Swiss personnel services group Adecco has announced its intention to acquire MPS Group in cash for a net consideration of €782 million. We are placing our 'BBB' long-term corporate credit rating on Adecco on CreditWatch negative. If the transaction were to close in accordance with the proposed terms, we would likely lower Adecco's long-term corporate credit rating and issue ratings to 'BBB-'. On Oct. 20, 2009, Standard&Poor's Ratings Services placed its 'BBB' long-term corporate credit and senior unsecured debt ratings on Switzerland-based personnel services group Adecco S.A. on CreditWatch with negative implications. At the same time, the 'A-3' short-term rating on the group was affirmed. The CreditWatch placement reflects our view of the implications of Adecco's announcement earlier
