Mar 01, 2006. /Lesprom Network/. Moody's Investors Service has downgraded on Tuesday, February 28 M-real Corporation's Ba2 rating to Ba3. The outlook of the rating remains negative. Downgrade has no impact on M-real's current financing costs. M-real is one of Europe’s leading suppliers of paperboard and related services, coated and uncoated fine paper and coated magazine paper. Its main market is Europe, but products are sold worldwide.