Standard & Poor's president Deven Sharma is to step down next month and is to be replaced by Citibank chief operating officer Doug Peterson.

Peterson will become president of Standard & Poor's on 12 September,as Sharma works on owner McGraw-Hill's strategic portfolio review. Sharma is to leave McGraw-Hill at the end of the year 'to pursue other opportunities'.

Harold McGraw, chairman, president and chief executive officer of The McGraw-Hill Companies, said Peterson was 'a seasoned executive' with more than 25 years of experience.

McGraw also praised current president Sharma for his time at Standard & Poor's.

He added, 'Four years ago, in one of the most difficult times facing S&P in the midst of the financial crisis, I turned to Deven whose background as head of S&P's Investment Services, head of McGraw-Hill's Global Strategy and as a partner at Booz Allen & Company, brought the right kind of skills to address the situation.'

The move comes less than a month after the rating agency downgraded the US AAA debt rating, which was criticised by many politicians Stateside.

To receive more relevant articles like this one, why not sign up to our weekly newsletters, click here