The rating on Vermont Education and Health Building Finance Agency, issued for Springfield Hospital, reflects: Springfield Hospital's (Springfield) relatively small size and slow-growing revenue base, A high Medicare concentration (50%), Balanced Budget Act (BBA) pressures, and Unprofitable clinic operations. Positive factors include: Springfield's strong primary-care market position, Stable financial performance, Good liquidity, and Low debt. The bonds are secured by net revenues of the hospital. Direct competition in the hospital's large primary service area is limited, with Springfield serving a consistent 58% of the market based on admissions. In addition, the hospital solidifies its primary-care market position by employing a majority of the area's physicians. However, a substantial 25% of the service area's discharges goes to Mary Hitchcock Memorial Hospital
