The total amount of lending for these activities is limited to EUR 4 billion, of which EUR 3.67 billion has already been allocated. Loans to neighbouring countries are guaranteed by their governments.


Euratom is a community constituted under the Euratom Treaty establishing the European Atomic Energy Community. Parties to the Euratom are the European Union 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 general budget of the EU and Euratom.

Loans to third countries are in addition covered by the Guarantee Fund for external actions.


The Commission finances Euratom loans by issuing bonds on behalf of Euratom. The terms of the loan mirror those of the related Euratom bond with respect to amount, maturity and coupon payments.

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 ratings are based on strong support from the EU and its 28 member states. Its debt is guaranteed by the EU budget.

Moody's Aaa / Outlook stable

Euratom's key credit characteristics are identical to those of the EU. It is supported by the budgetary resources of the EU and the right of the European Commission to call for additional resources from member states if required.

As a result, the ratings of Euratom tend to move in line with those of the EU.

Standard&Poors AA / Outlook stable

We view the European Atomic Energy Community (EURATOM) as a core entity of the EU, closely integrated through their common budget and debt issuance program.

The stable outlook reflects that on the EU.

SCOPE AAA* / Outlook stable

Bond issues on behalf of Euratom are backed by the EU budget.

* unsolicited

Bonds issued by Euratom enjoy a 0 % risk weighting according to Article 118 of Regulation (EU) No 575/2013

Outstanding Debt

As of 31 May 2019, Euratom has EUR 230 million of loans outstanding stemming from projects in Romania (EUR 107.5 million), Bulgaria (EUR 22.5 million) and Ukraine (EUR 100 million).

Current activities

Euratom is currently financing one ongoing project: a EUR 300 million loan to Energoatom dedicated to financing safety improvements at four nuclear power plants in Ukraine.

The first disbursement for this loan, a tranche of EUR 50 million, was made in May 2017 and a second tranche of EUR 50 million was disbursed in July 2018.

The remaining EUR 200 million are expected to be funded and distributed over the course of 2019 and 2020, depending on the progress of the project.

The European Bank for Reconstruction and Development (EBRD) is contributing an additional EUR 300 million to the project and Energoatom is financing EUR 800 million itself.

Euratom Treaty

77/270/Euratom: Council Decision of 29 March 1977 empowering the Commission to issue Euratom loans for the purpose of contributing to the financing of nuclear power stations

94/179/Euratom: Council Decision of 21 March 1994 amending Decision 77/270/Euratom

Council Regulation (EC, Euratom) No 480/2009 of 25 May 2009 establishing a Guarantee Fund for external actions