"Earlier today, (a local daily newspaper) printed a story suggesting the Port was at risk of defaulting on its bond," said Port of Portland Executive Director E.B. Galligan in a written statement. "That is absolutely not the case."
Galligan went on to state that the port, "like every other airport operator in the country," is attempting to better understand the revenue and cost impacts of airline operations following the attack.
"The Port is reviewing its business plan and budget and will be making adjustments as needed," he wrote. "Additionally, it's worth noting that PDX has one of the highest bond ratings of any airport in the U.S., and that PDX bonds are insured for payment of debt service.
"It's true that much of our situation depends on what happens with the airline industry. But we must remember that's greatly dependent on the unknown factor of human nature and when people decide to make flying a regular part of their lives again. We here at the Port are confident that that time will come."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
