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After effects of downgrading US credit rating: KO for S&P president

Tuesday, August 23rd 2011 - 06:33 UTC
Full article 2 comments
Deven Sharma will take on “a special assignment” Deven Sharma will take on “a special assignment”

Standard & Poor's (S&P) president Deven Sharma has stepped down just weeks after the agency downgraded the US credit rating. He will be replaced by Douglas Peterson, chief operating officer of Citibank with effect from 12 September, the agency said.

Mr Sharma will take on “a special assignment” within the company before leaving at the end of the year. S&P has been criticised by US authorities for the credit rating cut.

Timothy Geithner, the US Treasury Secretary, in an interview with NBC said the agency had shown terrible judgement and handled themselves poorly.

However, the company did not mention whether the decision was related to the credit rating downgrade and its criticism thereafter.

“S&P will continue to produce ratings that are comparable, forward looking and transparent.” the company said in a statement.

Last year the company announced that it was splitting its business into two separate entities, the credit rating service and McGraw-Hill Financial.

The company said as the two separate businesses take shape, Mr Sharma had decided to pursue other opportunities.

“Deven assisted us with the creation of these two high-growth segments and was then ready for new challenges,” it said in a statement. “Accordingly, we began a process to identify a new leader for S&P.”

Categories: Economy, Politics, United States.

Top Comments

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  • Ricky

    AT LAST !!! ”Cristina(eco)nomics“ are being adopted by the U.S.A. if you don't like the report fire the messenger and change it to what you want. I note he also has Argentine experience.Snr.Bodou should look further afield to the Fed Reserve for promotion, and Snr Timerman, now that he has settled all self imposed Argentine disputes between Uruguay could also look further afield,and look at Hilary's position and claim title to Iraq ..much more impressive than the pathetically small Falklands,and far more oil to be taken..and NO sheep to worry about.Then Bill could come down here and balance the budget and become ”close” friends with the Casa Rosada..after all more colorfull than the White House...tralalalal...

    Aug 23rd, 2011 - 04:58 pm 0
  • xbarilox

    This is old news, now this is breaking news!!!
    As if it wasn't enough the recession, an earthquake joins the party!!!

    Aug 23rd, 2011 - 06:34 pm 0
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