European Business Services Sector Still Stable, Despite Looming Slowdown Apr 08

Standard & Poors, April 2008

Abstract
Credit quality in the European business services industry remained stable during 2007, with most segments benefiting from mid-single-digit organic growth rates. Standard & Poor's Ratings Services expects this trend to continue throughout 2008. We do not expect rating actions in the near term, barring any unforeseen event-driven need for change. Although characteristics differ significantly depending on the industry segment and companies' market positions, there are some shared positive factors that benefit the rated business service companies to a varying degree. In 2007, cost-cutting and streamlining were common initiatives among players in the industry. The competitive environment and ongoing pricing pressures have led to an increasing desire to achieve sustainable growth in core businesses and to dispose of underperforming and/or noncore...

Companies mentioned in this report are: Sodexo,Adecco S.A.,Experian Finance PLC,Securitas AB,Compass Group PLC,gategroup Financial Services S.a.r.l,Rentokil Initial PLC,ISS A/S,Castle HoldCo 4

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

Sodexo,Adecco S.A.,Experian Finance PLC,Securitas AB,Compass Group PLC,gategroup Financial Services S.a.r.l,Rentokil Initial PLC,ISS A/S,Castle HoldCo 4

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