Rawabi Holding Company’s Series 4, 5 and 6 Sukuk Assigned National Ratings of ‘saA-‘; Outlook is Positive

Overview

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has assigned a first time 'saA-' Issue Rating on the Saudi Arabia National Scale to the Series 4 (SAR184mn), Series 5 (SAR176mn) and Series 6 (SAR100mn) Senior Unsecured Sukuk issued by Rawabi Holding Company CJSC (RHC). The Outlook on the ratings is Positive which mirrors the Outlook of the Issuer rating of RHC. The change in the outlook of the issuer in December 2022 to Positive from Stable was driven by increased capital and improved operating and net profitability in both 2021 and most importantly 2022, coupled with the expectation that these developments would continue over the forecast horizon. RHC has also been able to further broaden its revenue sources as a result of higher dividend income and new contracts in non-oil & gas contracting.

Attachments

• Rating Announcement (CRA)
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