Investor relations


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.

  1. Annual report 2016 Materiellselskapet AS

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.

Press releases  

  1. Norges Statsbaner AS announces demerger, including separation of Materiellselskapet AS (SIX) – 15.02.2017
  2. Norges Statsbaner AS announces demerger, including separation of Materiellselskapet AS (LUX) – 15.02.2017


Credit ratings and analysis


Standard & Poor's

Materiellselskapet AS

LT Issuer Credit Rating

Long-term rating


Short-term rating




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.

Outstanding   borrowings under the ENTM programme

Børs ISIN Beløp Forfall
Luxembourg Stock Exchange NO0010703440 600 MNOK 12.02.2019
Luxembourg Stock Exchange NO0010674914 300 MNOK 17.04.2019
Luxembourg Stock Exchange NO0010674922 400 MNOK 17.04.2019
Luxembourg Stock Exchange NO0010703457 300 MNOK 12.02.2021
Luxembourg Stock Exchange NO0010635360 350 MNOK 24.01.2022
Luxembourg Stock Exchange NO0010703556 500 MNOK 18.02.2026
Luxembourg Stock Exchange NO0010635428 1 150 MNOK 20.01.2027
SIX Swiss Exchange CH0123575091 250 MCHF 14.02.2020
SIX Swiss Exchange CH0210891989 125 MCHF 02.05.2023