The financing of water and sewage services: an analysis of the recent past (2016-2019) and challenges of diversifying sources to achieve universalization

Abstract Using information from the 2016 and 2019 financial statements, the article analyzes how the main providers of water and sewage services in Brazil finance themselves. The characterization of each of the different sources together with the comparison of their shares in the companies' debts aims to explain how providers have financed themselves, identifying strategies and pointing out challenges for the future leverage of investments. Specifically, the issuances of debentures, which rose significantly in the period, were analyzed. Faced with the need to more than double average investments made from 2007 to 2019 in order to universalize services in the country by 2033, as given in the National Basic Sanitation Plan and the new legal framework for sanitation, the article seeks to understand which type of funding source is most suitable for each type of investment within the sector, defending their complementarity in achieving universalization investments. Finally, some perspectives and challenges are pointed out for increasing investments with a view to universalization.摘要 本文依托2016年与2019年的财务报表数据，剖析巴西境内主要供水与污水处理服务运营商的融资模式。通过对各类融资渠道的特征梳理，以及各渠道在企业债务中的占比对比，本文旨在阐明供水与污水处理服务运营商的融资路径，识别其融资策略，并指出未来通过杠杆撬动投资所面临的挑战。具体而言，本文重点分析了报告期内大幅增长的公司债券（debentures）发行情况。根据《国家基本卫生计划》与全新的卫生行业法律框架要求，巴西需在2033年前实现服务全民覆盖，而这需要将2007至2019年的平均投资规模提升一倍以上。在此背景下，本文旨在探究该行业内不同投资类型适配的融资渠道，并论证各类融资渠道的互补性对实现全民覆盖投资目标的重要性。最后，本文针对以全民服务覆盖为目标的投资扩容工作，提出了相关发展展望与面临的挑战。