Standard&Poor's Ratings Services has affirmed its 'AAA' long-term issuer credit rating on French public-hospital organization Assistance Publique – Hôpitaux de Paris (AP-HP). The outlook is stable. We equalize the rating on AP-HP, which we consider to be a government-related entity (GRE), with the ratings on the Republic of France (AAA/Stable/A-1+), reflecting the "almost certain" likelihood of timely and sufficient extraordinary support from the French government in the event of financial distress. In application of our criteria on GREs, our opinion is based on AP-HP's: "Critical role" in the French sanitary system as France and Europe's largest hospital group. AP-HP represents about 50% of Paris' hospital capacity and activity, has an international flagship role for medical education and research,
