Nordic Business Report-April 21, 2006-Moody's downgrades Norske Skog's debt ratings
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Norwegian paper manufacturer Norske Skog said on Friday (21 April) that the international rating agency Moody's Investor Service had downgraded the company's senior unsecured debt ratings to Ba1 from Baa3.
The outlook was changed to stable from the earlier negative.
Moody's had said that the decision was based on Norske Skog's weak financial performance, a pricing outlook through to 2007 that is insufficient to improve financial metrics to adequate levels, and the cost push due to increasing energy prices.
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