STANDARD & POOR´S DOWNGRADED M-REAL´S CREDIT RATING

M-real Corporation Stock Exchange Bulletin 8.2.2006 at 2.20 p.m.


STANDARD & POOR´S DOWNGRADED M-REAL´S CREDIT RATING

Standard & Poor’s Ratings Services has today downgraded M-real
Corporation´s BB rating to BB-. At the same time, the outlook of the
rating was changed from stable to negative.

Downgrade has no material impact on the  costs of the current
financing instruments.

M-REAL CORPORATION


Corporate Communications


For additional information contact Juhani Pöhö, Executive Vice
President and CFO tel +358 10 469 5283


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