14 Nov 2006

Standard & Poor's Downgrades Norske Skog

Standard & Poor's Rating Services has revised Norske Skog's corporate credit and senior unsecured debt ratings to BB+, Stable Outlook, from BBB-, Negative Outlook. Norske Skog's rating is removed from CreditWatch, where it was placed on 20. October 2006. According to Standard & Poor's press release, the rating action is a consequence of Norske Skog failing to meet the financial requirements for the previous rating level.
The rating action does not have any impact on interest rates for Norske Skog's existing long-term debt or credit facilities.
Oxen°en, November 14, 2006
Investor Relations