Fitch Ratings has affirmed Element Fleet Management Corp.'s long-term issuer default rating at BBB+.

The ratings outlook is stable.

The ratings reflect Element's solid franchise and leading position as a fleet leasing company in North America along with the company's minimal credit and residual risk in its core fleet leasing portfolio.

Stable cash flow provided by leasing activities, matched funding strategy for assets and liabilities and the experienced management team also resulted in the affirmation, Fitch said.

The stable outlook reflects Fitch's expectations for solid asset quality performance, continued economic access to the capital markets through various market cycles, matched funding of the company's assets and liabilities and appropriate leverage for the current.

Fitch has also affirmed the long- and short-term issuer default ratings of Ryder System Inc. at A- and F2, respectively.

The ratings outlook is stable.

The affirmations are supported by Ryder's established market position in the fleet management solutions business, growing market share in the dedicated transportation solutions and supply chain solutions business, Fitch said.

The affirmations are also supported by the company's strong asset quality, relatively consistent operating performance through various cycles, appropriate leverage, solid liquidity and a largely unsecured funding profile.

The stable outlook reflects Fitch's expectation for Ryder's stable operating performance, continued economic access to the capital markets, limited sensitivity to rising interest rates, maintenance of strong liquidity and appropriate leverage.

The affirmations of the two companies are part of Fitch's annual peer review of fleet leasing and vehicle rental companies.