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 as a public health care establishment ("établissement public de santé") and maintain its strong financial and operational control over the entity. The outlook is stable. The rating also takes into consideration AP-HP's status and close relationship with the state, key position in the provision of health care services in France and abroad, and secure revenue base derived from the national social security system, which enables AP-HP to record a satisfactory financial performance and to post debt levels that are modest by national and international standards. The forthcoming reform of the allocation of social
