S&P gives Ryder System notes BBB+

S&P said it assigned its BBB+ issue-level rating to Ryder System Inc.'s proposed medium-term notes.

The agency said the BBB+ corporate credit rating on Ryder reflects the company's strong position as one of the two major participants in the full-service truck-leasing market and the strong and stable cash flows this business generates.

The ratings also incorporate the company's supply chain and logistics businesses, which generate lower margins than its full-service truck-leasing business, and the cyclicality of its commercial truck business.

S&P said it rates the company's unsecured debt the same as the corporate credit rating because no significant elements of subordination risk are present in its capital structure.

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