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S&P replaces president after US downgrade

Standard & Poor’s said its president is stepping down, capping two weeks of controversy following the rating agency’s downgrade of US government debt on August 5 that sparked a row with the Treasury. S&P’s parent McGraw-Hill Companies Inc , said on Tuesday Deven Sharma, who has served as S&P president since 2007, will be succeeded on Sept. 12 by Citibank Chief Operating Officer Douglas Peterson. “S&P will continue to produce ratings that are comparable, forward looking and transparent,” McGraw-Hill said in a statement, adding that Sharma would work on a strategic portfolio review for the group until leaving at year-end. The one-notch downgrade of US government…