DBRS Morningstar Confirms Thomson Reuters Corporation at BBB (high), Stable

DBRS Limited (DBRS Morningstar) confirmed Thomson Reuters Corporation's (Thomson Reuters or the Company) Issuer Rating, Unsecured Medium-Term Notes credit rating, and Unsecured Debentures credit rating at BBB (high). DBRS Morningstar also confirmed the Company’s Commercial Paper credit rating at R-2 (high) and its Preferred Shares credit rating at Pfd-3 (high). All trends remain Stable.

On October 30, 2023, DBRS Morningstar published an announcement regarding the Fundamentals Methodology Integration Project. In connection with the project, the methodology used to assess the aforementioned credit ratings for Thomson Reuters was transitioned to the “Global Methodology for Rating Companies in the Services Industry” from the “Global Methodology for Rating Companies in the Publishing Industry.” DBRS Morningstar notes that the methodology transition, as outlined above, has no impact on the credit ratings of Thomson Reuters.

For more information related to the Fundamentals Methodological Integration Project, please refer to the following press release: https://www.dbrsmorningstar.com/research/422623/dbrs-morningstar-announces-fundamentals-methodological-integration-project.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance factor(s) that had a significant or relevant effect on the credit analysis.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at (July 4, 2023) https://www.dbrsmorningstar.com/research/416784.

Notes:
DBRS Morningstar applied the following principal methodology:
-- Global Methodology for Rating Companies in the Services Industry (February 14, 2023) https://www.dbrsmorningstar.com/research/409773/global-methodology-for-rating-companies-in-the-services-industry

The following methodologies have also been applied:
-- DBRS Morningstar Global Criteria: Commercial Paper Liquidity Support for Nonbank Issuers (February 24, 2023) https://www.dbrsmorningstar.com/research/410196/dbrs-morningstar-global-criteria-commercial-paper-liquidity-support-for-nonbank-issuers
-- DBRS Morningstar Global Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (October 19, 2023) https://www.dbrsmorningstar.com/research/422134/dbrs-morningstar-global-criteria-preferred-share-and-hybrid-security-criteria-for-corporate-issuers

The credit rating methodologies used in the analysis of this transaction can be found at: https://www.dbrsmorningstar.com/about/methodologies.

A description of how DBRS Morningstar analyzes corporate finance transactions and how the methodologies are collectively applied can be found at: https://www.dbrsmorningstar.com/research/397223.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at [email protected].

The credit rating was initiated at the request of the rated entity.

The rated entity or its related entities did participate in the credit rating process for this credit rating action.

DBRS Morningstar had access to the accounts, management, and other relevant internal documents of the rated entity or its related entities in connection with this credit rating action.

This is a solicited credit rating.

The conditions that lead to the assignment of a Negative or Positive trend are generally resolved within a 12-month period. DBRS Morningstar trends and credit ratings are under regular surveillance.

Information regarding DBRS Morningstar credit ratings, including definitions, policies, and methodologies, is available on www.dbrsmorningstar.com or contact us at [email protected].

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