Swiss personnel services group Adecco has completed the acquisition of MPS Group for a net consideration of €782 million in cash. We believe the acquisition has increased Adecco's operational risks and reduced its financial flexibility amid tough market conditions. We have lowered the long-term corporate credit and senior unsecured debt ratings on Adecco to 'BBB-' from 'BBB'. The stable outlook reflects our view that Adecco's operating performance will not materially weaken beyond the levels of the first nine months of 2009 and that its credit measures will remain commensurate with the ratings. On Jan. 18, 2010, Standard&Poor's Ratings Services lowered its long-term corporate credit and senior unsecured debt ratings on Switzerland-based personnel services group Adecco S.A. to 'BBB-'
