Moody's lowers Manpower

Moody's Investors Service said it downgraded the long-term debt ratings of Manpower, Inc. to Baa3 from Baa2.

This rating action concludes the review for possible downgrade initiated on July 27, the agency said.

The outlook is now stable.

"The downgrade of Manpower's long-term ratings reflects Moody's expectation that profitability, leverage and interest coverage metrics will continue to weaken sharply during the remainder of 2009 and will not recover to pre-recession levels over the next two years. Manpower derives the majority of its revenues from Europe and we expect labor market conditions to remain difficult in key European markets into 2010," stated Lenny Ajzenman, senior vice president.

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