TORONTO — Toronto's Island Airport has been renamed after Billy Bishop, Canada's top First World War flying ace who was awarded the Victoria Cross.

The Toronto Port Authority says the airport now will be known as the Billy Bishop Toronto City Airport.

Bishop, a native of Owen Sound, Ont., was credited with 72 victories.

He received the highest British military honour, the Victoria Cross, after a 1917 solo attack on a German base.

The renamed airport will continue to operate under its current call signal -- CYTZ. The Port Authority says it foresees no confusion with CYOS, the Owen Sound Billy Bishop Regional Airport.

The port authority says the change must go through channels and could be made official Feb. 11, 2010.

"Our family is deeply touched by this honour, especially on the day before the solemn tribute of Remembrance Day," Bishop's son, Arthur Bishop, said in a release issued by the Toronto Port Authority.

"Our father loved flying and was very attached to this airport, which was Toronto's first. He would have been very proud to know that Torontonians still remember his accomplishments and choose to recognize them through attaching his name to the island airport."

"He represents all Canadians who were willing to go over and sacrifice for their country," said Mary Smith, the manager of Owen Sound Museums, including the one located in Bishop's former home.