The Virginia Port Authority's decision not to pursue a public-private partnership could have a negative impact on other potential port privatization deals, according to a new report from Fitch Ratings.
Two groups, APM Terminals, Inc. and Virginia Port Partners, had submitted bids to operate the port of Virginia as a P3. Last month, the VPA board announced it had decided to reject both proposals. Virginia Gov. Bob McDonnell, who had directed the authority to evaluate the bids, said Tuesday that he accepted the board's decision provided it institute considerable auditing and restructuring of the port's current operational structure.