Leading positions in most of the largest staffing markets and in the high-margin specialist staffing segment worldwide, enabling economies of scale; Operationally diverse with strong brands and the largest global network; and Healthy balance sheet from high free cash flow generation. Low-margin, competitive, and highly cyclical industry; Significant exposure to the low-gross-margin French market; and Uncertainties related to the outcome of investigations by French antitrust authorities. The ratings on Adecco S.A. continue to reflect its position and scale as the worldwide leader in the staffing industry; cost discipline and healthy cash flow generation; strong presence in the fairly high-margin subsegment of specialized and professional staffing; and moderate financial policy. These factors are offset partially by the staffing industry's cyclical and
