Rawabi Holding Company – Issuer Rating of ‘saA-‘ on the KSA National Scale Assigned

Ref: SA034 20CRA0 0 -01 2 December 2021

R awabi Holding Company – Issuer Rating of ‘saA -’ on the KSA National Scale Assigned

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has assigned first-time Long and Short-Term R ating s on the Saudi Arabia National Scale of ‘saA-’ and ‘saA2’, respectively, to Rawabi Holdi ng Company (RHC) .

RHC is the holding company of a diversified industrial and contracting group which is organised into three broad businesses: (1) marine; (2) oilfield services; and (3) contracting, manufacturing and industrial. Much (but not all) of the latter business is related to servicing and supplying companies operating in the oil and gas sector. Governance standards are high and ESG programmes are in place.

CI Ratings views the group as a single credit due to the high level of operational and financial integration among the businesses ; we therefore base our financial analysis on…