Moody’s upgrades Adecco to Baa1

Moody's Investors Service said it upgraded the long-term issuer rating of Adecco SA and the senior unsecured debt ratings of Adecco and its guaranteed subsidiaries to Baa1 from Baa2.

The outlook is stable.

Moody’s said the action reflects significant improvements to Adecco's key credit metrics following changes to Moody's approach for standard adjustments for operating leases. For example, Adecco's lease adjusted gross debt/EBITDA ratio was 1.9 times and its retained cash flow/net debt ratio was 38.8% in financial year 2014, when considering the revised methodology.

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