Moody's upgraded Norske Skog
Moody's has today upgraded Norske Skogindustrier ASA's corporate family rating to Caa2 from Caa3, and the probability of default rating (PDR) to Caa2-PD from Caa3-PD. The outlook on all ratings is stable.
According to Moody's press release, the rating action reflects improved gross operating earnings, higher capacity utilization rates, and successful debt exchange and bond redemption earlier this year.
Norske Skog does not have interest or covenants linked to the rating level on the existing debt.
The press release from Moody's is enclosed.
Oslo, 27 July 2016
Communications and Public Affairs
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