(QHA) -

Standard & Poor's Ratings Services lowered its credit ratings on Crimea to default, citing a bond payment that the government missed in March, and it then withdrew the ratings at the issuer's request, The Wall Street Journal reports.

According to S&P, the Autonomous Republic of Crimea missed a payment due on March 21 of 4.8 million Ukrainian hryvnia ($436,200) on its UAH133 million bond. S&P noted it is using the legal name of the entity that originally requested a credit rating and that it doesn't express any political view about the region.

S&P said Tuesday that according to information it received from Crimean government officials, Crimea had sufficient funds budgeted for the debt payment and had submitted required paperwork to the Ukrainian treasury.