KIEV, May 5 - Standard & Poor's Ratings Services has lowered its long-term foreign and local currency corporate credit ratings on State Railways Administration of Ukraine Ukrzaliznytsia to 'CC' from 'CCC-', reads a posting on the rating agency's website.

"The outlook is negative," reads the report.

"We also lowered our issue ratings on the senior secured loan participation notes due 2018 and issued by financing vehicle Shortline PLC to 'CC' from 'CCC-'," S&P stated.