Switzerland-based staffing group Adecco S.A. has announced a share repurchase program of up to €400 million. The group will fund the buyback via bond issuance and expects to launch the program in the near term, subject to prevailing market conditions. We are affirming our 'BBB' long-term corporate credit rating on Adecco. The stable outlook reflects our view that Adecco's operating performance and credit metrics will remain resilient to challenging economic conditions. On June 26, 2012, Standard&Poor's Ratings Services affirmed its ratings on Switzerland-based staffing group Adecco S.A., including the 'BBB' long-term and 'A-2' short-term corporate credit ratings. The outlook is stable. The affirmation follows the group's announcement of a share repurchase program of up to €400 million over
