KIEV, Dec. 22 - S&P Global Ratings today lowered its long- and short-term counterparty credit ratings on Ukraine-based PrivatBank to 'R/R' (indicating the obligor is under regulatory supervision) from 'B-/C'.

The downgrade reflects the regulatory risk related to the National Bank of Ukraine's declaration of PrivatBank as insolvent, the bank's nationalization, as well as the possible - though not certain - introduction of a moratorium on some of PrivatBank's credit obligations by the government.