The ratings on Switzerland-based personnel services group Adecco S.A. continue to reflect its position and scale as the worldwide leader in the staffing industry, cost discipline, 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 June 30, 2007, Adecco's debt totaled €1.4 billion. Adecco recorded revenues of €10.3 billion in the first half of fiscal 2007, representing 5% organic growth (7% total growth including currency effects) in comparison to the first half of 2006. This, combined with a growing contribution from the professional staffing and permanent placement business as well as stronger cost-monitoring systems, improved
