Despite some signs of improving operating performance, Adecco Group AG's credit measures remain weaker than our expectations for a 'BBB+' rating. We now forecast S&P Global Ratings-adjusted leverage of 2.4x in 2025 (ending Dec. 31, 2025) compared with our previous expectation of 2.0x. We no longer expect a recovery to below 2.0x before the end of 2026, at the earliest. We therefore downgraded our rating on Adecco to 'BBB' from 'BBB+' and revised our outlook to stable from negative. At the same time, we affirmed our 'A-2' short-term rating. We also lowered our issue-level rating on the €500 million hybrid security notes due in 2082 to 'BB+'. The stable outlook reflects our expectation of modest organic growth across the business
