KYIV, April 10 – S&P Global Ratings has lowered its long-term issuer credit rating on Ukrzaliznytsia to 'CCC' from 'B-', S&P said in a press release.

"We now view Ukrzaliznytsia's liquidity as weak, because we believe that COVID-19-related challenges could limit its access to capital markets and affect its ability to generate cash flow from operations," S&P said.

At the same time, S&P understands that the company might consider revising the terms of some loans.