S&P boss steps down, weeks after unprecedented US downgrade

The president ratings agency Standard & Poor’s is to resign from his post within a month, after coming under  international pressure for his firm’s decision to strip the United States of its triple-A credit rating.
A statement from S&P, published earlier today, published that its current president Deven Sharma, 55, could be taking up a new assignment “working on the company’s strategic portfolio review until the end of the year”, after which he would be leaving.
The statement comes less than three weeks after his ratings agency – which ranks Ireland only one notch above the ‘junk’ threshold – decided to downgrade its rating of US goverment, for the first time in that government’s history.
The decision was not liked by many investors and commentators around the world, with large numbers criticising S&P for overlooking the US’s ability to print enough cash to clear its debts.