S&P: Adecco unchanged

Standard & Poor's said its ratings on Adecco SA (BBB-/positive/A-3) were unaffected by the group's announced acquisition of Tuja for roughly €800 million.

The agency said that the acquisition strengthens Adecco's position within the fast-growing German staffing market and stands to add more than €60 million of EBITA to the group's operations.

The acquisition is to be financed mostly through utilization of existing bank facilities and cash balances, S&P noted, adding that despite temporarily increasing Adecco's debt burden, it expects the group's free cash flows for full-year 2007 to cover most of the funds consumed by the acquisition.

© 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.