KIEV, Feb. 25 - Standard and Poor's on Wednesday cut Ukraine's credit ratings to a level indicating vulnerability to default amid concerns the International Monetary Fund would suspend its $16.4 billion rescue package.

The ratings agency said it had cut the long and short-term foreign currency sovereign credit ratings on Ukraine to CCC+/C from B/B and local currency ratings to B-/C from B+/B.

It said the outlook was negative, which means the ratings could be cut again.