Frankfurt am Main, February 26, 2015 -- Moody's Investors Service, ("Moody's") has today affirmed Norske Skogindustrier ASA's ("Norske Skog") long term corporate family rating (CFR) at Caa2 and upgraded the Probability of Default Rating (PDR) to Caa2-PD/ LD (limited default) from Ca-PD. The action follows the completion of the debt exchange offer, as announced on 23 February 2015, which qualifies as distressed exchange under Moody's definition. The outlook is negative.
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