LONDON (Standard&Poor's) June 29, 2007--Standard&Poor's Ratings Services said today it raised its long- and short-term corporate credit ratings on Switzerland-based personnel services group Adecco S.A. to 'BBB' from 'BBB-' and to 'A-2' from 'A-3', respectively. The outlook is stable. "The upgrade follows ongoing improvements in the group's operating performance and financial position under the recently appointed management team," said Standard&Poor's credit analyst Mohammed Fayek. It also reflects the smooth acquisition of German staffing group DIS AG, despite the debt-burden associated with the acquisition of its majority stake in March 2006, and the recent acquisition of Tuja. The upgrade further reflects our expectation that Adecco will maintain a prudent acquisition strategy, adhere to a moderate
