Fitch to assign A- to Ryder notes

Fitch Ratings said it expects to assign an A- rating to Ryder System, Inc.'s $300 million five-year senior unsecured note issuance.

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

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

The agency said it does not expect there will be a material impact to Ryder's leverage resulting from the issuance, as proceeds will be used to repay upcoming debt maturities and for general corporate purposes.

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