Standard & Poor s downgrades M-real s credit rating



M-real Corporation Stock Exchange Release 22.10.2007

Standard & Poor's has today downgraded M-real Corporation's B rating
to B-. The outlook of the rating was changed from negative to stable.

Downgrade has an annual impact of approximately EUR 2 million on
M-real's current financing costs.

M-REAL CORPORATION

Further information:
Seppo Parvi, CFO, tel +358 10 469 4321