KIEV, Nov. 11 - Standard & Poor's Ratings Services has lowered its long-term foreign and local currency corporate credit ratings on Ukraine-based farming group Ukrainian Agrarian Investments S.A. (UAI) to 'B-' from 'B', reads an agency report.

"The outlook is negative," according to the report.

"The downgrade follows our downgrade of Ukraine and our downward revision of the country's transfer and convertibility (T&C) assessment to 'B-', taking into account that UAI's core assets - its land-bank, silos, and machinery - are concentrated in Ukraine. The revised T&C assessment constrains the foreign currency rating on UAI because of the likelihood of increased restrictions on repatriation (changing funds held abroad into the local currency) and, more generally, negative sovereign interaction," the rating agency stated.