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 €300 million funding gap by 2012 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 strong state support underpinned by AP-HP's specific and ongoing direct supervision by the central government due to its social importance, its systemic weight 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
