On July 8, 2004, Standard&Poor's Ratings Services removed its long-term corporate credit rating on Adecco S.A., the Switzerland-based world leader in temporary staffing, from CreditWatch, where it had been placed on Jan. 12, 2004. At the same time, the rating was raised to 'BBB-' from 'BB+'. The outlook is stable. In addition, Standard&Poor's assigned its 'A-3' short-term corporate credit rating to Adecco. The rating actions follow Adecco's timely compliance with the covenants included in its bonds and bank facility, as well as with local stock and bond market regulations for the filing of its audited accounts in Switzerland, the U.S., and France. Adecco has successfully restored its financial flexibility by fully complying with its covenants under
