Almost certain likelihood of extraordinary support. Specific and direct supervision by the central government. Track record of strong ongoing state support. Unrivalled size and diversification. Prudent and cost-effective debt and excellent liquidity position. Rapid debt accumulation and decreasing cash flow generation. €320 million "efficiency" gap by 2012. Highly rigid and above-average cost base. The rating on French public-hospital organization Assistance Publique – Hôpitaux de Paris (AP-HP), which Standard&Poor's Ratings Services considers to be a government-related entity (GRE), is equalized with the ratings on the Republic of France (AAA/Stable/A-1+), reflecting the "almost certain" likelihood of timely and sufficient extraordinary support from the French government in the event of financial distress. In application of our criteria on GREs, our opinion
