MOSCOW, March 11. /TASS/. Ukraine has long been completely insolvent, former Ukrainian Prime Minister (2010-2014) Nikolay Azarov said in commenting on the Standard & Poor’s rating agency’s downgrade of its credit rating on Ukraine’s sovereign debt to "junk" status.

"Ukraine is fully insolvent. However, international agencies do not risk assigning it a default rating. Although Ukraine went bankrupt long ago," he wrote on his Telegram channel.

Earlier, S&P downgraded Ukraine from a "CCC" rating to "CC." "Now the country’s long-term sovereign [debt] rating has received a highly telling stigma - ‘negative outlook,’ ‘a virtual certainty of default,’ ‘debt susceptible to non-payment,’" the former head of the Ukrainian government added.