LONDON, Nov. 1 – Standard & Poor's has downgraded its long-term sovereign credit ratings on Ukraine from B to B-.

The outlook remains negative.

The agency also lowered the long-term Ukraine national scale rating to uaBBB- from uaA-. At the same time, they affirmed the short-term ratings at B.

The downgrade reflects their view that the government's strategy is increasingly unlikely to secure sufficient foreign currency to meet its elevated external financing needs, S&P said.