Assistance Publique - Hôpitaux de Paris

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. Further debt build-up over 2023-2024 because of large investment projects. Direct and indirect state control and supervision over the group's activities. Constrained operating capacity due to labor shortages because of less competitive conditions. Benefits over the past five years from financial support from the central government. As such, we equalize our ratings on AP-HP with the ratings on France (unsolicited AA/Negative/A-1+). We continue to consider AP-HP a government-related entity (GRE), and we base our rating approach on our view of AP-HP's: Critical role for the French government,

...S&P Global Ratings continues to see an almost certain likelihood that the French government would provide timely and sufficient extraordinary support to Assistance Publique - H(pitaux de Paris (AP-HP) in the event of financial distress. As such, we equalize our ratings on AP-HP with the ratings on France (unsolicited ##/Negative/A-1+). We continue to consider AP-HP a government-related entity (GRE), and we base our rating approach on our view of AP-HP's:...

Full Report