Fitch's view of MPMF's lesser importance to JACCS primarily stems from the limited synergies between the two, our opinion that management operates with considerable independence, different branding, and MPMF's modest contribution to its parent.
Fitch's view of MPMF's standalone credit profile takes into account its modest franchise with around 1.5% share of the industry's total financing receivables, its high appetite for financing growth as reflected in growth in net managed receivables of 25% during 1H18 (industry: 4%), manageable asset quality (non-performing financing ratio of 2.4% compared with the sector's 3.2%), profitability lower than that of its peers' (return on assets of 1.3% compared with around 3.5% for the industry) and capitalisation and funding and liquidity profiles that benefit from support from JACCS.
Any significant dilution in ownership by, or perceived weakening of support from, JACCS would exert downward pressure on the ratings of MPMF, including the possibility of multi-notch downgrades.
Greater synergies and integration between JACCS and MPMF, increased JACCS ownership in MPMF, or other forms of tangible support from the parent, could be positive for MPMF's ratings.
MPMF was mixed with a PHEMA-S solution, which was already prepared, and the silicate solution was also added to the solution.
composition TEOS:MTES Hardness Adhesion surface PS40-1 PS40 4:0 - - [CHI] PS40-2 3:1 2H 96 [DELTA] PS40-3 2:2 2H 100 [OMICRON] PS40-4 1:3 1H 100 [OMICRON] PS40-5 0:4 1H 100 [OMICRON] PS60-1 PS60 4:0 - - [CHI] PS60-2 3:1 3H 94 [DELTA] PS60-3 2:2 3H 100 [OMICRON] PS60-4 1:3 2H 100 [OMICRON] PS60-5 0:4 1H 100 [OMICRON] PS80-1 PS80 4:0 - - [CHI] PS80-2 PS80-3 3:1 2H 92 [DELTA] PS80-4 PS80-5 2:2 2H 100 [OMICRON] 1:3 1H 100 [OMICRON] 0:4 1H 100 [OMICRON] TEOS + MTES, 0.010 mol; PHEMA, 0.750 g; MPMF, 1.50 g; [OMICRON], very good; [DELTA] not bad; [CHI], bad.
This means that mole ratio of silicates and MPMF play an important role in the hardness of the coatings.
Compared to SNP 6223, SNP -41 and SNP -956, the mutation of SNP--781 existing only in MPMF
sheep breed (common meat breed) was not found in double muscling haplotypes (Haplo2 and 8), showing insignificant association with ADG.
This analysis of MPMF 2002 proceeds by examining four characteristics of the statutory scheme.
Part I of this Note examines the scope of MPMF 2002's grant of original federal jurisdiction, including issues that are likely to arise in interpreting and applying the statutory text.
This Note's conclusion is that, although MPMF 2002 marks an important step toward just and efficient adjudication of litigation arising from severe mass accidents, the imprecision with which Congress drafted the statute will make it necessary for Congress to enact modifications, or for courts to develop common law workarounds, to allow the intended consolidation and thereby achieve the statute's policy goals.
The rating actions follow the sale of a 20% equity interest in MPMF
by PT Mitra Pinasthika Mustika Tbk (MPM; BB-/Stable), an Indonesian integrated automotive company, to JACCS Co.