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 high-margin specialist staffing segment. Sound geographic coverage and diverse client base. Moderate leverage benefiting from high free cash flow generation. Highly cyclical industry, currently recovering following a downturn. Highly fragmented and competitive staffing sector with low-margin operations. Increased risk appetite, as shown by the growing aggressiveness of its recent acquisitive activity. The ratings on Adecco S.A. reflect Standard&Poor's Ratings Services' view of 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
