This report does not constitute a rating action. Overview Key strengths Key risks Critical role for the French government as the largest health provider in France (and Europe) and leading university medical center. Debt build-up will continue throughout 2022-2023 because of large investment projects. Direct and indirect state control and supervision over the group's activities. The pandemic continues to affect the public hospital, which runs significant operating deficits. Strong support from central government demonstrated by COVID-19-related support and the Segur plan. The stable outlook on Assistance Publique - Hôpitaux de Paris (AP-HP) mirrors that on France (unsolicited AA/Stable/A-1+). We would consider a negative rating action if we were to take a negative rating action on France. Although unlikely at this
