05 Nov 2007

Moody's downgrades Norske Skog

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.
Oxen°en, November 5, 2007
Investor Relations

Moody's Downgrade 02_11