Investor relations kopi

Norske tog wants an open and predictable communication with the financial markets. Here you will find the financial reports, presentations, rating opinions from Standard & Poor's and other key information.




Credit ratings and analysis


Standard & Poor’s



Long-term rating


Short-term rating



CreditWatch Negative


Rating Opinion 25 Oktober 2016

NSB has decided to terminate its current rating relationship with Moody’s Investors Service, and asked Moody’s to withdraw the current ratings on NSB and associated debt. If Moody's Investors Service continues to rate NSB’s existing outstanding bonds, these ratings will be based on publicly available information only.

Debt Financing

Finance Strategy

A Group Treasury function is established in the parent company NSB AS, and NSB AS is the issuer of bonds and commercial papers for the Group.  Long-term bonds are issuedunder the established EMTN programme.

NSB AS has a 5 year unused committed credit facility of NOK 2 000 million, which matures 20.04.2019.

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

Outstanding bonds under the EMTN programme (NSB AS)

Listing ISIN Amount Maturity
SIX Swiss Exchange CH0118882353 CHF 325 millions 15.11.2017

Loan documentation

Short-term loans (commercial papers) are not listed. Bonds issued by NSB are based on the EMTN documentation.

Norsk Tillitsmann/Nordic Trustee

Short term loans (commercial papers) for NSB AS are based on a common loan documentation managed by Norsk Tillitsmann/Nordic Trustee.  Download documentation

EMTN Programme

NSB's Euro Medium Term Note Programme is registered on the Luxembourg Stock Exchange. The programme will form the basis for NSB's future debt issuance, in both the international and Norwegian markets. See the file here.