Rawabi Holding Company – National Scale Issuer and Issue Ratings Affirmed

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

CI Ratings has also affirmed the ratings assigned to the one Sukuk issue by RHC Sukuk 1 Ltd. and the seven Sukuk issues of RHC by ‘saA’. The Outlook for all Sukuk issues remains Stable

The main factors that support the affirmation of the ratings are the strong oilfield services franchise, growing civil and marine contracting revenues, and rapidly growing revenues from the OSV operation and from contracting. These have in turn helped to produce rising profits, especially at the operating level. Achieving this rapid revenue growth has required a high level of CAPEX, particularly for additional OSV capacity – and this increased capacity spending has been largely…