KUALA LUMPUR, June 7 ― Malaysia's Finance Ministry today refuted reports of a possible credit rating downgrade, saying debt levels were expected to go down to about 53 per cent of GDP in 2016.

The ministry was responding to the UK-based Oxford Economics, which was quoted by the Nikkei Asian Review yesterday as saying that Malaysia was at risk of a downgrade, as debts from troubled state fund 1Malaysia Development Berhad (1MDB) mounted.

In a statement, the ministry said the government was committed to ensuring national debt levels would not exceed 55 per cent of GDP.

“The federal debt level is expected to continue to go down to 53 per cent of GDP in 2016,” the statement said, adding that federal debt was at RM630.5 billion or 54.5 per cent of GDP in 2015. ― Reuters