Leading positions in most of the largest staffing markets and in the high-margin specialist staffing segment worldwide, enabling economies of scale; Operational diversity, 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 Switzerland-based personnel services group Adecco S.A. continue to reflect its position and scale as the worldwide leader in the staffing industry. Cost discipline, healthy cash flow generation, a strong presence in the fairly high-margin subsegment of specialized and professional staffing, and a moderate financial policy further underpin the ratings. These factors
