Track record of strong state support Specific and direct supervision by the central government given the group's systemic importance Unrivalled size and diversification conferring strong business profile Modest financial risk profile with low debt leverage Ongoing modernization with effective streamlining and cost-control efforts €200 million funding gap by 2010 Highly rigid and above-average cost base Growing competition from the private sector The rating on French public hospital organization Assistance Publique – Hôpitaux de Paris (AP-HP) reflects its track record of strong state support, its specific and direct supervision by the central government due to its systemic importance in France's health care budget, and its national flagship role for medical education and research. The rating also reflects AP-HP's strong business profile
