Standard & Poor's Ratings Services has lowered its long-term foreign- and local-currency sovereign credit ratings on Ukraine to 'B' from 'B+,' and the outlook remains negative, the agency has said in a press release.

"The downgrade reflects our opinion that Ukraine faces significant external financing needs in 2013 and beyond, and uncertain prospects for securing sufficient foreign currency. The ratings are supported by Ukraine's large commodity endowment, a fairly diversified economy, and a relatively low, albeit rising, government debt burden," reads the press release.

The negative outlook reflects S&P's view that there is at least a one-in-three chance that it could lower its long-term rating on Ukraine over the next 12 months if it views as insufficient the government's strategy to secure foreign currency to meet its elevated external financing needs.

Standard & Poor's also lowered the long-term Ukraine national scale rating to 'uaA-' from 'uaA+.'

Ukrinform