KUALA LUMPUR, Aug 29 — Young analysts from ratings agency Fitch Ratings had slashed Malaysia’s financial outlook despite Putrajaya’s plans for reforms, Treasury secretary-general Tan Sri Mohd Irwan Serigar Abdullah said today.

Irwan (picture) also hinted that Malaysians could look forward to a slew of long-awaited economic reforms in October 25 when Prime Minister Datuk Seri Najib Razak tables Budget 2014 in Parliament.

“We explained to them all the reforms coming on and strength of economy but they still put a negative outlook. They maintain the rating but put negative outlook,” he said when commenting on Fitch during a question and answer session here.

He contrasted Fitch with rival ratings agency Moody’s which, he said, he had met last week with the same brief.

“They are kind enough, they say we will listen to you, we will only rate you after the Budget announcement, because all the reforms are coming in the Budget,” he said.

Irwan then claimed that young analysts from Fitch had ignored the government’s brief on proposals, saying that those from Moody’s and Standard and Poor’s were more understanding of the challenges faced by the government.

“Some of these fellows, Fitch, for example, they are young guys, they calculate according to their calculation, they don’t listen to the other part.

“Whereas Moody’s and S&P (Standard and Poor’s), the senior fellows they know the difficulties,” he said.

Fitch cut its outlook on Malaysia’s A-minus sovereign debt to negative from stable in July, citing a lack of reform to tackle rising debt.

“Prospects for budgetary reform and fiscal consolidation to address weaknesses in the public finances have worsened since the government’s weak showing in the May 2013 general election,” Fitch had said in a statement.

“Malaysia’s public finances are its key rating weakness,” it said.

Fitch’s report noted that the federal government’s debt rose to 53.3 per cent of gross domestic product (GDP) at the end of 2012, up from 51.6 per cent from the same period the year before.

The country’s self-imposed debt ceiling stands at 55 per cent.

Prime Minister Datuk Seri Najib Razak had then vowed to address these criticisms in the proposed Budget 2014.

“We are just looking at various policy options but we do understand that there’s a need for us to strengthen the fiscal and macro position of the government,” news agency AFP quoted him as saying.

“The actual details will be unveiled shortly, particularly in the forthcoming budget.”

Analysts have said that Malaysia needs to carry out various economic reforms to rein in spending, including the scrapping of government subsidies.

The controversial Goods and Services Tax (GST), which has yet to be introduced, has also been touted as a measure to boost government revenue and broaden the country's tax base.