The ratings on Switzerland-headquartered Adecco S.A. reflect Standard&Poor's Ratings Services view of its leading position in the global staffing industry, which it occupies through a geographically diverse network. Adecco benefits from a moderate financial policy, generally healthy cash flow generation, and low capital expenditure (capex) requirements. These factors result in a good capacity for debt repayment and add further stability to ongoing cash generation. A strong presence in the fairly high margin professional and specialized staffing segment also underpins the ratings. These strengths are partially offset by the staffing industry's cyclical and competitive nature, low barriers to entry, and the resulting constrained pricing flexibility. Economic uncertainty in established markets such as the U.S. and Europe could in our
