Moody's changes Manpower outlook to positive

Moody's Investors Service said it affirmed ManpowerGroup, Inc.'s long-term debt ratings at Baa3 and changed the outlook to positive from stable.

"Despite thin profit margins and the highly cyclical nature of the temporary staffing services market, Moody's expects Manpower to achieve steady improvements in financial metrics and maintain conservative financial policies, leading to the positive ratings outlook," Edmond DeForest, a Moody's senior analyst, said in an agency news release.

The agency said Manpower's Baa3 rating reflects its leading position in the temporary staffing market and its impressive list of large, multinational clients in its most important national markets.

Although profitability has improved in part through cost-management initiatives, Manpower is smaller and less profitable than its chief rival, Adecco SA (Baa3/positive) in all its largest markets, Moody’s noted.

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