KYIV, June 3 - S&P Global Ratings has lowered the rating on Ukrzaliznytsia to 'CCC' from 'CCC+', and placed it on CreditWatch with negative implications, the agency said on its website.

The Russia-Ukraine conflict continues to pose significant risks to Ukraine's economic growth, financial stability, external position, and public finances, increasing the risk of liquidity pressure at the sovereign level," it said.

S&P Global Ratings sees uncertainty regarding the government of Ukraine's capacity to continue providing ongoing and extraordinary financial support to Ukrzaliznytsia, and believes the company's assets are at risk of being further damaged, and possibly rendered inoperable, affecting its ability to generate cash flows. Therefore, we believe the risk that the company will be subject to liquidity pressure during the next 12 months has increased," the report reads.