The world's largest personnel services provider, with leading positions in most of the largest staffing markets, giving economies of scale. Substantial operations in the relatively high margin professional staffing segment. Well-diversified geographic coverage and client base. Moderate leverage levels benefiting from high free cash flow generation and low capital expenditure requirements. Highly cyclical industry, currently experiencing a downturn. Staffing sector is generally highly competitive and fragmented, characterized by low barriers to entry, low margins, and limited price flexibility. Material exposure to the low-gross-margin French market. The ratings on Switzerland-headquartered Adecco S.A. reflect Standard&Poor's Ratings Services view of its leading position in the global staffing industry, which it occupies through a geographically diverse network. Adecco benefits from a moderate
