Moody's rates Thomson notes Baa1

Moody's Investors Service said it assigned a Baa1 rating to the Thomson Corp.'s $800 million 5.7% senior unsecured and unguaranteed notes due Oct. 1, 2014.

The outlook is stable.

The agency expects that Thomson will use the proceeds to fund recent and near-term debt maturities and for general corporate purposes.

The covenant package for the notes is the same as Thomson's existing senior unsecured notes except that holders of the new notes have a right to put the bonds at 101 should a change of control and a downgrade below investment grade occur as a result of the change of control, Moody's noted.

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