The pandemic is effecting city finances in Ukraine

The pandemic is effecting city finances in Ukraine, warns Fitch Ratings, which rates the bonds of eight Ukrainian cities. “Fitch estimates that the operating revenue of rated Ukrainian cities will be impacted by lower collection of personal income tax – their major revenue source,” the agency wrote. “We believe the pandemic will cause capital market conditions to tighten; this includes impaired access to financing amid undermined growth prospects and high refinancing pressure on the sovereign.”