S&P: Manpower outlook stable

Standard & Poor's said it revised its outlook on Manpower Inc. to stable from negative and affirmed its ratings, including its BBB- corporate credit rating, on the company.

The outlook revision reflects improving operating performance and slightly greater business diversity resulting from the January 2004 stock acquisition of Right Management Consultants Inc. for $641 million, including $124 million of debt, which has been repaid.

S&P said the ratings consider Manpower's good competitive position in the cyclical temporary staffing industry, and moderate debt leverage, partially offset by market share-based competition in the industry that has been compressing profitability.

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