The operating results of Switzerland-based personnel services group Adecco S.A. remain strong and its credit metrics are commensurate with the higher 'BBB' rating. We are therefore raising our long-term corporate credit rating on Adecco to 'BBB' from 'BBB-'. The stable outlook reflects our view that Adecco's operating performance and credit metrics will remain resilient to challenging economic conditions. On Oct. 12, 2011, Standard&Poor's Ratings Services raised its long-term corporate credit rating on Switzerland-based personnel services group Adecco S.A. to 'BBB' from 'BBB-'. At the same time, the short-term rating was raised to 'A-2' from 'A-3'. The outlook is stable. The upgrades reflect our view that Adecco's credit metrics have outperformed our guidance for the 'BBB-' rating and have
