Feb 13, 2009. /Lesprom Network/. Moody's Investors Service has downgraded M-real Corporation's B3 rating to Caa1. The outlook of the rating remains negative, the company said in a press release received by Lesprom Network. The downgrade has an annual impact of approximately two million Euros on M-real's current annual financing costs. M-real is one of Europe´s leading producers of paperboard and paper.