Moody’s lowers Ryder

Moody’s Investors Service said it downgraded the long-term ratings of Ryder System, Inc., including the senior unsecured rating and the issuer rating to Baa2, from Baa1. The outlook is stable.

This completes the review for downgrade started on March 31, Moody’s said.

“The downgrade reflects Moody’s expectation that the time path for an improvement in Ryder’s margins and returns could be protracted, while financial leverage is elevated and the company’s capital base is pressured,” Moody’s said in a press release.

Moody’s lowers Ryder

The agency based the stable outlook on the diminishing effect of the residual value changes, combined with initiatives to raise returns through pricing actions, capital deployment and cost initiatives, will gradually improve the company’s financial performance and capital structure, Moody’s said.

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