The ratings on Adecco S.A. continue to reflect its position and scale as the worldwide leader in the staffing industry; cost discipline and healthy cash flow generation; strong presence in the fairly high-margin subsegment of specialized and professional staffing; and moderate financial policy. These factors are offset partially by the staffing industry's cyclical and competitive nature. At Dec. 31, 2006, Adecco's debt totaled €1.4 billion. Adecco recorded revenues of €20.4 billion in fiscal 2006, representing 9% organic growth (12% total growth). This, combined with a growing contribution from the professional staffing and permanent placement business and stronger cost monitoring systems, improved operating margins (after depreciation) by 60 basis points (bps) to 4%, compared with fiscal 2005. The group's credit measures
