PARIS (Standard&Poor's) Jan. 10, 2006--Standard&Poor's Ratings Services said today that it affirmed its 'BBB-/A-3' corporate credit ratings on Swiss-based Adecco S.A., the world's largest staffing company, following the group's announcement that it is planning to acquire German-listed competitor DIS A.G. for up to €636 million in cash. The outlook is positive. "We believe that, despite the DIS acquisition, Adecco's liquidity and balance sheet strength are likely to remain adequate for the ratings," said Standard&Poor's credit analyst Melvyn Cooke. The ratings also reflect expectations that the top management changes proposed following the transaction will not result in a material financial policy shift toward greater shareholder returns and/or debt-financed acquisitions. Adecco has agreed to acquire about
