KIEV, Sept. 29 – Standard & Poor's Ratings Services has raised its long-term counterparty credit rating on Ukraine-based PrivatBank JSC to 'CC' from 'SD' and its short-term counterparty credit rating to 'C' from 'SD'.

The outlook is negative, S&P said in a statement.

The upgrade follows PrivatBank's agreement with the creditors of its $200 million bonds due September 23, 2015, to extend their maturity to January 15, 2016 (extendable to 2018 subject to a restructuring of subordinated debt due February 2016), and change the interest rate to 10.25% from 9.375%. On September 23, 2015, the bank paid a coupon to 2015 bondholders, in accordance with the supplement loan agreement.