The rating on French public-hospital organization Assistance Publique-Hôpitaux de Paris (AP-HP) reflects Standard&Poor's expectation that the French state will uphold AP-HP's existing status and maintain strong financial and operational control over the entity. The rating also reflects AP-HP's key role in the provision of health care services in France and abroad, as well as its secure revenue base derived from the national social-security system. The revenue base enables AP-HP to record satisfactory financial performance and to post modest debt by national and international standards. The increasing consumption of costly drugs and treatments could, however, put pressure on the balance in the short to medium term. In the framework of the "Hospital 2007" nationwide plan aimed at improving overall
