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Global Credit Research - 05 Oct 2010
New York, October 05, 2010 -- Rising demand driven by Brazil's economic growth will need to be
supported by improved transportation, sanitation and electric systems,
said Moody's in a new report on the key trends and challenges of
increasing infrastructure investments in Brazil.
The favorable political and economic environment that has developed in
Brazil over the past decade has attracted both domestic and international
investors to the country's infrastructure sector, said Moody's.
Additionally, the projected spike in Brazil's economic growth
is expected to further expand infrastructure investment in the country
over the next 10 years.
"However, one of the biggest challenges to expanding investment
levels ¬- specifically in infrastructure - is Brazil's
lack of adequate long-term funding," said Jose Soares,
Moody's Vice President-Senior Analyst.
The 2014 FIFA World Cup and 2016 Olympic Games to be hosted by Brazil
have placed the country's deficient infrastructure in the spotlight,
especially the insufficient airport capacity and urban transportation
The logistical bottlenecks associated with significant congestion at the
major seaports and the poor condition of rail and roads threaten Brazil's
continued competitiveness and economic growth, Soares noted.
"Most importantly, the country's accelerated growth
rate necessitates a steady increase in energy supply, including
oil, gas and electricity."
According to Moody's, all of these interconnected conditions
must be addressed for Brazil to be able to continue both its economic
development and reduce social inequalities on a sustainable basis.
Brazil's federal investment bank, BNDES, has been the
primary funding source for investments. Other federal financial
institutions that have recently expanded their funding for both industrial
and infrastructure projects, include Caixa Economica Federal,
Banco do Brasil and Banco do Nordeste.
"These institutions play an important role in Brazil's development
but they can't afford to provide loans at subsidized interest rates
indefinitely and they don't have the resources to fund all of the
country's infrastructure needs," Soares said.
Therefore, long-term infrastructure projects will need to
rely increasingly on private sector investments that come through both
local and international capital markets.
The local debt markets could become an increasingly important complementary
funding source in the next couple of years if Brazil is able to reduce
interest rates, lengthen the duration of funding and create a secondary
market for local securities, the report said. Thus far,
only a few Brazilian infrastructure companies have accessed the international
markets because of the risks associated with currency mismatch and the
lack of adequate hedging mechanisms.
The report, "Brazil Infrastructure: Key Trends and Challenges,"
is available on Moody's web site, www.moodys.com.
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Moody's: Brazil's Economic Growth Fuels Need to Increase Infrastructure Investment
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