Standard and Poor's says the outlook on the ratings is negative, which means further cuts are possible. The agency says the downgrade reflects increasing pressure from expanding fiscal and trade imbalances, combined with a volatile political setting. Analysts say the downgrading and negative outlook will hurt the ability of Pakistan's government to raise foreign debt. Britain's largest retailer, Tesco, is buying debt-ridden South Korean discount chain Homever for 1.9 billion. Tesco will add Homever's 35 outlets to the Homeplus stores it runs with South Korea's Samsung group in the country. South Korea is Tesco's most profitable overseas market. Malaysia's national oil firm Petronas signed a production sharing agreement for a group of oil fields in Uzbekistan.