Global Sourcing Spotlight: Tariffs—The New Reality
Knocking Down the Bone Pile: Gold Mitigation for Class 2 Electronics
Punching Out: Your Financial Preparation for a Sale
Artel First Private Uzbek Manufacturing Company to Obtain Credit Rating
July 14, 2021 | Globe NewswireEstimated reading time: 1 minute
Artel Electronics LLC, 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.
Share on:
Suggested Items
4FRONT Solutions Invests in Seica’s PILOT V8 NEXT Flying Probe Tester to Enhance Test Capabilities at DeLand, FL Facility
05/16/2025 | Seica, Inc.Seica, Inc. is pleased to announce that 4FRONT Solutions has purchased and installed a PILOT V8 NEXT Flying Probe Tester at its electronics manufacturing facility in DeLand, Florida.
Flexible PCB Market to Reach $61.75B by 2032, Driven by the Demand for Compact Electronics, Automotive and Medical Applications
05/16/2025 | Globe NewswireAccording to the SNS Insider, “The Flexible PCB Market was valued at USD 21.42 billion in 2023 and is expected to reach $61.75 billion by 2032, growing at a CAGR of 12.52% over the forecast period 2024-2032.”
DuPont Unveils Brand Identity for Qnity, Future Electronics Spin-Off
05/15/2025 | PRNewswireDuPont unveiled the branding of Qnity, the planned independent Electronics public company that will be created through the intended spin-off of its Electronics business*.
K & F Electronics Invests in Workforce Training with IPC-A-610
05/15/2025 | K & F ElectronicsIn a strategic move to prioritize employee development and uphold quality standards, K & F Electronics, a third-generation, family-owned printed circuit board (PCB) manufacturer based in Fraser, Michigan, used a recent period of reduced production to certify its employees in IPC-A-610, the industry standard for the acceptability of electronic assemblies.
Canadian Circuits Inc. Unveils Rapid Prototype PCB Assembly Service to Accelerate Innovation
05/14/2025 | Canadian Circuits, Inc.Canadian Circuits Inc. (CCI), a leading provider of high-quality, made-in-Canada, Printed Circuit Board (PCB) solutions, is proud to announce the launch of its Prototype PCB Assembly (PCBA) service. This new offering enhances CCI’s commitment to empowering engineers and OEMs by accelerating the journey from concept to product launch with precision and efficiency in electronics manufacturing.