- Fitch Ratings assigns Artel Electronics LLC a first-time rating of 'B'/Stable 
Outlook

Today, Artel Electronics LLC ("Artel"), Central Asia's leading home appliance 
and electronics manufacturer and one of Uzbekistan's largest companies, has 
received a first-time Fitch rating of "B" with a stable outlook. Artel 
therefore becomes the first private manufacturing company in Uzbekistan to be 
assigned a rating from one of the "big three" international rating agencies.

In its publication, Fitch praised Artel's "leading domestic market position," 
"expected strong funds from operation" and "successful and long-term 
cooperation" with internationally renowned original equipment manufacturers. 
The rating follows a rigorous assessment of the company's financial and 
commercial position, and provides an independent benchmark of the its 
reliability as a borrower.

Recent business reforms in Uzbekistan have enabled the country's leading 
companies to restructure, access international financing opportunities and 
explore foreign markets. Capitalising on this, Artel Electronics has been 
successfully revising its existing processes to follow international best 
practice in financial reporting and ESG. This includes the introduction of a 
professional supervisory board and the audit of the company's consolidated IFRS 
accounts for the last three years by Deloitte.

Bektemir Murodov, CFO, Artel Electronics LLC, stated:

"We are delighted to have received our first rating from Fitch today. This 
moment follows months of hard work by the team at Artel as we work to align 
ourselves with the best global standards of corporate governance. 

"The rating will help us deepen our cooperation with our partners, access new 
forms of financing, and is the natural next step towards entering international 
capital markets."

Artel was founded in 2011 with limited product lines. Since then, the company 
has grown to produce a wide range of household appliances and electronics, with 
over 10,000 employees operating in all regions of Uzbekistan. Artel currently 
exports its products to over 20 countries throughout the CIS and the Middle 
East, and the company is also the regional partner of Samsung and Viessmann. 

For further information, please visit: www.artelgroup.org.

Logo - https://mma.prnewswire.com/media/1571830/Artel_Logo.jpg

Source: Artel Electronics