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. Healthy cash flow generation, a strong presence in the fairly high-margin subsegment of specialized and professional staffing, and a moderate financial policy further underpin the ratings. These factors are partially offset by the staffing industry's cyclical and competitive nature. At Sept. 30, 2008, Adecco's reported debt totaled €1.5 billion. With No.1 or No. 2 positions in more than 10 of the world's largest temporary staffing markets, Adecco is the world's largest staffing company. The group's wide geographic diversity offers some protection against economic swings in a single country. However, its business remains vulnerable to a global
