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 AP-HP receiving timely and sufficient extraordinary financial support from the state if needed. We are therefore affirming our 'AA' long-term and 'A-1+' short-term ratings on AP-HP. The negative outlook continues to reflect that on France. On July 25, 2016, 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 negative. We also affirmed our 'AA' long-term issue rating on AP-HP's €2 billion Euro medium-term note
