On March 16, 2005, Standard&Poor's Ratings Services revised its outlook to positive from stable on Switzerland-based Adecco S.A., the world's largest staffing group, following the publication of the group's 2004 audited results. At the same time, the company's 'BBB-' long-term and 'A-3' short-term corporate credit ratings were affirmed. The ratings reflect the continuing improvement in Adecco's operating performance and balance sheet structure in 2004, despite the company having faced exceptional costs and challenging events following the audit delay on its 2003 accounts. They further reflect the satisfactory termination of the SEC's and the Swiss Stock Exchange's investigations into potential accounting irregularities linked to this audit delay, as well as the successful completion of the audit of the group's
