Fitch shifts Ryder outlook to positive

Fitch Ratings said it revised its outlook for Ryder System, Inc. to positive from stable and affirmed its BBB+ issuer and senior unsecured ratings.

“The positive outlook reflects Fitch's expectation for enhanced earnings stability and improved operating performance given Ryder's successful execution of its strategic, operational and financial plan. Despite a more challenging macroeconomic environment, Fitch expects Ryder's credit metrics will remain stronger than historical levels, driven by consistent cash flow generation from its contracted leases, reduced reliance on gains on sale of equipment given the recent revision of its depreciation policies, well-laddered upcoming debt maturities and manageable expected capital expenditures for replacement and fleet growth,” the agency said in a statement.

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