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Switzerland — S&P lowers Adecco's credit rating to BBB-

19 January 2010

Credit rating agency Standard & Poor's has reduced the rating of staffing group Adecco SA to BBB- from the previous BBB.

The lower rating is due to possible negative effects of Adecco's acquisition of MPS Group for a net cash consideration of 782 million Euro.

At the same time, the A-3 short-term rating was confirmed.

S&P are of the opinion that the MPS acquisition could increase operating risks for Adecco should the staffing industry continue to deteriorate. The agency believes further that the cash amount required for the acquisition will reduce Adecco's financial flexibility.



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