The Government has initiated the implementation of the approved railway reform, and as part of the reform, Norske tog was founded on June 16th, as a wholly owned subsidiary of NSB AS.

Net cash flow from operating activities
Net cash flow from investment activities
Net cash flow from financial activities
Net change in cash and bank deposits

Norske tog AS shall acquire, manage and let passenger rolling stock, but intends to have sufficient timely rolling stock to appropriate cost with high quality. The company should have expertise within the area procurement and management of passenger rolling stock. The company should ensure low barriers to entry and competition on equal terms for the operation of the Norwegian railway.

Rolling stock owned by NSB AS was spun off and transferred to Norske tog through acquisition as of 14th October 2016 and leased back to NSB on the same day.

Bonds and related basis swaps were transferred from NSB AS to Norske tog AS as at the 9th December 2016.

Norske tog AS shall with effect from the 1st January demerge from NSB AS and ownership is to be transferred to the Ministry of Transport and Comunications

Credit ratings and analysis

Standard & Poor's
Materiellselskapet AS Indicative rating
Long-term rating A+
Short-term rating A-1
Outlook Stable

Debt financing

The outstanding Bonds and related derivatives have been transferred from NSB AS to Norske tog AS. The finance function of the company will be the issuer of bonds and commercial papers.

Norske tog AS has an undrawn 5 year committed credit facility of 2 000 MNOK maturing in October 2021.

Norske tog aims to cover 120 percent of the next 12 months liquidity through cash and committed credit facilities.


Linda Marie Venbakken
Linda Marie Venbakken