S&P applies BBB to Ryder notes

Standard & Poor's said it assigned its BBB issue-level rating to Ryder System Inc.'s senior unsecured medium-term notes.

S&P said the ratings reflect Ryder’s market position in its major business – full-service truck leasing – as one of the two major participants and the strong and stable cash flow this business generates.

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

S&P characterizes Ryder's business profile as "satisfactory," financial risk profile as "intermediate" and liquidity as "adequate" under the criteria.

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