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 presence in high-margin, specialized staffing; and moderate financial policy. These factors are partly offset by the staffing industry's cyclicality and intensive working capital requirements. At March 31, 2005, Adecco had debt of €1.5 billion ($1.8 billion). Adecco recorded revenues of €4.1 billion in first-quarter 2005, reflecting 9% organic growth. Although first-quarter sales at Adecco Staffing showed signs of slowing slightly, organic growth remained a robust 16% at the Ajilon Professional specialized staffing unit, versus 13% and 12% in the fourth and third quarters of 2004, respectively. Despite the continued, albeit slowing, revenue slide at its
