Good geographical and operating diversity; Leading positions in most of the largest staffing markets, enabling economies of scale; Strong brand and largest network worldwide; and Healthy balance sheet, following strong cash flow generation in previous years. Low-margin, highly cyclical, and working-capital-intensive industry; Exceptional costs related to the delay in the publication of the 2003 audited accounts will significantly affect profitability and cash flow generation in 2004; and Additional direct and indirect costs linked to ongoing investigations and shareholder lawsuits may negatively affect the company's financial profile in the medium term. The ratings on Adecco S.A., the Switzerland-based personnel services group, reflect its position and scale as the worldwide leader in the staffing industry; cost discipline; leading position in high-margin, specialized
