ADM Jizzakh LLC is a multi-brand automotive manufacturer based in Uzbekistan, with production capacity of up to 125,000 vehicles and domestic market share of 10.5%. The company plans to expand its model range and increase capacity to 150,000 vehicles with debt-funded investments, and we forecast heavily negative free operating cash flow (FOCF) in 2026 and funds from operations (FFO) to debt of about 20%-25% We assigned our 'B' long-term issuer credit rating to ADM Jizzakh. The stable outlook reflects our expectation that ADM Jizzakh's S&P Global Ratings-adjusted FFO to debt will remain above 20% and its EBITDA margin will stay above 13%, while the company will generate materially negative FOCF during the heavy investment phase. With modern facilities capable of
