Frankfurt am Main, July 22, 2013 -- Moody's Investors Service has today downgraded the Corporate Family Rating of Norske Skogindustrier ASA (Norske Skog) to Caa2, the Probability of Default rating to Caa2-PD and the rating of the company's Senior Unsecured Notes to Caa3 (LGD 4, 64%). The outlook on all ratings is negative.

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