French Public Hospital Group AP-HP 'AA/A-1+' Ratings Affirmed; Outlook Stable

We continue to equalize our ratings on French public hospital group Assistance Publique - Hopitaux de Paris (AP-HP) with our sovereign ratings on France. This reflects our view of an almost certain likelihood of timely and sufficient extraordinary financial support from the state to AP-HP in case of need. We are therefore affirming our 'AA' long-term ratings and 'A-1+' short-term ratings on AP-HP. The stable outlook continues to reflect that on France. On July 12, 2017, S&P Global Ratings affirmed its 'AA/A-1+' long-and short-term foreign and local currency issuer credit ratings on French public hospital group, Assistance Publique - Hopitaux de Paris (AP-HP). The outlook remains stable. We also affirmed our 'AA' long-term issue rating on AP-HP's €2 billion euro

...We continue to equalize our ratings on French public hospital group Assistance + Publique - Hopitaux de Paris (AP-HP) with our sovereign ratings on France. This reflects our view of an almost certain likelihood of timely and sufficient + extraordinary financial support from the state to AP-HP in case of need. We are therefore affirming our '##' long-term ratings and 'A-1+' short-term + ratings on AP-HP. The stable outlook continues to reflect that on France. + On July 12, 2017, S&P Global Ratings affirmed its '##/A-1+' long-and short-term foreign and local currency issuer credit ratings on French public hospital group, Assistance Publique - Hopitaux de Paris (AP-HP). The outlook remains stable. We also affirmed our '##' long-term issue rating on AP-HP's 2 billion euro medium term note program and our 'A-1+' short-term issue rating on its 300 million commercial paper (CP) program. The affirmation indicates that we continue to equalize the ratings on AP-HP with the long-term sovereign ratings...

Ratings Action