We equalize our rating on French public hospital group AP-HP with our long-term sovereign rating on France. This reflects our view of an "almost certain" likelihood of timely and sufficient extraordinary financial support from the state to AP-HP. We are affirming our 'AA+' long-term rating on AP-HP. The negative outlook reflects that of the French Republic. On July 15, 2013, Standard&Poor's Ratings Services affirmed its 'AA+' long-term issuer credit rating on French public hospital group, Assistance Publique - Hopitaux de Paris (AP-HP). The outlook remains negative. We also affirmed our 'AA+' long-term debt rating on AP-HP's €2 billion euro Medium-Term Note (EMTN) program. We equalize our rating on AP-HP with our long-term sovereign rating on the Republic of
