Fitch rates Thomson Reuters notes BBB+

Fitch Ratings said it assigned a BBB+ rating to Thomson Reuters Corp.’s proposed issuance of $500 million of senior unsecured notes due 2026.

The proceeds will be used to repay $500 million of existing 0.875% senior unsecured notes due in May 2016.

The ratings reflect the company’s ability to generate cash flow, geographic and product diversification, sound balance sheet and consistent and conservative financial policies, Fitch said.

The agency said it expects the company will continue to target 2.5x net unadjusted leverage, the agency said.

As of Mar. 31, Fitch said it calculated a net leverage of 2.5x for the company.

Fitch also said it recognizes that the company’s core businesses possess meaningful barriers to entry and there are a limited number of well-capitalized competitors that can compete predominantly on product differentiation, quality and delivery.

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