Standard&Poor's Ratings Services revised to negative from stable its outlook on Adecco S.A. on July 26, 2002, following the Switzerland-based personnel-services group's report of weak second-quarter 2002 earnings. At the same time, the triple-'B'-plus long-term corporate credit rating on the company was affirmed. Adecco's weaker-than-expected revenues and operating profit during the first six months of 2002, coupled with continuing difficult trading conditions in the global staffing market, mean that the company may not post full-year 2002 lease-adjusted credit measures in line with the current rating. Adecco's revenues fell by 10% in the first six months of 2002, as trading volumes continued to show a substantial decrease in comparison with last year's levels. Falling volumes resulted in the weakening
