Moody's drops Adecco outlook to negative

Moody's Investors Service said it has changed the outlook to negative from stable for the Baa2 long-term debt ratings of Adecco SA and its guaranteed subsidiaries on worsening revenue trends since the start of the year and negative expectations for 2009 and 2010.

"The change in outlook to negative reflects Moody's concerns that like for like sales growth has developed even more negatively than anticipated since January," said Yasmina Serghini-Douvin, an assistant vice president in Moody's corporate finance group.

According to the agency, the company reported a 27% decline in organic sales growth in the first quarter of 2009 and a decline of about 30% in March and April.

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