The ratings reflect Switzerland-based personnel services group Adecco S.A.'s position and scale as the worldwide leader in the staffing industry; cost discipline; leading position in high-margin, specialized staffing; and moderate financial policy. These factors are partly offset by the cyclicality of the staffing industry and the continuing difficult, albeit improving, trading conditions in this market. At June 30, 2003, Adecco had €2.1 billion of debt. The company reported an encouraging 2% organic growth in revenues in the third quarter of 2003, indicating that the industry trend is gradually improving from the bottom reached in the fourth quarter of 2002. Adecco's EBIT margin reached 3.8% in third-quarter 2003, up from 3.1% a year earlier and an improvement for the third consecutive
