KIEV, March 2 - Standard & Poor's Ratings Services has lowered its long-term issuer credit rating on Ukraine-based Nadra Bank to 'SD' from 'CC', indicating a selective default, and removed all ratings from CreditWatch with negative implications, where they were placed on Feb. 13.

According to Standard & Poor's definition, a selective default is representative of an issuer defaulting selectively - that is, defaulting on one issue or class of issues, but honoring others in a timely fashion.