The recent downgrade of the country's credit rating position increased the cost of borrowing by government, state-owned enterprises and the private sector. The risk of further sovereign rating downgrades would exacerbate the cost of borrowing. The FFC is also concerned that slowing economic growth coupled with further credit downgrading may put pressure on government to extend the "switch programme" (offsetting maturing debt with long term debt), increasing government costs of borrowing. BUSA is concerned that unless recurrent government expenditure is moderated, external shocks such as recession and increase in interest rates could push the ratio of debt to GDP to a danger limit of 50 per cent.