Moody's Investor Service has downgraded Norske Skog's senior unsecured debt ratings to Ba2 from Ba1. According to the Moody's press release, the decision is primarily driven by a continued subdued pricing and volume environment for newsprint and magazine paper grades and by ongoing cost inflation.

Moody's own release is enclosed.

 

Oxenøen, November 5, 2007

 

NORSKE SKOG

 

Investor Relations