The European Commission is empowered to issue bonds on behalf of Euratom to finance back-to-back loans to investment projects related to nuclear power generation and the nuclear fuel cycle in EU countries. Euratom can also finance investment projects related to nuclear safety improvements or the decommissioning of nuclear installations in certain EU neighbourhood countries. The total amount of lending for these activities is limited to €4 billion, of which €3.67 billion has already been allocated.
About Euratom
Euratom is a community established under the Euratom Treaty establishing the European Atomic Energy Community. Parties to the Euratom are the EU Member States.
The EU and Euratom share a common institutional framework, a common budget and common financial provisions.Liabilities of Euratom are covered by the EU budget and Euratom. Loans to third countries are in addition covered by the Guarantee Fund for External Actions.
Credit rating
As a separate legal entity, Euratom has its own credit ratings. These are identical to those of the European Union.
| Agency | Rating | Rating agency comments |
|---|---|---|
| FitchRatings | AAA / Outlook stable | Euratom's rating is closely linked to the EU's. |
| Moody's | Aaa / Outlook stable |
Euratom's key credit characteristics are identical to those of the EU |
| Standard&Poors | AA+ / Outlook stable | We continue to think the EU will remain strongly committed to EURATOM, which we consider a core subsidiary. |
| SCOPE | AAA / Outlook stable |
Bond issues on behalf of Euratom are backed by the EU budget. |
Bonds issued by Euratom enjoy a 0 % risk weighting according to Article 118 of Regulation (EU) No 575/2013.
Outstanding Debt
As of 30 November 2023, Euratom has €313.1 million of loans outstanding stemming from projects in Romania (€13.1 million) and Ukraine (€300 million).
Current activities
Euratom has, between 2017 and 2021, provided a €300 million loan to Energoatom dedicated to financing safety improvements at four nuclear power plants in Ukraine.
The loan tranches have a maturity of 10 years and are due between 2027 and 2031.
The European Bank for Reconstruction and Development (EBRD) has contributed an additional €300 million to the project and Energoatom is financing over €800 million itself.
Following the final Euratom loan disbursement for this project in December 2021, there are currently no ongoing Euratom loan operations.
Legal basis
94/179/Euratom: Council Decision of 21 March 1994 amending Decision 77/270/Euratom