Most railway masonry arch bridges were designed according to codes that predate the 1950s; therefore, assessing their load-carrying capacity to comply with current codes is of the utmost importance. Nonetheless, acquiring the necessary information to conduct in-depth analyses is expensive and time consuming. In this article, we propose an expeditious procedure to conservatively assess the Load Rating Factor of masonry arch railway bridges based on a minimal set of information: the span, rise-to-span ratio, and design code. This method consists in applying the Static Theorem to determine the most conservative arch geometry compatible with the original design code; assuming this conservative geometrical configuration, the load rating factor, with respect to a different design load, is estimated. Using this algorithm, a parametric analysis was carried out to evaluate the Load Rating Factor of old arch bridges in respect of the modern freight load of the Trans-European Conventional Rail System, for different spans, rise-to-span ratios, and original design codes. The results are reported in easy-to-use charts, and summarized in simple, practical rules, which can help railway operators to rank their bridges based on capacity deficit.