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Nav Canada Expects Revenue Shortfall From Terrorist Attacks
Nav Canada President John Crichton said he expects the terrorist attacks of Sept. 11 to result in higher rates and a revenue shortfall of $150 million or more over the next year. He said that Nav Canada, along with North American airports, had been placed on CreditWatch by Standard&Poor's. Crichton said Nav Canada's board has accepted a 20% reduction in fees and that management will get pay cuts ranging from 10% down.