On June 14, 2004, Standard&Poor's Ratings Services revised the CreditWatch implications on Adecco S.A. to positive from negative. The 'BB+' long-term ratings are unchanged. The CreditWatch revision follows a review of the group's business and financial positions following publication of its 2003 audited detailed accounts and of its unaudited results for the first quarter of 2004. On June 1, 2004, Adecco published its twice-delayed 2003 unqualified audited financial statements with no restatement of previous years' figures. Publication of these audited accounts should allow the group to restore financial flexibility and be in timely compliance with requirements under its bond and bank documents and with various market regulations. The ratings will be raised by one notch, to 'BBB-', once
