Rawabi Holding Company – National Scale Issuer and Issue Ratings Upgraded

Ref: SA034 2 2 CRA00-01 21 December 202 3

R awabi Holding Company – National Scale Issuer and Issue Rating s Upgraded

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has raised the Long- and Short-Term Saudi Arabia National Scale issuer ratings of Rawabi Holding Company CJSC (RHC ) to ‘saA’ and ‘saA1’, respectively, from saA-’ and ‘saA2’ .  At the same time, t he Outlook on the Long-Term issuer rating has been revised to Stable (from Positive).

CI Ratings has also raised the ratings assigned to the three Sukuk issue s of RHC Sukuk 1 Ltd. and the five Sukuk issue s of RHC . by one notch to ‘saA’ . Concurrently, the Outlook for these issues has been revised to Stable , from Positive (see table below for details).

The upward revision of the Company’s issuer and issue ratings reflects the significant improvements in financial metrics that have taken place since end-2021. Revenue and…