The ratings on Adecco S.A. reflect Standard&Poor's Ratings Services' view of its position and scale as the worldwide leader in the staffing industry. Widespread geographic coverage, generally 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 the end of June 2010, the company's total reported debt was €1.5 billion. With revenues of €15 billion in 2009, Adecco is the world's largest personnel services provider and it retains sufficient scale to be competitive in this market. In terms of 2009 revenues, Adecco is about 21% larger than its
