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S&P cuts Ryder System
Standard & Poor's said it lowered its corporate credit rating on Ryder System Inc. to BBB from BBB+.
At the same time, the agency said it removed the ratings from CreditWatch, where they had been placed with negative implications on June 26. The outlook is stable.
"The downgrade reflects deterioration in Ryder's financial profile due to debt-financed capital expenditures and higher unfunded pension liabilities," said S&P credit analyst Anita Ogbara in a news release.
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