On Jan. 12, 2004, Standard&Poor's Ratings Services said that it downgraded its long-term ratings on Swiss-based Adecco S.A., the world leader in temporary staffing, to 'BBB-' from 'BBB+'. At the same time, the ratings were placed on CreditWatch with developing implications. The action followed Adecco's announcement in Switzerland earlier today that it expected the audit of its financial statements for 2003 to be delayed. Adecco had about €2 billion of gross debt at Sept. 30, 2003. Adecco said reasons for the delay included identification of material weaknesses in internal controls at its North American subsidiary, Adecco Staffing, as well as possible accounting, control, and compliance issues at other, unspecified subsidiaries. The company also said it was addressing these
