PARIS (Standard&Poor's) June 18, 2007--Standard&Poor's Ratings Services said today that its ratings on Switzerland-based personnel-services group Adecco S.A. (BBB-/Positive/A-3) were unaffected by the group's announced acquisition of German staffing group Tuja for roughly €800 million. The acquisition strengthens Adecco's position within the fast-growing German staffing market, and stands to add more than €60 million of EBITA to the group's operations. The acquisition is to be financed mostly through utilization of existing bank facilities and cash balances. Despite temporarily increasing Adecco's debt burden, we expect the group's free cash flows for full-year 2007 to cover most of the funds consumed by the acquisition. As a result, Adecco's adjusted credit measures will likely remain strong for the ratings
