S&P upgrades Ryder

S&P said it raised Ryder System Inc.’s corporate credit rating to BBB+ from BBB, along with its senior unsecured debt to BBB+ from BBB.

The agency also said it removed the “under critical observation” identifier applied Dec. 14.

The outlook is stable.

The action follows the publication of the agency’s updated criteria for rating operating leasing companies, S&P explained.

The upgrade principally reflects a more favorable assessment of Ryder's business risk profile, which is now considered strong under the new criteria compared to a previous assessment of satisfactory, the agency said.

The company continues to have an intermediate financial risk profile, S&P said.

The ratings reflect the company’s fairly diversified customer base, moderately cyclical lease rates and relatively stable lessor cash flow, the agency said.

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