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Provider: Reuters Investment Profile

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Standard & Poor's Ratings Services Revises Outlook for Norske Skogindustrier ASA's Ratings

Monday, 6 May 2013 11:02am EDT 

Standard & Poor's Ratings Services announced that it has decided to revise outlook on Norske Skog ASA to negative from stable and affirm the CCC+/C long- and short-term corporate credit ratings, CCC+ issue ratings, and recovery rating of 4. The outlook revision reflects Standard & Poor's view of Norske Skog's deteriorating liquidity on the back of poor operational performance and a working capital outflow during the first quarter of 2013. Norske Skog's cash balance fell during the first quarter, as a result of free operating cash flow (FOCF) of negative Norwegian krona (NOK)240 million (about EUR32 million). 

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