Morningstar DBRS confirmed Ryder System, Inc.'s Long-Term Issuer Rating at A (low) with a Stable trend on April 8, 2025. This confirmation also applies to its related entity, Ryder Truck Rental Canada LTD.
The credit ratings reflect Ryder's substantial North American commercial fleet management franchise, supported by its three business segments: Supply Chain Solutions (SCS), Fleet Management Solutions (FMS), and Dedicated Transportation Solutions (DTS). The company's earnings generation has shown resilience, with net earnings totaling $489 million in 2024, an increase from $406 million in 2023.
Morningstar DBRS noted Ryder's sound risk position and well-managed operational and asset risks, partially mitigated by conservative vehicle portfolio residual value estimates. The Stable trend indicates that Ryder's credit fundamentals are expected to remain sound despite the sustained downturn in the freight environment and decreasing used truck and tractor values.
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