Sep 01, 2010. /Lesprom Network/. Moody's Investors Service has upgraded M-real Corporation's Caa1 rating to B3. The rating outlook was changed to positive, company said in a statement received by Lesprom Network. Upgrade has a positive impact of approximately Euro 1 million on M-real's annual financing costs. M-real is Europe’s leading primary fibre paperboard producer and a major paper supplier.