S&P President Stepping Down

Standards and Poor’s President Devin Sharma will be leaving the ratings agency next month.

The announcement comes shortly after the agency downgraded the U.S.’ credit rating, taking it from a AAA rating to an AA+.

According to a statement released by the McGraw-Hill Companies, which holds S&P as a subsidiary, Sharma will “take on a special assignment working on the Company’s strategic portfolio review until the end of the year” and will then leave the agency to “pursue other opportunities.”

“It has been a privilege to serve as the president of S&P and I am proud of what we as an organization have achieved over the past four years,” Sharma said in a statement.

Citibank N.A. Chief Operating Office Douglas Peterson has ben named as Sharma’s successor.