Our 'BBB' rating on Adecco S.A. is derived from: Our anchor of 'bbb', based on our assessments of Adecco S.A.'s business risk profile as "satisfactory" and its financial risk profile as "intermediate." Modifiers have no impact on the anchor score. Leading position as the world's largest personnel services provider, with top positions in many of the largest staffing markets. Wide geographic footprint and diverse client base. Leading position in the higher-margin professional and specialized staffing segment. Good long-term growth prospects for the temporary staffing industry, as the workforce transitions to become generally more flexible. Exposure to economic cycles and significant exposure to the French staffing market. Moderate leverage and financial flexibility. Strong free cash flow generation and low capital expenditure
