PARIS (Standard&Poor's) July 26, 2002--Standard&Poor's Ratings Services said today that it has revised to negative from stable its outlook on Adecco S.A., following the Switzerland-based personnel-services group's report of weak second-quarter 2002 earnings. At the same time, the triple-'B'-plus long-term corporate credit rating on the company was affirmed. "Adecco's weaker-than-expected revenues and operating profit during the first six months of 2002, coupled with continuing difficult trading conditions in the global staffing market, mean that the company may not post full-year 2002 lease-adjusted credit measures in line with the current rating," said Standard&Poor's credit analyst Melvyn Cooke. Adecco's revenues fell by 10% in the first six months of 2002, as trading volumes continued to show
