Standard & Poor's Rating Services has revised its long-term credit rating on Norske Skog to BB, from earlier BB+. The Negative Outlook is maintained. According to Standard & Poor's press release, the rating action reflects challenging market conditions, and that Norske Skog is underperforming to S & P's financial requirements for the previous rating level.

 

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, 28 January, 2008

 

NORSKE SKOG

 

Investor Relations