Rawabi Holding Company – Suspension of National Scale Issuer and Issue Ratings

29 July 2026

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has suspended the Long-Term and Short-Term issuer ratings on the Saudi Arabia National Scale of Rawabi Holding Company CJSC (RHC). Concurrently, CI Ratings has also suspended the ratings on five Sukuk series issued by RHC.

CI has decided to suspend all issuer and issue ratings as it no longer has sufficient up-to-date financial and other information, to be able to monitor the timeliness of sukuk payments and maintain a reliable forward-looking assessment of RHC’s fundamental creditworthiness.

Entering 2026, the RHC Group already had a high level of debt, a rising ratio of net debt to EBITDA, and high cash outflows from finance charges and fleet CAPEX, putting pressure on both interest coverage ratios and on overall debt service capacity. The US-Iran conflict and closure of the Strait of Hormuz will have aggravated these risk factors, and adversely impacted RHC in general, in particular…