Frankfurt am Main, March 29, 2016 -- Moody's Investors Service, ("Moody's") has today affirmed Norske Skogindustrier ASA's (Norske Skog) Corporate Family Rating (CFR) at Caa3 and the Probability of Default Rating (PDR) at Ca-PD. Moody's also affirmed Norske Skog's Ca (LGD5) ratings of the legacy senior unsecured notes due 2016, 2017 and 2033, the Caa2 (LGD2) rating of the EUR290 million senior secured notes due Dec-2019 issued by Norske Skog AS, as well as the Caa3 (LGD3) rating of the senior unsecured notes due 2021 and 2023, issued by Norske Skog Holdings AS. The outlook on all ratings is negative.

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