Following the acquisition of AKKA in February 2022, Adecco Group AG's (Adecco's) volumes were weaker than we expected, primarily due to the challenging macroenvironment. We now expect S&P Global Ratings-adjusted leverage of 2.3x in 2024--compared with our previous expectation of 1.8x--and 1.6x in 2025. We therefore revised our outlook on the rating on Adecco to negative from stable. At the same time, we affirmed our 'BBB+/A-2' long- and short-term issuer credit ratings on Adecco. The negative outlook reflects our expectation that the challenging economic environment could weigh on Adecco's operating performance and delay deleveraging, resulting in adjusted leverage of more than 2x on a sustained basis. The negative outlook reflects our expectation that the challenging economic environment could weigh on
