Fitch to give A- to Ryder debt

Fitch Ratings said it expects to assign a rating of A- to the four-year and 10-month, $300 million senior unsecured debt issued by Ryder System, Inc.

Fitch said the expected rating reflects that the debt is expected to rank pari passu with all other senior unsecured debt issued by Ryder.

The equalization of the expected rating with Ryder's long-term issuer default rating reflects the predominately unsecured funding profile and unencumbered asset coverage available to senior unsecured noteholders.

The agency does not believe there will be a material impact to Ryder's leverage resulting from the issuance, as proceeds will be used to refinance debt maturities and for general corporate purposes. Therefore, the expected issuance has no impact on the company’s issuer default rating or stable outlook.

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