Standard & Poor's President to step down soon
The international credit rating agency Standard & Poor's that has recently downgraded the credit rating of United States from AAA to AA+ on August 05, 2011 is soon going to step down its President Deven Sharma under heavy pressure.
Due to agency's rating, the US stock market plunged heavily and it is expected that the passed slump would return back in US. The US president Barak Obama, Treasury Secretary Timothy F. Geithner and other institutions had criticised the ratings of Standard & Poor's.
On the other hand the other prestigious rating agencies Fitch and Moody's have retained their previous rating status of USA's long-term debt.
Under heavy pressure and severe criticism, the Indian-American Deven Sharma will resign from his post by September 12, 2011, and leave the company by the year end, media reports say. He was replaced by CitiBank's Chief Operating Officer (COO) Douglas Peterson.
The ratings agency Standard & Poor's said late Monday that it was well before decided to step down Deven when Standard & Poor's was split from its parent company McGraw Hill in last November.
Now, the inquiry by the Justice Department into its ratings of subprime mortgage securities has lead its decision to step down Deven.
Standard & Poor's is one of the most recognized names in finance comprised of two separate businesses ? one is its credit rating agency, a vital cog in global capitalism that monitors the corporate world's debt issuances and other is a unit that manages its index products like the Standard & Poor's 500-stock index.
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