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M-REAL´S RATING ON REVIEW BY MOODY´S FO

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M-real Corporation Stock Exchange Bulletin 26.7.2004 at 7.15 p.m.

M-REAL´S RATING ON REVIEW BY MOODY´S  FOR POSSIBLE DOWNGRADE

Moody´s Investors Services has today placed M-real Corporation´s
credit rating on review for possible downgrade.

M-real´s current rating from Moody´s is Ba1, negative outlook.

M-REAL CORPORATION


Corporate communications


For additional information, contact M-real´s Chief Financial Officer
Juhani Pöhö +358 50 598 7607 or Managing Director Aapo Nikunen, Metsä
Finance +358 500 848 116

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