Extraordinary financial support of the French Republic is in our view "almost certain." "Critical" role for and "integral" link with the French government. Track record of strong ongoing state support. Unique position within France's hospital system with unrivaled size and scope of activities. Deteriorating budgetary performance from the output-based financing system, requiring further efficiency gains to restore positive operating income. Largely rigid cost-base. Significant investments, leading to debt accumulation since 2006. Standard&Poor's Ratings Services equalizes its rating on French public hospital group, Assistance Publique - Hopitaux de Paris (AP-HP), with its long-term sovereign rating on the Republic of France (AAA/Stable/A-1+, unsolicited). This reflects our view that there is an "almost certain" likelihood that the French state would provide
