The rating reflects Adecco S.A.'s leading business positions in the highly competitive personnel services industry; strong operating performance; and moderate capital structure, partly offset by an acquisition orientation. The company's size and significant international presence provide key competitive advantages. Adecco is the world's largest personnel services firm, with leading positions in eight of the thirteen largest markets. The company's operating performance has been steadily improving, mainly thanks to economic growth in its core markets and the expansion of its higher-margin specialized services businesses, which continue to provide growth opportunities and enhance operating diversity. Adecco's 1999 acquisition of the staffing and IT services businesses of Olsten Corp., formerly the fifth-largest staffing firm in the U.S., has provided a good strategic fit
