KIEV, Dec. 24 --Standard & Poor's Ratings Services has lowered to 'SD' (selective default) from 'CC' its long-term corporate credit rating on Ukrainian steel pipe producer Interpipe Ltd.

"We also lowered the issue-level rating on the company's $200 million debt to 'D' from 'C', and the Ukrainian national scale rating to 'SD' from 'uaCC'," S&P said in a statement. "The recovery rating of '5' on Interpipe's unsecured notes remains unchanged."