M-real - Corporate Action

Standard & Poor's downgrades M-real's credit rating

M-real Corporation Stock Exchange Bulletin 21.3.2007
Standard & Poor's has today downgraded M-real Corporation's B+ rating
to B. The outlook of the rating remains negative.
Downgrade has an annual impact of approximately EUR 2.3 million on
M-real's current financing costs.
Further information
Seppo Parvi, CFO, tel. +358 10 469 4321
M-REAL CORPORATION