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Moody's: 2014 FIFA World Cup to provide temporary lift for Brazil

 The document has been translated in other languages

Global Credit Research - 31 Mar 2014

Sao Paulo, March 31, 2014 -- While the 2014 FIFA World Cup will have little lasting impact for most rated sectors in Brazil, the food and beverage, lodging, car rental, TV broadcasting and advertising sectors will see a revenue boost during the games, Moody's Investors Services says in a new report, "2014 FIFA World Cup Brazil: A Quick Score for the Beverage, Travel, Construction and Broadcast Sectors."

"Some hope hosting the World Cup will help lift Brazil out of economic slowdown, but the associated economic activity ultimately pales before the country's $2.2 trillion economy, the usual levels of investment spending and the annual revenues of most companies," says Vice President -- Senior Analyst, Barbara Mattos. "The 32-day event will provide short-lived sales increases that are unlikely to materially affect earnings and disruptions associated with traffic, crowding and lost work days will take a toll on business."

Nevertheless, the World Cup is a rare sporting event that offers an opportunity for global media exposure, Mattos says. Each game during the last World Cup, in 2010, had an average audience of 188.4 million people, and 1 billion people watched at least part of the tournament. Set to the benefit from increased exposure are large corporate sponsors including Coca-Cola Co., Adidas AG, Anheuser-Busch InBev SA/NV's Budweiser and Oi S.A.

While the BRL26 billion ($11 billion) in planned spending on football stadiums and airport, port and urban mobility upgrades is positive for local infrastructure providers, it accounts for only 0.7% of overall planned investment in Brazil in 2010-14 and most of the impact has already been felt, according to the new report. Invepar, a domestic infrastructure investment company, stands out as the most affected by World Cup spending. Heavy construction companies Construtora Andrade Gutierrez S.A., OAS S.A. and Mendes Junior Trading e Engenharia S.A. have also gained substantially.

And for host cities and states, official estimates of World Cup-related spending range from just 0.24% to 12.75% of expected 2014 fiscal revenues. Spending on World Cup projects is incorporated within host cities and states infrastructure pipeline, remains well within budgets and will not affect their long-term credit quality.

» But hosting football's marquee event isn't entirely without risk, Moody's notes. "While the World Cup offers potential reputational benefit, Brazil's image would be marred by a reprise of the social unrest seen last June, during a run-up event, the Confederations Cup, as it would be if needed infrastructure were not ready in time, with negative implications across sectors."

Moody's research subscribers can access this report at https://www.moodys.com/research/2014-FIFA-World-Cup-Brazil-A-Quick-Score-for-the--PBC_166461.

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: New York +1-212-553-0376, London +44-20-7772-5456, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, São Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at mediarelations@moodys.com or visit our web site at www.moodys.com.

Barbara Mattos, CFA
Vice President - Senior Analyst
Corporate Finance Group
Moody's America Latina Ltda.
Avenida Nacoes Unidas, 12.551
16th Floor, Room 1601
Sao Paulo, SP 04578-903
Brazil
JOURNALISTS: 800-891-2518
SUBSCRIBERS: 55-11-3043-7300

Marianna Waltz, CFA
Associate Managing Director
Corporate Finance Group
JOURNALISTS: 800-891-2518
SUBSCRIBERS: 55-11-3043-7300

Releasing Office:
Moody's America Latina Ltda.
Avenida Nacoes Unidas, 12.551
16th Floor, Room 1601
Sao Paulo, SP 04578-903
Brazil
JOURNALISTS: 800-891-2518
SUBSCRIBERS: 55-11-3043-7300

Moody's: 2014 FIFA World Cup to provide temporary lift for Brazil
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