Commercial Fleet Management Companies Successfully Navigating the Coronavirus Disease Pandemic
DBRS, Inc. (DBRS Morningstar) published a commentary highlighting factors and characteristics of commercial fleet companies that have contributed to their performance to date during the Coronavirus Disease (COVID-19) pandemic. Despite the sudden and steep decline in the economy in the Spring of 2020, the notable pause in client vehicle orders, as well as lower mileage driven by customers on their fleet vehicles, sector credit fundamentals remain sound. This has resulted in DBRS Morningstar confirming the ratings and Stable trend on three of the commercial fleet management companies within its coverage universe. Meanwhile, the ratings on two other commercial fleet management companies were confirmed but revised to Negative, primarily due to higher exposure to residual values on their vehicle fleet than their peers.
Ryder System is engaged in transportation and supply chain management solutions. The company's segments include: Fleet Management Solutions, which provides full service leasing and leasing with maintenance options, commercial rental, contract or transactional maintenance services, and fleet support services such as vehicle administration and fuel service; Supply Chain Solutions, which provides logistics management services, including distribution management, transportation management and other services; and Dedicated Transportation Solutions, which combines equipment, maintenance, drivers, administrative services and additional services to provide a dedicated transportation solution.
DBRS Morningstar is a global credit ratings business with 700 employees in eight offices globally. DBRS and Morningstar Credit Ratings are committed to empowering investor success, serving the market through leading-edge technology and raising the bar for the industry.
Together, we are the world’s fourth largest credit ratings agency and a market leader in Canada, the U.S. and Europe in multiple asset classes. We rate more than 2,600 issuers and 54,000 securities worldwide and are driven to bring more clarity, diversity and responsiveness to the ratings process. Our approach and size provide the agility to respond to customers’ needs, while being large enough to provide the necessary expertise and resources. For more details visit us at dbrs.com.
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