KIEV, Aug. 8 – Standard & Poor's Ratings Services has lowered its corporate credit rating on Ukraine-based farming group Mriya Agro Holding PLC to 'SD' (selective default) from 'CCC', S&P said in a statement.

S&P also lowered its issue rating on the group's $400 million senior notes maturing 2018 to 'CC' from 'CCC' and lowered its issue rating to 'CC' from 'CCC' on the group's $250 million notes maturing 2016, on which only $71.5 million is currently outstanding. The recovery rating is unchanged at '4' for both notes indicating the rating agency's expectation of average (30%-50%) recovery prospects in the event of a payment default.