PARIS (Standard&Poor's) May 2, 2005--Standard&Poor's Ratings Services said today that its ratings and outlook remain unchanged on Switzerland-based staffing giant Adecco S.A. (BBB-/Positive/A-3) following its agreement to acquire Spanish human resources services firm Humangroup S.A., including associated debt, for about €66 million ($85 million). Although the proposed transaction may slightly weaken Adecco's currently strong credit measures, the group has sufficient liquidity and financial flexibility to accommodate the acquisition within the current ratings. We believe the Humangroup purchase should enhance Adecco's business position in the Spanish staffing market, and generate commercial and financial synergies in the short to medium term. The proposed deal is subject to approval by the relevant antitrust authorities. Also, we expect Adecco to
