Standard&Poor’s (S&P) Rating Services on November 4, 2013, lowered its long-term issuer credit rating on Ukraine's Autonomous Republic of Crimea to B- from B, with a negative outlook, reads a press release of the rating services.

S&P said that the rating action follows our lowering of the long-term sovereign rating on Ukraine to B- from B on November 1, 2013.

"At the same time, we lowered Ukraine national scale rating on Crimea to uaBBB- from uaA-, in line with the national scale rating on the sovereign," S&P said.

The document says that in accordance with S&P criteria, the services assess the indicative credit level (ICL) of Crimea, as defined by S&P criteria, at b.

"A local and regional government (LRG) can be rated higher than its sovereign if we believe that it exhibits certain characteristics," S&P said.