We continue to believe that there is an "almost certain" likelihood of timely and sufficient extraordinary government support for French public hospital group AP-HP in the event of financial distress. This view leads us to equalize our rating on AP-HP with our 'AAA' unsolicited long-term sovereign rating on the Republic of France. We are affirming our 'AAA' issuer credit rating on AP-HP. The stable outlook reflects our belief that AP-HP will retain its "critical" role for and "integral" link with the French state. We therefore anticipate that our rating on AP-HP will move in line with our long-term rating on France. On April 12, 2011, Standard&Poor's Ratings Services affirmed its 'AAA' long-term issuer credit rating on French public
