), and TMBThanachart Bank (TTB).
• Their outlooks were changed from negative to stable, following the sovereign rating action on Thailand.

Sovereign Context

• Thailand’s Baa1 sovereign rating was affirmed, with outlook revised to stable.
• Rationale: reduced downside risks from US tariffs, manageable risks from Middle East conflict, improving investment momentum, and political stability from a sizeable parliamentary majority.

Bank-Specific Highlights

• BBL: Strong capital and liquidity; ratings aligned with sovereign.
• EXIMT: Government-backed, benefits from rating uplift despite weak asset quality.
• KBank: Solid capital and profitability; risks from household and SME debt.
• KTB: Largest state-owned bank; strong capitalization and buffers.
• SCB/SCBX: Good profitability; SCBX rated slightly lower due to structural subordination.
• TTB: Strong capitalization; risks from household sector exposure.

Entity-Specific Guidelines

BBL

The affirmation of BBL’s Baa1 foreign-currency (FC) deposit rating, (P)Baa1 FC senior unsecured medium-term note (MTN) program rating and baa1 BCA reflects the bank’s solid capital and credit reserves, as well as its strong funding and liquidity. These credit strengths mitigate asset risks arising from Thailand’s slowing economic growth and the bank’s sizable exposure to market risks. BBL’s Baa1 FC deposit and (P)Baa1 FC senior unsecured MTN program ratings incorporate our assumption that the probability of support from the Government of Thailand will be very high in times of need, but they do not benefit from rating uplift because the bank’s baa1 BCA is already at the same level as the sovereign rating.

EXIMT

The affirmation of EXIMT’s Baa1 FC issuer rating, (P)Baa1 FC senior unsecured MTN program rating and ba3 BCA reflects the bank’s adequate capitalization and large credit reserves relative to its problem loans which mitigate the risks from its weak asset quality and modest profitability. The BCA also considers the bank’s good access to funding because of its policy role and strong linkages to the government, balanced by its weak liquidity. EXIMT’s Baa1 ratings also incorporate our classification of the bank as a government-backed institution, based on its policy role and full ownership by the Government of Thailand. As a result, the bank’s Baa1 ratings benefit from five notches of uplift from its ba3 BCA.

KBank

The affirmation of KBank’s Baa1 local-currency (LC) and FC deposit ratings, (P)Baa1 FC senior unsecured MTN program rating and baa2 BCA reflects the bank’s solid capital, strong funding and good profitability, which offset asset risks arising from its exposure to the heavily indebted Thai households and small- and medium-sized enterprises (SMEs). KBank’s Baa1 deposit and (P)Baa1 senior unsecured MTN program ratings are one notch higher than the bank’s baa2 BCA, based on our assumption that the probability of support from the Government of Thailand will be very high in times of need.

KTB

The affirmation of KTB’s Baa1 LC and FC deposit ratings, (P)Baa1 FC senior unsecured MTN program rating and baa3 BCA reflects its strong capitalization and loan loss buffers, which mitigate asset risks arising from Thailand’s slowing economic growth. The BCA also considers the bank’s stable liquidity and strong deposit franchise, underpinned by its status as the largest state-owned commercial bank in Thailand.  KTB’s Baa1 deposit ratings are two notches higher than the bank’s baa3 BCA, reflecting our assumption that the probability of support from the Government of Thailand will be very high in times of need.

SCB and SCBX

The affirmation of SCBX’s Baa2 LC and FC issuer ratings, as well as SCB’s Baa1 LC and FC deposit ratings, (P)Baa1 FC senior unsecured MTN program rating and baa2 BCA, reflects the group’s solid capital, strong funding and good profitability. These credit strengths mitigate asset risks arising from its exposure to the heavily indebted Thai households and SMEs, including the riskier loans at its consumer finance subsidiaries. SCB’s Baa1 deposit ratings and (P)Baa1 FC senior unsecured MTN program rating are one notch higher than the bank’s baa2 BCA, reflecting our assumption of a very high probability of support from the Government of Thailand in times of need. SCBX’s Baa2 issuer ratings are one notch lower than SCB’s Baa1 deposit ratings, reflecting structural subordination risk and a moderate probability of government support for the holding company.

TTB

The affirmation of TTB’s Baa1 FC deposit rating, (P)Baa1 FC senior unsecured MTN program rating and baa3 BCA reflects the bank’s strong capitalization and loan loss buffers, which mitigate asset risks from its large exposure to the highly leveraged household sector in Thailand. The BCA also considers the bank’s good liquidity and stable deposit franchise which largely consists of stickier retail deposits. TTB’s Baa1 deposit rating is two notches higher than the bank’s baa3 BCA, reflecting our assumption that the probability of support from the Government of Thailand will be very high in times of need.

This rating action is based on a baseline scenario of a contained impact of the Middle East conflict on energy markets notwithstanding ongoing disruption to oil supply and limited damage to production or infrastructure.  Nevertheless, we recognize that the credit profiles may be susceptible to a more adverse scenario in the conflict, reflecting their activities in a sector exposed to the macro-financial conditions risk transmission channel, which could lead to a more consequential impact on creditworthiness.

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Investors are flocking to actively managed exchange-traded funds (ETFs) and recently pushed the amount of assets in the investment class above a notable milestone.

Actively managed ETFs surpassed $1 trillion in assets under management in the U.S., as investors look to find investment options that may outperform passive ETFs that track an index.

“Active ETFs are exploding because investors want the best of both worlds, Wall Street strategy with Main Street pricing,” Ted Jenkin, managing partner for Exit Wealth Advisors, told FOX Business. “You’re getting flexibility to navigate volatile markets, potential tax efficiency, and in many cases a real shot at outperforming the index instead of just riding a mutual fund.”

The ETF market has grown across both actively and passively managed ETFs, but the two types have important distinctions.

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While passively managed ETFs are designed to track a benchmark such as the S&P 500, actively managed ETFs aim to outperform a given benchmark by having the portfolio manager adjust the investments within the ETF based on research or strategies they’re utilizing.

“Both approaches serve an important role for retail investors – the difference comes down to intent,” Charles La Rosa, vice president and head of ETFs at Gabelli Funds, told FOX Business. 

“Active ETFs seek to provide thoughtful security selection, risk management and potentially differentiated outcomes, particularly during periods of volatility or in less efficient areas of the market,” La Rosa said.

US ETF ASSETS UNDER MANAGEMENT TO MORE THAN DOUBLE TO $25T BY 2030, CITIGROUP SAYS

Fidelity Investments said that there are two types of actively managed ETFs that differ in how they disclose their holdings. 

Traditional actively managed ETFs, as well as passive ETFs, disclose their holdings on a daily basis, whereas semi-transparent active ETFs disclose their holdings on a quarterly basis.

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Research from the Securities and Exchange Commission’s (SEC) Division of Economic and Risk Analysis noted that last year, as active ETFs surpassed the $900 billion level, passive ETFs had over $8 trillion in total net assets.

The SEC’s research also notes that active ETFs had higher expense ratios than their passive peers, with asset-weighted passive ETF having operating expenses at 0.12% of net assets versus 0.49% for active ETFs as of 2024. 

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Equal weighted ETFs in both categories had higher expenses, with passive ETFs at 0.45% and active ETFs at 0.70%.

Tata Communications reported a sharp decline in its March quarter profit, with net profit falling 75% year-on-year (YoY) to Rs 259 crore, compared with Rs 1,040 crore in the same period last year. Revenue from operations, however, showed steady growth, rising 9% YoY to Rs 6,554 crore from Rs 5,990 crore earlier.

The steep decline in profit was largely due to a high base in the year-ago quarter, which had benefited from exceptional gains, including a one-time gain related to a subsidiary transaction. In contrast, the current quarter saw no such gains, leading to a normalization of earnings.

On a sequential basis, profit declined 29% from Rs 364 crore in the December quarter, indicating some pressure on operational performance as well. Profit before tax stood at Rs 434 crore, down from Rs 914 crore a year earlier.

Despite the profit decline, revenue growth remained healthy, driven by higher demand for network and transmission services. Total income for the quarter rose to Rs 6,597 crore, compared with Rs 6,059 crore in the year-ago period.

Network and transmission expenses increased to Rs 3,081 crore, reflecting scale-up in operations, while employee benefit costs rose to Rs 1,240 crore. Other expenses declined on a YoY basis, helping partially offset cost pressures.

Operating profitability remained under pressure, with profit before exceptional items at Rs 414 crore compared to Rs 336 crore a year earlier, but lower than the December quarter. Higher operating costs, along with the absence of one-off gains, weighed on overall margins during the quarter.
For the full year FY26, Tata Communications reported revenue from operations of Rs 24,803 crore, up 7% YoY, while profit stood at Rs 997 crore compared with Rs 1,837 crore in FY25, again impacted by exceptional items in the previous year.The board has also recommended a final dividend of Rs 17.5 per share (175%) for FY26. The dividend will be paid after shareholder approval at the upcoming annual general meeting.

Resilience is one of those words that gets used a lot in business. But when you strip it back, it’s not complicated. It simply means being able to keep moving forward when things don’t go to plan.

And if the last few years have shown us anything, it’s that plans rarely stay fixed for long. Markets shift, technology moves quickly and economic uncertainty can appear with very little warning.

For leaders, especially those running small and medium-sized businesses, the challenge isn’t avoiding change. It’s helping your team deal with it.

In my experience, resilient businesses are almost always led by resilient people.

Over the past 25 years working in fire safety and security at Chubb, I’ve seen plenty of organisations face disruption. Some adapt quickly and come out stronger. Others struggle because uncertainty unsettles the team and slows decision-making.

More often than not, the difference comes down to leadership. Resilient leaders create an environment where people stay focused, tackle problems head-on and keep moving forward even when things feel uncertain.

Why leadership matters more than ever

There’s growing evidence that the quality of leadership has a direct impact on how well organisations cope with change.

The CIPD Good Work Index 2025 highlights how strongly supportive leadership and good line management influence employee engagement, motivation and wellbeing. The report shows that when people feel supported by their managers and trusted in their roles, they’re far more likely to stay motivated and perform well.

For SME leaders, that’s an important point.

Resilience isn’t something that only large organisations with big HR departments can build. In fact, smaller businesses often have an advantage because leaders are closer to their teams and communication tends to be more direct.

That visibility means leaders have a real opportunity to shape how people respond when challenges arise.

Resilience is something you build

One of the biggest misconceptions about resilience is that it’s something you either have or you don’t. In reality, resilience is something that can be developed.

Teams become more resilient when they’re trusted to solve problems, encouraged to learn from mistakes and given the confidence to take ownership of challenges. For leaders, creating that environment starts with the way we react when things go wrong.

It’s easy in business to look for someone to blame when a problem appears. But resilient organisations tend to take a different approach. Instead of focusing on who made the mistake, they focus on what can be learned and how the issue can be solved.

That shift in mindset builds confidence across the team. People feel safer speaking up, sharing ideas and taking responsibility.

Give people the space to step up

Another key part of building resilience is trust.

Strong leaders understand that people grow when they’re given the chance to think for themselves. When employees are empowered to make decisions and solve problems, they build confidence and adaptability. Over time, that confidence becomes one of the organisation’s biggest strengths.

Transparency also plays a big role here.

Periods of change can easily create uncertainty. And when leaders stay quiet, people often assume the worst. Being open about challenges helps teams understand the bigger picture and encourages everyone to pull together.

It doesn’t mean having all the answers. It simply means being honest about the situation and focusing on what can be done next.

Leadership shouldn’t sit with one person

Another lesson I’ve learned over the years is that resilience doesn’t sit with one individual. The strongest organisations develop leadership across the whole business.

Future leaders often appear in unexpected places, which is something I’ve discovered at Chubb through Building Great Leaders – a framework we’ve created to help our people develop their leadership competency, no matter what their role is. Someone who shows initiative, supports colleagues or steps up during a difficult project may well become a great leader with the right encouragement.

Businesses that invest time in developing people early tend to cope better when challenges arise. When people feel capable and trusted, they’re far more likely to step forward rather than step back. And that makes a huge difference when change inevitably comes along.

Culture sets the tone

In many ways, resilience spreads through culture. Teams take their cues from the behaviour of their leaders. If leaders remain calm, focus on solutions and encourage collaboration, those behaviours quickly become the norm.

But the opposite is also true. If leaders panic or avoid difficult conversations, that uncertainty spreads just as quickly.

That’s why leadership development matters so much. It’s not simply about preparing someone for a management role. It’s about helping people develop the mindset and skills needed to navigate uncertainty.

Helping teams face whatever comes next

Change is part of business. Technology evolves, customer expectations shift and markets rarely stay still. Leaders can’t remove that uncertainty. What we can do is shape how our teams respond to it.

The most resilient organisations are the ones where people feel confident tackling problems, supporting one another and adapting when circumstances change. And that starts with leadership.

Because in the end, resilient leadership isn’t about having every answer. It’s about giving your team the confidence to face whatever comes next.

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The Trump administration is in advanced talks for a financing package for Spirit Airlines as the carrier is facing the risk of a liquidation, according to a person familiar with the matter.

The iconic discounter Spirit has been challenged for years by rising costs, changing consumer tastes, an engine recall and a court-blocked plan to be acquired by JetBlue Airways two years ago.

“Spirit Airlines would be on a much firmer financial footing had the Biden administration not recklessly blocked the airline’s merger with JetBlue,” White House spokesman Kush Desai said in a statement to CNBC. “The Trump administration continues to monitor the situation and overall health of the U.S. aviation industry that millions of Americans rely on every day for essential travel and their livelihoods.”

Spirit had been facing a potentially imminent liquidation, people familiar with the matter told CNBC last week, speaking on the condition of anonymity to discuss matters that had not yet been made public. The Dania Beach, Florida-based carrier in August filed for its second Chapter 11 bankruptcy in less than a year, after it struggled to increase revenue to cover rising costs.

President Donald Trump hinted at potential government aid on Tuesday, telling CNBC’s “Squawk Box“, “Spirit’s in trouble, and I’d love somebody to buy Spirit. It’s 14,000 jobs, and maybe the federal government should help that one out.” 

The terms of the talks weren’t immediately clear and a deal could still fall apart. The Wall Street Journal earlier reported that the talks were in an advanced stage.

“We are hopeful that the government will recognize the needs for emergency funds especially in the current economic environment,” a spokesperson for the Associated of Flight Attendants-CWA, which represents Spirit’s cabin crews, said in a statement. “The last thing our economy needs is tens of thousands more people out of work and the last thing the travelling public needs is fewer choices in air travel.”

The U.S. airline industry accepted more than $50 billion in taxpayer aid to weather the Covid-19 pandemic, which is still its biggest-ever crisis, but those funds weren’t handed to one specific airline. Some of the aid gave the U.S. government stock warrants for airlines.

Airlines also received a government bailout following the Sept. 11, 2001, terrorist attacks, but that money was also for more than one company. The U.S. in 2008-2009 also bailed out the auto industry during the financial crisis and took stakes in manufacturers.

The Trump administration has taken equity stakes in some companies it deemed critical to national security like Intel and USA RareEarth, though Spirit stands out as it is in bankruptcy.

In February, Spirit said it expected to exit bankruptcy in late spring or early summer, telling a U.S. court that it would shrink and focus its planes on high-demand routes and travel periods. Pilot and flight attendant unions had also made concessions, including going on furlough in recent months, in a bid to help Spirit survive.

But jet fuel prices have nearly doubled in some parts of the U.S. since then, further adding to challenges for Spirit and the rest of the airline industry.

As a low-fare airline that also faces competition from larger carriers with their own no-frills, basic economy offerings, it has grown harder for Spirit to cover expenses. Spirit had introduced extra-legroom seats and other premium options to try to cater to higher-spending customers.

Ski trips are usually seen as a break, but that’s not really how they play out. Across both education and business, they tend to take on a different role once you’re actually there.

Whether it’s students on school ski trips in a new environment or teams spending time together outside the office, things don’t work the same way as they usually do. It’s a different kind of experience from what happens in a classroom or a structured work setting.

This guide explores how ski trips are being used in practice, from student development to corporate travel, and why they are increasingly seen as part of long-term growth.

Understanding Why Ski Trips Go Beyond Recreation

Ski trips are often seen as a break from routine, but they are usually shaped by timing rather than choice. School terms and work schedules mean people travel when they can, not when conditions are ideal.

That carries into the experience. Plans shift, conditions change, and unfamiliar surroundings require constant adjustment. Even simple things, like getting around or coordinating with others, become part of the day.

In more structured environments, there is usually a clear plan. On a ski trip, that structure is less defined. Decisions are made more quickly, often without complete information.

The experience is shaped less by the skiing and more by how people manage everything around it.

How School Ski Trips Support Student Development

School trips have always been part of education, but settings like school ski trips tend to change how students move through the experience. Being away from their usual environment shifts expectations. Things feel less structured, and not everything runs to plan.

You start to see it in how students go about the day. They manage their own time, keep track of their things, and make small decisions without much guidance. It’s not always smooth, especially at the start.

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Outside the classroom, things shift as well. Students spend more time together in shared spaces, and that changes how they interact. Some take on more responsibility, while others step into roles they wouldn’t usually take on in school. This is often why settings like business trips for schools feel different from the usual environment.

Learning to ski is part of that. Progress isn’t always steady, and mistakes are just part of it. For some, it means sticking with it even when things don’t go right, instead of stepping away.

Key Skills That Carry Into Education and the Workplace

What develops during these trips doesn’t stay limited to the setting itself. The situations students face tend to carry into how they approach other environments.

This often shows up in a few areas:

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• People end up making decisions on the spot, especially when things aren’t fully planned
• Conversations are more direct when everyone’s figuring things out together
• There isn’t always a clear structure, so people just manage their time and responsibilities as they go
• Progress can be slow at first, so sticking with it matters more than getting it right immediately

These patterns don’t always stand out during the trip itself, but they tend to carry forward into more structured environments over time.

Why Businesses Are Investing in Corporate Ski Trips

Business travel still includes meetings and conferences, but that’s not always what defines the trip anymore. A lot of what happens around it ends up shaping the experience.

In that context, formats like corporate ski trips are becoming more common. They offer something different from structured programmes, not by design alone, but by nature of the environment itself.

Rather than being treated as one-off incentive, these trips are increasingly seen as part of a wider approach to engagement, where the setting plays a role in how teams spend time together.

How Travel Connects Education to the Workplace

The link between education and the workplace is not always direct. What is taught in structured settings does not always reflect how situations unfold in practice.

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Experiences outside the classroom begin to narrow that gap. Programmes such as business trips for schools place students in environments that feel closer to real-world settings, where expectations are less defined and outcomes are not always predictable.

That exposure changes how learning is applied. Students move from following instructions to navigating situations more independently, often with less guidance than they are used to.

The gap between education and industry is starting to narrow. It’s not just about formal learning anymore, experience is part of how skills develop.

Travel as a Long-Term Investment in Development

Travel is not always approached as part of development, but its impact tends to build over time. Experiences outside routine often shape how individuals respond to unfamiliar situations later on.

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You don’t really notice it at the time. It’s more something that shows up later, like in how people deal with things when plans change or when something doesn’t go the way they expected.

There’s also a shift in how travel is viewed. It’s less about stepping away and more about what carries forward afterwards.

In that sense, travel is no longer just an addition. It has started to sit alongside more traditional approaches, offering a different way of preparing individuals for what comes next.

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