KYIV, Aug 10 – S&P lowered its long-term issuer credit rating on Ukrzaliznytsia to 'CCC-' from 'CCC', the agency said on its website.

"We lowered our long-term issuer credit rating on Ukrzaliznytsia to 'CCC-' from 'CCC'. We removed all ratings from CreditWatch with negative implications, where we placed them on June 1, 2022," it said.

"We view Ukraine's proposal to defer payments on all its foreign debt obligations by 24 months as a sign of a material deterioration in its financial capacity to continue providing ongoing support to Ukrzaliznytsia," S&P said.