Standard & Poor's Rating Services has revised its long-term credit rating on Norske Skog to BB-, from earlier BB. Norske Skog is placed on CreditWatch, with a final decision to be taken later in 2008. According to Standard & Poor's press release, the rating action reflects weaker financial prospects and increasing liquidity concerns.

Norske Skog does not have interest or covenants linked to the rating level on the existing debt.

 

The press release from Standard and Poors is enclosed.

 

Oxenøen, 21 April, 2008

 

NORSKE SKOG

 

Investor Relations