MOSCOW, Jan. 11 - Standard & Poor's on Wednesday affirmed its 'BB-' long-term foreign, 'BB' long-term local, and 'B' short-term sovereign credit ratings on Ukraine, but warned gas price hike may affect the economy.

The higher gas prices, $95/1,000 cu m vs. $50/1,000 cu m, will put pressure on Ukraine's already-high inflation and might further slow down an already lackluster economic performance.