On May 12, 2003, Standard&Poor's Ratings Services affirmed its 'BBB+' long-term corporate credit rating on the Switzerland-based personnel services group Adecco S.A. The outlook is negative, reflecting the continuing weak demand for temporary staffing and pricing pressures. At March 31, 2003, Adecco had €1.6 billion of debt. Adecco's EBIT was flat at constant currency rates in the first quarter of 2003, but fell by 11% in euro terms, mainly as a result of the weak dollar. North America accounted for 26% of group first-quarter sales. In Europe, the group's sales have been flat, but EBIT benefited from cost reductions carried out in 2002, and jumped by 25%. Despite a reduction of more than €825 million (or 37%) in
