KIEV, Jan. 31 - Standard & Poor's Ratings Services has lowered its long-term issuer credit rating on Ukraine's capital city of Kiev to 'CCC+' from 'B-', S&P said in a statement.

The outlook is negative.

"We cap the ratings on Ukrainian local and regional governments, including the city of Kiev, at the level of our ratings on Ukraine. We are therefore downgrading Kiev to 'CCC+' from 'B-'. The rating action follows our downgrade of Ukraine on January 28, 2014," the statement reads.