We continue to equalize our ratings on French public hospital group Assistance Publique - Hopitaux de Paris (AP-HP) with our sovereign ratings on France. This reflects our view of an almost certain likelihood of timely and sufficient extraordinary financial support from the state to AP-HP in case of need. We are therefore affirming our 'AA/A-1+' long- and short-term ratings on AP-HP. The stable outlook continues to reflect that on France. On July 5, 2018, S&P Global Ratings affirmed its 'AA/A-1+' long-and short-term foreign and local currency issuer credit ratings on French public hospital group Assistance Publique - Hopitaux de Paris (AP-HP). The outlook remains stable. We also affirmed our 'AA' long-term issue rating on AP-HP's €2 billion euro medium-term note
