We continue to equalize our long-term ratings on French public hospital group Assistance Publique - Hopitaux de Paris (AP-HP) with our long-term 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. We are therefore affirming our 'AA' long-term ratings on AP-HP. We are also assigning 'A-1+' short-term ratings to AP-HP. The negative outlook continues to reflect that on France. On July 31, 2015, Standard&Poor's Ratings Services affirmed its 'AA' long-term foreign and local currency issuer credit ratings on French public hospital group, Assistance Publique - Hopitaux de Paris (AP-HP). The outlook remains negative. At the same time, we assigned our 'A-1+' short-term
