International rating agency Standard & Poor's has lowered its long-term issuer credit rating on the Autonomous Republic of Crimea to 'D' from 'CCC,' withdrawing its rating on Crimea at the issuer's request, the agency said in a press release on April 1.

"Today's downgrade follows Crimea's missed coupon payment on its UAH 133 million ($12 million) bond and incorporates our view that Crimea is currently unable to pay its debt obligations," the agency said.

At the time of the rating action S&P continued to evaluate Crimea on Ukraine's national scale. The national scale rating was also downgraded - to 'D' from 'uaB-.'

Ukrinform