KIEV, July 7 – Standard & Poor's Ratings Services has lowered its long-term corporate credit rating on Ukraine-based iron ore producer Ferrexpo PLC to 'SD' (selective default) from 'CCC', and its short-term rating to 'SD' from 'C'.

"We also lowered the issue rating on the $286 million senior unsecured notes to 'D' (default) from 'CCC'. We placed the 'CCC' rating on the rest of Ferrexpo's outstanding senior unsecured notes on CreditWatch with positive implications," S&P said in a statement.