Tris Rating recorded 24 downgrades and only 5 upgrades among rated Thai corporates from January to September 2026, plus 4 defaults (up from 3 a year earlier). Stress is concentrated in engineering and construction, homebuilders and property developers, leisure, regulated utilities, consumer finance, leasing and telecom. For a small business, this points to a tougher credit climate: banks and lessors may tighten terms, and construction, property and related suppliers should watch customer payment delays and their own refinancing needs.