MOSCOW, Oct. 30 - Standard & Poor's Ratings Services has lowered its long-term corporate credit rating on Ukrainian steel producer Azovstal Iron and Steel Works to 'B' from 'B+', the ratings agency said in a statement on Thursday.

The outlook is negative. S&P also lowered the long-term rating on Azovstal's senior unsecured debt to 'B-' from 'B'. The recovery rating is unchanged at '5', indicating the agency's expectation of modest (10%-30%) recovery for senior noteholders in the event of payment default.