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Ratings On Swiss Personnel Group Adecco Lowered to 'BBB-' Following Completion Of MPS Acquisition; Outlook Stable

Published Jan 18, 2010

1172 words — Published Jan 18, 2010

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Abstract:

-- Swiss personnel services group Adecco has completed the acquisition of MPS Group for a net consideration of €782 million in cash. -- We believe the acquisition has increased Adecco's operational risks and reduced its financial flexibility amid tough market conditions. -- We have lowered the long-term corporate credit and senior unsecured debt ratings on Adecco to 'BBB-' from 'BBB'. -- The stable outlook reflects our view that Adecco's operating performance will not materially weaken beyond the levels of the first nine months of 2009 and that its credit measures will remain commensurate with the ratings. LONDON (Standard&Poor's) Jan. 18, 2010--Standard&Poor's Ratings Services said today that it lowered its long-term corporate credit and senior unsecured debt

Brief Excerpt:

RESEARCH Ratings On Swiss Personnel Group Adecco Lowered to '###-' Following Completion Of MPS Acquisition; Outlook Stable Publication date: 18-Jan-2010 Primary Credit Analyst: Mohammed Fayek, London (44) 20-7176-3408; mohammed_fayek@standardandpoors.co...

Report Type:

Ratings Action

Ticker

ADEN@SW

Issuer

Adecco S.A.

Sector

Global Issuers

Country

Switzerland

Region

United States

Format:

HTML

Adecco S.A. – 2010/10/28 – US$ 500.00

Summary: Adecco S.A. – 2010/10/28 – US$ 225.00

Switzerland-Based Personnel Group Adecco Upgraded To 'BBB' On Strong Operating Performance; Outlook Stable – 2011/10/12 – US$ 150.00

Research Update: Switzerland-Based Personnel Group Adecco Upgraded To 'BBB' On Strong Operating Performance; Outlook Stable – 2011/10/12 – US$ 225.00

Summary: Adecco S.A. – 2011/10/27 – US$ 225.00

Research Update: Ratings On Swiss Personnel Group Adecco Lowered to 'BBB-' Following Completion Of MPS Acquisition; Outlook Stable – 2010/01/18 – US$ 225.00

Adecco 'BBB' Ratings Placed On CreditWatch Negative After MPS Acquisition Announcement; 'A-3' Rating Affirmed – 2009/10/20 – US$ 150.00

Research Update: Adecco 'BBB' Ratings Placed On CreditWatch Negative After MPS Acquisition Announcement; 'A-3' Rating Affirmed – 2009/10/20 – US$ 225.00

Adecco S.A. – 2009/08/13 – US$ 500.00

Summary: Adecco S.A. – 2009/08/13 – US$ 225.00

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MLA:	S&P Global Ratings’ Credit Research. "Ratings On Swiss Personnel Group Adecco Lowered to 'BBB-' Following Completion Of MPS Acquisition; Outlook Stable" Jan 18, 2010. Alacra Store. May 13, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Ratings-On-Swiss-Personnel-Group-Adecco-Lowered-to-BBB-Following-Completion-Of-MPS-Acquisition-Outlook-Stable-769463>

APA:	S&P Global Ratings’ Credit Research. (). Ratings On Swiss Personnel Group Adecco Lowered to 'BBB-' Following Completion Of MPS Acquisition; Outlook Stable Jan 18, 2010. New York, NY: Alacra Store. Retrieved May 13, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Ratings-On-Swiss-Personnel-Group-Adecco-Lowered-to-BBB-Following-Completion-Of-MPS-Acquisition-Outlook-Stable-769463>

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