On June 29, 2007, Standard&Poor's Ratings Services raised its long- and short-term corporate credit ratings on Switzerland-based personnel services group Adecco S.A. to 'BBB' from 'BBB-' and to 'A-2' from 'A-3', respectively. The outlook is stable. The upgrade follows ongoing improvements in the group's operating performance and financial position under the recently appointed management team. It also reflects the smooth acquisition of German staffing group DIS AG, despite the debt-burden associated with the acquisition of its majority stake in March 2006, and the recent acquisition of Tuja. The upgrade further reflects our expectation that Adecco will maintain a prudent acquisition strategy, adhere to a moderate financial policy, and sustain the recent improvement in operating performance. The ratings continue
