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.

The affirmation reflects Ryder's established market position in the truck leasing business, relatively consistent profitability and operating leverage, solid liquidity and strong risk-adjusted capitalization, the agency said.

These strengths are offset by the cyclicality inherent in used vehicle pricing and the commercial rental business, material exposure to General Motors and the automotive sector within the supply chain solutions segment, the volatile pension burden and the regulatory impact on business trends, Fitch noted.

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