S&P raises Adecco

Standard & Poor's said it raised its long- and short-term corporate credit ratings on Adecco SA to BBB from BBB- and to A-2 from A-3, respectively.

The outlook is stable.

The agency said that the upgrade follows ongoing improvements in the group's operating performance and financial position under the recently appointed management team.

According to S&P, the ratings continue to reflect Adecco's position and scale as the worldwide leader in the staffing industry, cost discipline and healthy cash flow generation, strong presence in the relatively high-margin subsegment of specialized and professional staffing and moderate financial policy.

These factors are partially offset by the staffing industry's cyclical and competitive nature, the agency added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.