ISLAMABAD (Reuters) - Pakistan could face the risk of a ratings downgrade if it fails to quickly implement reforms to address a growing fiscal deficit, Moody's Investors Service said on Friday. Moody's currently has a B3 rating for Pakistan. "A key to a (negative) change in the rating is if the fiscal deficit is more than what we expect," said Aninda Mitra, Moody's sovereign analyst for Pakistan, who expects the fiscal deficit to be 6-7 percent for the year ending June 30. He also said inflation which is rising at a faster than expected rate, brought on by increased government borrowing, could lead to a downgrade. Pakistan agreed with the International Monetary Fund (IMF) that it would keep the country's fiscal deficit at 4.7 percent for the fiscal year ending June 30. Analysts agree this figure is likely to be overshot. Some forecast the fiscal deficit to be around 8 percent if fiscal reforms are not implemented, higher than the central bank's prediction of between 6-6.5 percent. Pakistan has a B- rating from Standard & Poor's Rating Services, just one notch above a CCC rating that would imply an impending default. But it does not expect to change the country's rating. Overshooting the IMF's targets should not surprise anyone, given last year's large deficit and the prospects of an even larger one this year, said S&P analyst Agost Benard. Pakistan's current account recorded a surplus of $26 million in the first six months ending Dec. 31, thanks to rising remittances from overseas Pakistanis and steady exports. Still, a prolonged delay in the implementation of a reformed general sales tax (RGST) due to political opposition, a low tax base, and the government's failure to raise fuel prices are all adding to fiscal pressure. Commentators see Pakistan's divided coalition government as standing in the way of much-needed refor