S&P rates Thomson Reuters notes A-

Standard & Poor's said it assigned an A- debt rating to Thomson Reuters Corp.'s $500 million 5.85% senior unsecured notes due 2040.

The outlook remains negative.

Proceeds from the notes and cash will be used to redeem $700 million of notes maturing in 2012.

The agency said the A- corporate credit rating on Thomson Reuters reflects the company's strong business risk profile, expanded product portfolio following the 2008 acquisition of Reuters Group plc, substantial free cash flow generation and geographic diversity.

In S&P's opinion, these factors are partially offset by Thomson Reuters' credit protection measures, which are weak for the ratings; the sizable annual dividend, which reduces the company's free cash flow; and integration risk related to the acquisition.

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