NEW YORK (

TheStreet

) -- The president of ratings agency

Standard & Poor's

, Deven Sharma, will leave the company and be replaced by Douglas Peterson, currently the chief operating officer of

Citibank N.A.

, the chief banking unit of

Citigroup

(C) - Get Report

.

Sharma's resignation from S&P, a subsidiary of

McGraw-Hill

(MHP)

, comes weeks after the company downgraded the U.S. credit rating to AA+ from AAA, an action that received strong criticism from the Obama administration. Other ratings agencies maintained their AAA ratings for the U.S.

McGraw-Hill, in a statement, said Sharma was "ready for new challenges" after he led a split of S&P's credit ratings service from its data, pricing and analytics business.

Sharma will leave by the end of 2011, staying on as an adviser until then. Peterson will join the company Sept. 12.

-- Written by Joseph Woelfel

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Joseph Woelfel

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