PARIS (Standard&Poor's) May 12, 2003--Standard&Poor's Ratings Services said today that it had affirmed its 'BBB+' long-term corporate credit rating on the Switzerland-based personnel services group Adecco S.A. The outlook is negative. While Adecco's global leadership in personnel services should position it favorably when the global economy recovers, the timing of such a recovery is unclear and prolonged delays could lead to further erosion of operating performance. With sales of €16.9 billion in the twelve months to March 31, 2003, and leadership positions in eleven of the thirteen largest markets, Adecco is the No. 1 staffing firm in the world. At March 31, 2003, Adecco had €1.6 billion of debt. "Despite a reduction of about €825 million
