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S&P upgrades Ryder System following rating criteria update

S&P Global Ratings has raised the corporate credit rating and senior unsecured debt rating of Ryder System Inc. from BBB to BBB+ after evaluating the company under a new set of criteria.

The outlook is stable.

The rating agency said the upgrade principally reflects its more favorable assessment of Ryder's business risk profile, which S&P now sees as strong. The rating agency continues to assess the company's financial risk profile as intermediate.

Over the next two years, S&P expects the economic recovery will continue to modestly increase demand for Ryder's business.

S&P Global Market Intelligence and S&P Global Ratings are owned by S&P Global Inc.