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 Sept 30, 2005, Adecco had debt of €1.3 billion. Adecco recorded revenues of €13.4 billion in the first nine months of 2005, on the back of a 7% growth on a constant currency basis. Third quarter 2005 sales growth in constant currency was slightly lower than in the second quarter, as a result of slower growth at both Adecco Staffing and Ajilon. The group's gross margin was
