ADM Jizzakh JSC, a multi-brand automotive manufacturer based in Uzbekistan, has proposed a $150 million senior unsecured notes issuance maturing in 2029 to refinance various bank loans. The company has reduced gasoline-fueled car production amid shifting consumer demands toward EVs due to higher fuel prices, and now plans to accelerate EV production from 2027. We expect weaker credit metrics in 2026 with funds from operations (FFO) to debt of about 15%, but we forecast a recovery to above 20% from 2027, driven by expected business growth. We assigned a'B'issue rating to ADM Jizzakh's proposed senior unsecured notes. We also affirmed our'B'long-term issuer credit rating on the company. The stable outlook reflects our expectation that ADM Jizzakh
