MOODY´S DOWNGRADES RATINGS OF M-REAL



M-real Corporation Stock Exchange Bulletin 30.10.2003 at 19.30

MOODY´S DOWNGRADES RATINGS OF M-REAL

Moody´S  Investor Service has today downgraded to Ba1/Not-Prime from
Baa3/Prime-3 the ratings for senior unsecured debt issues by M-Real
Corporation and its guaranteed subsidiary Metsä Group Financial
Services Oy. The rating action concludes the rating review initiated
on 26 August 2003. The ratings outlook remains negative.

“Although ratings downgrade will increase annual financing costs
about 10 million euros, it does not have immediate impact on the
financial position of M-real Corporationö, says CFO Heikki Saarinen.


M-REAL CORPORATION


CORPORATE COMMUNICATIONS


For additional information, contact: Chief Financial Officer Heikki
Saarinen +358 50 598 7142 or managing director Aapo Nikunen, Metsä
Finance +358 500 848 116




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