PARIS (Standard&Poor's) Oct. 28, 2005--Standard&Poor's Ratings Services said today that it has 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 expectations that the French state will uphold AP-HP's existing status as a public health care establishment ("établissement public de santé") and maintain its strong financial and operational oversight over the entity. It also takes into consideration AP-HP's key position in the provision of health care services in France, robust business profile, satisfactory financial performance, and debt levels that are moderate by national and international standards. "The gradual introduction, since 2004, of the output-oriented reimbursement scheme, which links AP-HP's revenues to
