STANDARD & POOR?S DOWNGRADES RATINGS OF

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M-real Corporation Stock Exchange Bulletin 17.12.2003 at 18.00

STANDARD & POOR’S DOWNGRADES RATINGS OF M-REAL

Standard & Poor’s Ratings Services has today lowered the long-term
ratings of M-real Corporation to BB+ from BBB- and its subsidiary’s
Metsä Group Financial Services Oy short-term ratings to B from A-3.
The ratings outlook is stable.

Downgrade has no impact on the financing costs.

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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