S&P rates Ryder notes BBB

Standard & Poor's said it assigned a BBB rating to Ryder System Inc.'s $400 million medium-term notes.

The proceeds will be used to fund general corporate purposes.

The ratings reflect the company's market position in its major business - full-service truck leasing - as one of the two major participants, S&P said.

The ratings also consider Ryder's supply chain and logistics businesses, which generate lower margins than full-service truck leasing, the agency said, as well as the cyclicality of its commercial truck-rental business.

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