On April 9, 2009, Standard&Poor's Ratings Services revised the outlook to negative from stable on Switzerland-based personnel services group Adecco S.A. and lowered its short-term ratings to 'A-3' from 'A-2'. At the same time, Standard&Poor's affirmed the 'BBB' long-term corporate credit ratings on the group. The outlook revision reflects our concerns about the rapidly deteriorating business outlook for 2009, and the associated implications for the group's operational performance. Adecco reported a 5% decline in revenues and a 20 basis point fall in its EBITDA margin, to 4.2%, in the fourth quarter of 2008. The group also reported a 25% decline in revenues for January 2009, which indicates a greater impact on the group's performance from weakening
