You don't need to rasterize the text to change the size or shape of the text.
There are a couple of ways of going about this procedure.
First, if you want to rotate the text, go ahead and select somewhere in the text, either with the text tool or mover tool, it does not matter, but make sure the text layer is active.
Next, go up to Edit > Transform > and then choose whichever command you want to apply to the text.
If you want the actual text to be bigger or smaller or the spacing to be different or whatever you might need, select the text tool and click somewhere in your wording.
This should make your text editable, now press Ctrl + T to get the text character and paragraph menu.
In here, you can change most attributes of the text.
One last way to make the text of different is select the text that you want to change, and then go up to the top right hand corner to the button with the T and an arch underneath it, this is the warp text box. This box will make your text into different shapes but still be editable.
From all of the above methods, you should deal to find one that meets your needs, hope this helped.