KIEV, March 25 – Moody's Investors Service has downgraded Ukraine's long-term issuer and government debt ratings to Ca from Caa3.

The outlook remains negative, Moody's said in a statement.

"The key driver of the downgrade is the likelihood of external private creditors incurring substantial losses as a result of the government's plan to restructure the majority of its outstanding eurobonds. Also included in the restructuring is the external debt of state-guaranteed entities and selected other state-owned enterprises, and the eurobonds issued by the capital city of Kyiv," Moody's said.