Good geographical and operating diversity Leading positions in most of the largest staffing markets, as well as in the high margin specialist staffing segment worldwide, enabling economies of scale Strong brands and largest network worldwide 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 Uncertainties related to the outcome of investigations by French antitrust authorities and to new management's influence on the group's future financial policy, as well as to its largely unproven ability to manage a global leader spanning over 90 countries The ratings on Adecco S.A., a Switzerland-based personnel-services group, reflect its: position and scale as the worldwide leader in the
