Draft:EUROFIMA

EUROFIMA, the European Company for the Financing of Railroad Rolling Stock, is a supranational organization based in Basel, Switzerland. Established in 1956, it operates with a non-profit maximizing mission to support the development of public service passenger rail transportation in its Contracting States. The organization assists railways and public transport authorities (PTA) in financing the renewal and modernization of railway equipment used for Public Service Obligation (PSO) contracts.

EUROFIMA was established on November 20, 1956, by an international treaty between sovereign States (“Contracting States”). Initially founded for a period of 50 years, its mandate was extended until 2056 following a decision by the General Assembly in 1984.

Despite its name, the non-profit has no affiliation to the European Union, unlike peer entities such as the European Investment Bank.

Shareholders
EUROFIMA’s shareholders include railway operators and infrastructure managers from its Contracting States or the states themselves. The current shareholders comprise 26 organizations from 25 European countries.

The following table provides a breakdown of shareholders and their respective contributions to the registered share capital.

Business Model
Through a membership model, EUROFIMA finances railway equipment through borrowings. The level of support is dependent on the equity provided by the shareholders. It can finance up to 100% of a project via short- or long-term loans.

Impact of Market Liberalization
As a result of the liberalization of European rail markets under successive legislative packages, the rail market structure is changing. This change is giving rise to more complex operating and contracting models, with subnational entities emerging as major rolling stock owners in countries such as the United Kingdom, Germany, and France, with potential expansion to other countries.

In 2018, EUROFIMA's statutes were amended to clarify conditions for public transport authorities and private transport operators to become shareholders or access loans, with an emphasis on public service contracts. These changes allow local or regional government guarantees in lieu of state guarantees.

Ratings
EUROFIMA’s credit ratings :


 * S&P Global Ratings (June 2024): AA (stable)
 * Moody’s (November 2023): Aa2 (stable)
 * Fitch (June 2023): AA (stable)

EUROFIMA’s ESG ratings :


 * Sustainalytics (May 2024): 5.0 (risque négligeable)
 * MSCI ESG (March 2023): AAA (leader)
 * ISS ESG (November 2021): B- (prime)
 * INRATE (September 2022): B+

Notes and references
Category:Rail transport in Europe Category:Companies established in 1956 Category:Railway companies