(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.

QHA