Fitch Ratings upgraded the credit outlook for three major Thai state enterprises—EGAT (Electricity Generating Authority), PTT (oil and gas), and PTTEP (exploration and production)—to "Stable" from "Negative," while maintaining their BBB+ rating. The upgrade reflects Thailand's sovereign credit outlook improvement in September 2025, with Fitch affirming strong government support for these critical infrastructure and energy security operators. This has implications for their debt servicing costs and market confidence but is less directly material to SMEs than operational/policy changes.