PARIS (Standard&Poor's) Oct. 9, 2006--Standard&Poor's Ratings Services said today that it assigned its 'AAA' long-term senior unsecured debt rating to the €1 billion EMTN program launched by French public-hospital organization Assistance Publique - Hôpitaux de Paris (AP-HP; AAA/Stable/--). The program will finance part of AP-HP's 2005-2009 investment program. "The debt rating is the same as the issuer credit rating, which reflects AP-HP's strong integration within the French state, robust business position, satisfactory financial performance, prudent management, and currently moderate debt burden," said Standard&Poor's credit analyst Véronique Paillat-Chayriguès. The issuer credit rating also factors in the organization's limited flexibility linked to regulated revenues and expenditures, as well as uncertainties derived from ongoing reforms of the
