AVICAL S.A.

AVICAL S.A. is a short, hard-edged corporate name that gives away almost nothing about the business behind it. By our assessment, that makes it more of a legal shell than a recognizable public brand, which is common for companies that operate away from retail attention. The upside is that it is concise and formal; the downside is that it carries very little texture, so the practical picture stays blank. That leaves the rating modest and cautious, based on shape rather than any visible reputation.