Frankfurt am Main, November 18, 2015 -- Moody's Investors Service, ("Moody's") has today downgraded Norske Skogindustrier ASA's (Norske Skog) Corporate Family Rating ("CFR") to Caa3 from Caa2 and its Probability of Default Rating (PDR) to Ca-PD from Caa2-PD. Concurrently, Moody's assigned a provisional (P)Ca (LGD5) rating to the proposed unsecured exchange notes due 2019 and 2026 and a provisional (P)C (LGD6) to the subordinated Perpetual Notes issued by Norske Skog. Further, Moody's downgraded the rating of the EUR290 million senior secured notes due Dec-2019 issued by Norske Skog AS to Caa1 (LGD2) from B3 (LGD2). In addition, Moody's downgraded the ratings assigned to the legacy senior unsecured notes due 2016, 2017 (to be exchanged) and 2033 issued by Norske Skog to Ca (LGD5) from Caa3 (LGD5) as well as the rating of the senior unsecured notes due 2021 and 2023 issued by Norske Skog Holdings AS to Caa3 (LGD3) from Caa2 (LGD3). The outlook is negative.

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