The rating on Vermont Educational and Health Buildings Financing Agency's bonds, issued for Brattleboro Memorial Hospital (BMH), reflects: * Limited direct competition within service area; * Solid operating performance and financial flexibility; improved cash position; and * Low cost provider. These factors are somewhat offset by BMH's small business base, a small active medical staff and concentrated payor mix with about 51% of revenues derived from government sources. BMH is a licensed 104-bed facility (61 staffed beds), located in Brattleboro, Vermont. The hospital is somewhat geographically isolated and its nearest competitor is located 20 miles away. As a result, BMH dominates its service area, capturing 58% of the inpatient market. Most of the outmigration is for services BMH does not
