Jul 07, 2006. /Lesprom Network/. Moody's Investors Service has downgraded M-real Corporation's Ba3 rating to B2. The outlook of the rating remains negative. Downgrade has an annual impact of Euro 2.5 million 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. It’s main market is Europe, but the products are sold worldwide. M-real focuses on four business areas: consumer packaging, publishing, commercial printing and office papers.