Fitch Rates Thomson Reuters Proposed Notes 'A-'; Outlook Stable

CHICAGO & NEW YORK--(Business Wire)--
Fitch Ratings has assigned an 'A-' rating to Thomson Reuters
Corp.'s (TRI) proposed Canadian Dollar senior unsecured notes.
Proceeds are expected to be used to reduce borrowings under the
company's bank facilities. The proposed debt is expected to be pari
passu with other senior unsecured indebtedness of the company. The
Rating Outlook is Stable. Fitch rates TRI as follows:

Thomson Reuters Corp. (TRI)

--Issuer Default Rating (IDR) 'A-';

--Bank credit facility 'A-';

--Senior unsecured notes 'A-';

--Commercial paper 'F2';

--Short-term IDR 'F2'.

Reuters Group Limited (Formerly Reuters Group PLC)

--IDR 'A-';

--Senior unsecured 'A-'.

Reuters Finance PLC

--IDR 'A-';

--Senior unsecured 'A-'.

The ratings reflect the company's meaningful cash flow generating
ability, its sound balance sheet and its consistent and conservative
financial policies. Fitch expects the company will target 2 times (x)
unadjusted net leverage over the longer term. The ratings also reflect
TRI's growth prospects, as well as the product-line and geographic
diversity of its cash flow stream. Fitch recognizes there are
meaningful barriers to entry in TRI's core businesses and that there
are a limited number of well-capitalized, rational competitors that
compete predominantly on product differentiation, quality and delivery
(rather than on price). Unlike music, newspapers, directories and
other advertising-based consumer media subsectors, TRI has already
made the transition to electronic delivery and faces very little
threat of substitution by digital transplants. Rating concerns center
on the cyclicality of the Markets division, integration risks, and
acquisition risk. As with other highly rated companies, the potential
threat of financial policy revisions is always a concern, although
Fitch believes these issues are mitigated to an extent.

Please see Fitch's full report: 'Thomson Reuters Corp. - Merger
Complete; Scale and Stability Mitigate Risks' which is available on
the Fitch Ratings web site www.fitchratings.com.

Fitch's rating definitions and the terms of use of such ratings
are available on the agency's public site, www.fitchratings.com.
Published ratings, criteria and methodologies are available from this
site, at all times. Fitch's code of conduct, confidentiality,
conflicts of interest, affiliate firewall, compliance and other
relevant policies and procedures are also available from the 'Code of
Conduct' section of this site.

Fitch Ratings
Mike Simonton, CFA, +1-312-368-3138 (Chicago)
Rolando Larrondo, +1-212-908-9189 (New York)
Jamie Rizzo, CFA, +1-212-908-0548 (New York)
Brian Bertsch, +1-212-908-0549
(Media Relations, New York)

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