Fitch affirms Ryder

Fitch Ratings said it affirmed Ryder System, Inc.'s long-term issuer default rating at A-, short-term issuer default rating at F2, short-term debt at F2 and senior unsecured debt at A-.

The outlook is stable.

According to Fitch, the affirmation reflects Ryder's established market position in the truck leasing business, consistent profitability and operating leverage, solid liquidity, relatively low financial leverage and strong risk-adjusted capitalization.

The company's strengths are offset by the cyclicality of used vehicle pricing and the commercial rental business, exposure to General Motors within the supply chain solutions segment and the regulatory impact on business trends, the agency said.

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