KIEV, April 11 – Standard & Poor's Rating Services has lowered its corporate credit rating on UkrLandFarming PLC to 'SD' (selective default) from 'CC'.

We also lowered the issue rating on its senior unsecured notes to 'D' from 'CC'. We then suspended the ratings, due to lack of sufficient information," S&P said in a statement.

The downgrade of UkrLandFarming to 'SD' and the lowering of our issue rating to 'D' reflects that the company has defaulted on some of its credit facilities, including payment of interest due on March 26, 2016 on $500 million notes maturing in 2018, according to S&P.