Good geographical and operating diversity; Leading positions in most of the largest staffing markets, enabling economies of scale; Strong brands and largest network worldwide; and Healthy balance sheet, following high free cash flow generation in previous years. Low-margin, highly cyclical, and working-capital-intensive industry; Significant exposure to the low-gross-margin French market; and Uncertainties related to the outcome of investigations by French antitrust authorities, as well as of the U.S. state unemployment tax review, which 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 presence in high-margin, specialized staffing; and moderate financial policy. These factors
