The rating company Moody's Investor Services has downgraded the Corporate Family Rating of Norske Skog to B1, from earlier Ba2. The Negative Outlook is maintained. According to Moody's press release, the rating action reflects that Norske Skog's profitability remains under pressure from several sources.

 

None of Norske Skog's existing loan agreements have terms and conditions linked to the rating level.

 

The press release from Moody's is enclosed.

 

Oxenøen, 02 April, 2008

 

NORSKE SKOG

Investor Relations