On Oct. 10, 2014, Standard&Poor's revised its outlook on France to negative from stable and affirmed its unsolicited 'AA/A-1+' sovereign credit ratings. In accordance with our criteria for rating government-related entities, we are therefore revising our outlook on French public hospital group AP-HP to negative from stable and affirming our 'AA' long-term rating. The negative outlook reflects that on the sovereign and indicates that we could lower our long-term rating on AP-HP if we downgrade France. On Oct. 14, 2014, Standard&Poor's Ratings Services revised its outlook on French public hospital group, Assistance Publique - Hopitaux de Paris (AP-HP) to negative from stable. At the same time, we affirmed our 'AA' long-term issuer credit rating on AP-HP.
