Standard&Poor's affirmed its triple-'A' long-term issuer credit rating on French public-hospital organization Assistance Publique – Hôpitaux de Paris (AP-HP) on May 28, 2002, following an annual review. The outlook remains stable. The affirmation is based on Standard&Poor's expectation that the French state will uphold AP-HP's existing status and maintain its strong financial and operational control over the entity. The rating also reflects AP-HP's key position in the provision of health care services in France and abroad, as well as its secure revenue base derived from the national social-security system; this revenue base enables AP-HP to consistently record satisfactory financial performance and post modest debt by national and international standards. AP-HP's financial profile is stable and secure.
