PARIS (Standard&Poor's) Nov. 20, 2006--Standard&Poor's Ratings Services said today that it affirmed its 'AAA' long-term issuer credit rating on French public hospital organization Assistance Publique - Hôpitaux de Paris (AP-HP). The outlook is stable. "The rating reflects our expectation that the French state will uphold AP-HP's existing status as a public health care establishment and maintain its strong financial and operational oversight over the entity," said Standard&Poor's credit analyst Véroniqe Paillat-Chayriguès. The rating also takes into consideration AP-HP's key position in the provision of health care services in France, robust business profile, strong governance, and debt levels that are moderate by national and international standards. The gradual introduction since 2004 of an output-oriented reimbursement
