LONDON, Feb. 21 - “It is likely that Ukraine will default in the absence of significantly favorable changes in circumstances, which we do not anticipate,“ Standard &Poor's ratings agency said, adding that “the political situation in Ukraine has deteriorated substantially."

S&P lowered Ukraine's foreign currency sovereign credit rating on Ukraine to 'CCC' from 'CCC+'.

"At the same time, we affirmed the short-term foreign currency sovereign rating at 'C'. In addition, we affirmed the long- and short-term local currency sovereign credit ratings at 'B-/B'. The outlook is negative," reads the press release.