S&P - May take action on Russia, Ukraine ratings if needed

LONDON (Reuters) - Standard and Poor's said on Monday it was keeping a close eye on the escalating tensions between Russia and Ukraine and that it may take action on the countries' credit ratings if needed. "It is unclear how this fast-developing situation will be resolved," S&P said in an e-mailed statement. "We are monitoring developments and may take action if we consider it to be appropriate." S&P currently rates Russia at BBB with a stable outlook, two notches above junk. Last month it downgraded Ukraine to CCC with a negative outlook, warning there was a risk Kiev could default. (Reporting by Marc Jones, editing by Nigel Stephenson)