The rating on French public-hospital organization Assistance Publique -- Hôpitaux de Paris (AP-HP) is based on Standard&Poor's expectation that the French state will uphold AP-HP's existing status and maintain its strong financial and operational control over the entity. The rating also reflects AP-HP's key position 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; this revenue base enables AP-HP to consistently record a satisfactory financial performance and post modest debt by national and international standards. AP-HP's financial profile is stable and secure. The operating budget is balanced through a subsidy from the French social-security regime, which accounts for about 80% of operating revenues
