KIEV, May 21 - Standard & Poor's Ratings Services (S&P) on May 21 raised its long-term corporate credit rating on Ukrainian railway operator – the State Administration of Railways Transport of Ukraine (Ukrainian Railways, or Ukrzaliznytsia) to 'B' from 'B-' and removed it from CreditWatch where it was placed with positive implications on May 2.

According to S&P, the outlook is negative. At the same time, the rating agency affirmed its 'B' issue rating on the group's limited-recourse loan participation notes.