PETALING JAYA: The ringgit has continued to strengthen against the British pound after a foreign rating house revised its onlook on Britain’s sovereign debt ratings to negative from stable, while reaffirming the current triple-A rating on long term debt. The revision was following a re-assessment of the cost of the financial sector rescue plans and concern that fiscal trends were pointing towards a sharp deterioration in the government debt to gross domestic product (GDP) growth ratio to 100% in 2013 from about 49% this year.
“The outlook could be revised to stable if comprehensive measures are implemented to put public finances back on a sustainable footing,” the foreign rating house said in a recent report.
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