French Public Hospital AP-HP's New EUR300 Million Commercial Paper Program Rated 'A-1+'

PARIS (Standard&Poor's) Dec. 9, 2015--Standard&Poor's Ratings Services today assigned its 'A-1+' short-term rating to Assistance Publique - Hopitaux de Paris' (AP-HP's) new €300 million French commercial paper (CP; "billets de trésorerie") program. This is the first CP program set up by a French public hospital. We understand that AP-HP plans to issue CP to cover intramonth liquidity needs while using its committed liquidity lines as backup liquidity for the CP program. We equalize our ratings on AP-HP with our sovereign ratings on France (AA/Negative/A-1+, unsolicited) because we consider that there is an almost certain likelihood that the French government would provide timely and sufficient extraordinary financial support to AP-HP in the event of financial distress. This

...PARIS (Standard & Poor's) Dec. 9, 2015--Standard & Poor's Ratings Services today assigned its 'A-1+' short-term rating to Assistance Publique - Hopitaux de Paris' (AP-HP's) new 300 million French commercial paper (CP; "billets de trTsorerie") program. This is the first CP program set up by a French public hospital. We understand that AP-HP plans to issue CP to cover intramonth liquidity needs while using its committed liquidity lines as backup liquidity for the CP program. We equalize our ratings on AP-HP with our sovereign ratings on France (##/Negative/A-1+, unsolicited) because we consider that there is an almost certain likelihood that the French government would provide timely and sufficient extraordinary financial support to AP-HP in the event of financial distress. This reflects our assessment of AP-HP's: + Critical role for the French government, given its unique position in the French health care system as the country's (and Europe's) largest hospital group and university medical...

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