S&P: Adecco on negative watch

Standard & Poor's said that its BB+ corporate credit rating on Adecco SA and related entities will remain on CreditWatch with negative implications, where they were placed on Jan. 20. Adecco on Tuesday announced its 2003 audited results after postponing the announcement twice since Jan. 12.

Adecco's long-awaited 2003 audited results show there are no restatements relating to previous year's accounts and that the independent investigation relating to the audit of the group's financial statements has also been completed.

S&P said the publication of Adecco's 2003 audited accounts will enable the company to comply with its obligations to produce financial information in a timely fashion under certain finance documents. The completion of the audit work demonstrating the absence of restatements should also help the group materially improve its position with creditors and restore its financial flexibility.

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