MOSCOW, Feb. 27 - Standard & Poor's lowered its foreign currency long-term corporate credit rating on Ukrainian steel producer Azovstal Iron and Steel Works to 'CCC+' from 'B' and its local currency long-term corporate credit rating to 'B-' from 'B' and removed them from CreditWatch following its downgrade of the sovereign rating on Ukraine.

The outlook, which was negative before the CreditWatch placement, remains negative. The ratings had been placed on CreditWatch with negative implications on Feb. 17.