Mmodal is First US Corporate Default Recorded for 2014
Standard & Poor’s Ratings Services (S&P) said that it lowered its corporate credit rating on US clinical documentation solutions provider MModal Inc this week after the company failed to make an interest payment on its unsecured notes on 18 February.
S&P added that it marks the first US-based default in 2014 and raises the global corporate default tally to three issuers. The three defaults so far this year are based in Kazakhstan, Poland, and the US respectively.
Of the 13 defaults that had occurred at this time last year, nine were based in the US, three were based in Europe and one was based in the emerging markets (EM) region. In 2013, the majority of defaulters were based in the US with 43 issuers.