Port of Portland: No Fear of Bond Default

PORTLAND-Port of Portland officials say they are not at risk of defaulting on bonds as a result of decreased airport revenues associated with the industry’s shut down and slow ramp up following the terrorist attacks earlier this month.

“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.”