KYIV, Jan 15 – Lviv plans a UAH440 million bond issue (to be issued in two tranches in 2018), Fitch Ratings said in a press release on Monday.

"For 2018 Lviv's direct debt may increase to UAH 440 million, or a still low 4.7% of current revenue (from less than 0.1% in 2014-2017), if the city is successful in its planned UAH 440 million bond issue (to be issued in two tranches in 2018)," Fitch said.

Fitch said that the proceeds from the bonds, together with the UAH 55 million of cash accumulated on the city's accounts, will be used for investments.