PARIS (Standard&Poor's) Jan. 25, 2005--Standard&Poor's Ratings Services said today that this morning's announcement by Switzerland-based personnel services group Adecco S.A. (BBB-/Stable/A-3) that it had agreed to acquire France-based human-resources consulting company Altedia S.A. (not rated) for a mix of cash--approximately €100 million ($131 million)--and shares has no impact on Adecco's current ratings or outlook. Altedia is a leader in the high-margin French human-resources consulting market, and complements Adecco's existing Lee Hecht Harrison (LHH) career management business in France and Spain, which will be merged with Altedia during the acquisition process. Execution and integration risks are expected to be low, given the acquisition size and the commitment of Altedia's current management to remain within the management and
