NEW YORK (Standard&Poor's) Jan. 20, 2004--Standard&Poor's Ratings Services today said it has revised its CreditWatch implications on Swiss-based Adecco S.A. to negative from developing, reflecting Standard&Poor's conclusion that resolution of the CreditWatch placement is unlikely to result in a higher rating than the current 'BBB-' long-term rating. The rating on Adecco, the world leader in temporary staffing, was placed on CreditWatch on Jan. 12, 2004, following the announcement that the company's audited financial statements for the year ended Dec. 31, 2003, would be delayed due to identification of material weaknesses in internal controls at its North American subsidiary, Adecco Staffing, as well as possible accounting, control, and compliance issues at other, unspecified subsidiaries. Adecco
