DBRS Rates Thomson Reuters Corporation’s $500 Million Debt Issuance at A (low), Stable Trend

DBRS has today assigned a rating of A (low) to the $500 million 4.70% senior unsecured notes due 2019 (the Notes) issued by Thomson Reuters Corporation (Thomson Reuters or the Company). The trend is Stable.

As a result of the unification of the dual-listed company (DLC) structure, completed on September 10, 2009, Thomson Reuters PLC is now a wholly owned subsidiary of Thomson Reuters Corporation. Furthermore, an internal reorganization is underway to amalgamate both entities. Upon completion, Thomson Reuters Corporation will possess all of the rights and be subject to all of the liabilities of the two amalgamated companies, including the liabilities that are subject to cross-guarantees. Until the reorganization has been completed, the issued notes will be structurally subordinated to all other unsecured and unsubordinated obligations of Thomson Reuters Corporation, which currently are guaranteed by the subsidiary – Thomson Reuters PLC. If the reorganization has not been completed prior to September 30, 2010, Thomson Reuters PLC will fully and unconditionally guarantee on an unsecured and unsubordinated basis Thomson Reuters Corporation’s obligations under the notes and under the Trust Indenture as it relates to the Notes.

Thomson Reuters will use the proceeds from the Notes to redeem a total of $600 million of debt securities due in 2010 and 2011.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodology is Rating Telecommunications, which can be found on our website under Methodologies.

This is a Corporate rating.