Head of rating agency S&P stepping down

August 22, 2011 7:50:04 PM PDT
Standard & Poor's says that its president is stepping down, an announcement coming only weeks after the rating agency's unprecedented move to strip the United States of its AAA credit rating.

S&P says Deven Sharma will be replaced by Douglas Peterson, now the chief operating officer of Citibank N.A., Citigroup's chief banking arm.

The agency says Sharma decided to move on after helping S&P separate its data, pricing and analytics business from its ratings business, a restructuring announced late last year.

Its statement makes no mention of the downgrade that sent shock waves through global financial markets and was sharply criticized by the Obama administration, which said the agency's analysis was fundamentally flawed.