Rawabi Holding Company – Rating on KSA National Scale Assigned to SAR193.4mn Series 13 Sukuk Issue
Content is restricted
Summary
8 August 2024
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 SAR193.4mn Series 13 Sukuk issuance by Rawabi Holding Company C.J.S.C. (RHC). The Outlook on the rating is Stable. The maturity date for Series 13 is July 28th 2027, with a profit rate of 8.60%.
The rating on the Sukuk is driven by CI Ratings’ assessment of the fundamental credit strength and general repayment capacity of RHC and is in line with RHC’s long-term national scale issuer rating (‘saA’/Stable). The transactions do not contain any structural credit enhancements or result in a degree of effective subordination that would warrant a different rating outcome from that indicated by CI’s assessment of RHC’s general creditworthiness.
RHC acts as both Issuer and Mudareb under a Master Murabaha Agreement. RHC also acts as Purchaser under a Master Purchase Agreement. The issuer’s…