On Dec. 28, 2007, Standard&Poor's Ratings Services affirmed its 'AAA' long-term issuer credit rating on French public hospital group Assistance Publique - Hôpitaux de Paris (AP-HP). The outlook is stable. The rating reflects AP-HP's track record of strong state support, its specific and direct supervision by the central government due to its systemic importance in France's health care budget, and its national flagship role for medical education and research. The rating also reflects AP-HP's strong business profile as Europe's largest hospital group, representing about 50% of Paris' and 30% of Ile-de-France's hospital capacity and activity. The rating also takes into consideration AP-HP's modest financial risk profile reflecting, in particular, low debt leverage despite a relatively weak operating margin.
