S&P gives BBB to Ryder System MTNs

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

S&P said its ratings on Ryder reflect the company’s strong market position in full-service truck leasing – as one of the two major participants – and the strong and stable cash flows this business generates. The ratings also incorporate Ryder’s supply chain and logistics businesses, which generate lower margins than the full-service truck leasing business, as well as the cyclicality of its commercial truck rental business.

“We characterize Ryder’s business profile as ‘satisfactory’ and its financial risk profile as ‘intermediate,’” S&P said in a news release.

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