...Strengths: Weaknesses: + Europe's largest hospital group. + Critical role for the French government as the largest health provider and leading university center. + Direct and indirect state control and supervision over the group's activities. + Debt build-up will continue throughout 2022 as a result of large investment projects. Outlook The stable outlook on Assistance Publique - Hopitaux de Paris (AP-HP) reflects that on France (unsolicited ##/Stable/A-1+). We believe that AP-HP will retain an almost certain likelihood of extraordinary support from France if necessary. We therefore expect the ratings on AP-HP to move in line with those on the sovereign. Although unlikely at this stage, we might consider a negative rating action if we saw any indication of a potential reduction in the likelihood of extraordinary support from the French government. This could occur, for instance, if we saw further sharp deterioration in AP-HP's financial situation without support from the government to compensate...
