NEW YORK (
) -- 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
, the chief banking unit of
Sharma's resignation from S&P, a subsidiary of
, 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
>To contact the writer of this article, click here:
>To submit a news tip, send an email to:
Copyright 2011 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.