Fitch to give A- to Ryder notes

Fitch Ratings said it expects to assign an A- rating to Ryder System, Inc.'s proposed $450 million of senior unsecured notes.

The tenor and fixed rate of interest will be determined at the time of issuance.

Fitch said the expected rating reflects that the debt will 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 firm's unsecured funding profile and unencumbered asset coverage available to senior noteholders, the agency explained.

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