On April 19, 2004, Standard&Poor's Ratings Services lowered its long-term corporate credit rating on Switzerland-based personnel services group Adecco S.A. to 'BB+' from 'BBB-', following the group's announcement of a further and unspecified delay in the publication of its 2003 audited accounts. The ratings on Adecco--the world leader in temporary staffing--and related entities remain on CreditWatch with negative implications, where they were placed on Jan. 20, 2004. Adecco today announced that it is again postponing the publication of its 2003 results--initially expected tomorrow--pending the completion by law firm Paul, Weiss, Rifkind, Wharton&Garrison of certain aspects of its independent inquiry, and continuing audit work by Ernst&Young. The downgrade reflects Standard&Poor's view that the
