The ratings on Adecco S.A., the Switzerland-based personnel-services group, reflect its 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 and the intensive working-capital requirements of the staffing industry, and by the high costs related to the delay in the audit of the 2003 accounts that will negatively affect the company's financial profile in the medium term. At Sept. 30, 2004, Adecco had €1.8 billion of debt. Adecco recorded sales of about €16.7 billion in the 12 months ended Sept. 30, 2004, on the back of 7% organic growth in the third quarter of 2004, showing a certain
