Frankfurt am Main, April 19, 2016 -- Moody's Investors Service, ("Moody's") has today affirmed Norske Skogindustrier ASA's (Norske Skog) Corporate Family Rating (CFR) at Caa3 and changed the Probability of Default Rating (PDR) to Caa3-PD/ LD (Limited Default) from Ca-PD. The action follows the completion of the debt exchange offer after the successful vote of the note holders (76% successful participation level), which now allows to repurchase the remainder of the 2017 notes, as announced on 11 April 2016. This qualifies a distressed exchange under Moody's definition. The outlook on all ratings is negative.

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