The world's largest personnel services provider, with leading positions in most of the largest staffing markets, enabling economies of scale The company's substantial operations in the relatively higher-margin specialist staffing segment Sound geographic coverage and client base diversity Moderate leverage levels benefiting from high free cash flow generation Highly cyclical industry, currently witnessing a downturn Highly fragmented and competitive sector with low-margin operations Material exposure to the low-gross-margin French market The ratings on Adecco S.A. continue to reflect its position and scale as the worldwide leader in the staffing industry. Widespread geographic coverage, generally 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.
