By Stephen Nakrosis

S&P Global Ratings on Friday said it was lowering its foreign currency ratings on Ukraine to 'CCC/C+' from 'B-/B.'

S&P said it expects the country's military conflict with Russia to be protracted and added, "the Ukraine government's capacity to meet its foreign-currency commercial debt payments is contingent on the flow of donor support, in our view."

S&P also said its outlook was negative, reflecting "risks to Ukraine's economy, external balances, public finances and financial stability stemming from the military conflict."

S&P said it was affirming the nation's 'B-/B' local currency ratings.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

May 27, 2022 17:15 ET (21:15 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.