We continue to 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 therefore affirming our 'AA' long-term rating on AP-HP. The stable outlook reflects that on the French Republic. On July 11, 2014, 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 is stable. We also affirmed our 'AA' long-term issue rating on AP-HP's €2 billion Euro Medium-Term Note (EMTN) program. The affirmation reflects that we continue to equalize the rating on AP-HP
