DBRS Downgrades Catalyst Paper Issuer Rating to D

DBRS has today downgraded the Issuer Rating of Catalyst Paper Corporation (the Company) to D following the Company’s announcement on January 31, 2012, that its board of directors has approved a filing for an Initial Order from the Supreme Court of British Columbia to commence proceedings under the Companies’ Creditors Arrangement Act (CCAA). With this rating action, the Company’s rating has been removed from Under Review with Negative Implications, where it was placed on December 16. 2011.

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The applicable methodologies are Rating Companies in the Forest Products Industry and DBRS Criteria: Rating Leveraged Finance, which can be found on our website under Methodologies.