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 intensive working capital requirements of the staffing industry. At June 30, 2005, Adecco had debt of €1.4 billion ($1.7 billion). Adecco recorded revenues of €8.6 billion in the first half of 2005, on the back of 8% organic growth. While growth in second quarter sales remained in line with first quarter sales at Adecco Staffing, growth showed a slight slowdown at the specialized staffing Ajilon unit, which grew 14% organically versus 16% in the first quarter.
