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 Sept. 30, 2007, Adecco's debt totaled €1.452 billion. Adecco recorded revenues of €5.4 billion in the third quarter of fiscal 2007, representing 2% organic growth compared with the third quarter of 2006. This, combined with a growing contribution from the professional staffing and permanent placement business as well as stronger cost-monitoring systems, improved reported operating margins (after depreciation, excluding onetime
