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Fitch affirms Ryder
Fitch Ratings said it affirmed Ryder System, Inc.'s long-term issuer default rating at A- and short-term rating at F2.
The outlook is stable.
The ratings affirmation reflects Ryder's established market position in the truck leasing business, improved operating leverage, strong liquidity and free cash flow generation abilities, and solid risk-adjusted capitalization, the agency noted.
These positives 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 said.
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