July 19, 2024 16:05 GMT
Adecco Group (ADENVX; Baa1/BBB+ Neg) S&P goes to neg. outlook on macro weakness
CONSUMER CYCLICALS
S&P has put it on neg. outlook ahead of Q2 results in 3 weeks (6th of August) stating;
"The negative outlook reflects our expectation that the challenging economic environment could weigh on Adecco's operating performance and delay deleveraging, resulting in adjusted leverage of more than 2x on a sustained basis."
Curve looks well tight/dislocated while CDS looks more reasonable at +75. Front maturity is a €430m outstanding line coming due in Dec.
See similar warnings from us above for close peer Manpower (Baa1/BBB) 27s.
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