21.   Most of the bidders were groups comprised of a Thai company with one or more multinational engineering or energy firms.

22.   Ratings downgrades would make it more expensive for Thailand and Thai companies to borrow abroad.

23.   Several were overeager, late-cycle lenders to Thai companies.

24.   Soaring interest rates put even more pressure on Thai companies already squeezed by the slowest economic growth in a decade.

25.   Somprasong Land Plc has less than two weeks to avoid becoming the first Thai company to default on its international bonds.

26.   Thai companies mined rubies and sapphires so heavily that many deposits were exhausted.

27.   Thai companies, not the government, will feel the pain first.

28.   The downgrade means the Thai government and Thai companies will pay more to borrow because the credit rating company perceives a greater risk of defaults.

29.   The devaluation will also hurt the many Thai companies that have heavy debts denominated in foreign money.

30.   The regional focus gives Shinawatra a head start on several Y other Thai companies now investing in regional satellite projects, analysts said.