Rawabi Holding Company – National Scale Issuer and Issue Ratings Affirmed

18 December 2025

Capital Intelligence Ratings (CI Ratings or CI) has today announced that it has affirmed the Long-Term and Short-Term issuer ratings on the Saudi Arabia National Scale of Rawabi Holding Company CJSC (RHC) at ‘saA’ and ‘saA1’, respectively. The Outlook on the Long-Term issuer rating has been affirmed as Stable.

At the same time, CI Ratings has also affirmed the issue ratings assigned to the five Sukuk issued by RHC at ‘saA’. The Outlook on all Sukuk ratings is Stable.

The main factors that support the affirmation of the ratings are the strong oilfield services franchise, growing civil and marine contracting revenues, and growing revenues from the OSV operation in particular. These in turn helped to produce rising profits in recent years, especially at the operating level, although post-2023 performance metrics have slipped somewhat. Despite a continuing good rise in gross profit in 2024, operating profit growth reversed, with a fall of 6.5%;…