The chief of Standard & Poor's will step down next month, to be replaced by a senior Citibank executive, in a move announced a few weeks after the credit rating agency downgraded US government debt and sparked a row with Washington.
In the eye of a storm over the downgrade of America's credit rating from AAA to AA+ last week, ratings agency Standard & Poor's President Deven Sharma on Tuesday hoped the decision would over time be seen as objective and independent.
The US credit downgrade has sent global equity markets in a downslide. In an interview with Maria Bartiromo, Deven Sharma, President of Standard & Poor's said that the decision was made mainly because of the rising debt levels and the process of resolving things.
There is an Indian at the helm of affairs surrounding the historic downgrade of the US' creditworthiness, as ratings agency S&P's unprecedented move was taken under the leadership of Deven Sharma.