Assistance Publique - Hopitaux 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 a leading university medical center. Constrained financial performance due to labor shortages and constrained capacity leading to large deficits. Direct and indirect state control and supervision over the group?s activities. Elevated inflation and a higher wage bill will keep the pressure on AP-HP?s spending. Strong direct central government support over 2023-2027 for AP-HP?s large investment program. Debt will continue to rise over 2024-2027 because of operational deficits and investment projects. As such, we equalize our ratings on AP-HP with the ratings on France (unsolicited AA-/Stable/A-1+). We consider AP-HP a government-related entity

...We anticipate 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 ##-/Stable/A-1+). We consider AP-HP a government-related entity (GRE), and we base our rating approach on our view of AP-HP's:...

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