Fitch to give Ryder notes A-

Fitch Ratings said it expects to rate Ryder System Inc.'s $400 million five-year senior unsecured notes A-.

Fitch said the expected rating reflects its expectation that there will be material impact on Ryder's leverage as a result of the issuance, as proceeds are expected to be used to repay commercial paper borrowings, refinance maturating medium-term note issuances and/or for general corporate purposes.

Furthermore, the expected rating is equalized with the ratings assigned to Ryder's existing senior unsecured debt as the new notes will rank equally in the capital structure, the agency said.

The equalization of Ryder's unsecured debt with its long-term issuer default rating reflects the company's 100% unsecured funding profile.

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