K.S. Rajan (10 Aug 2011)
"Indian hand behind US market misery"


 
 
Indian hand behind US market misery

Deven Sharma was at the forefront of S&P decision to downgrade US credit rating


Indian hand behind US market misery
New Delhi: There is an Indian at the helm of affairs surrounding the historic downgrade of the United States' creditworthiness. Ratings agency Standard & Poor's' unprecedented move was taken under the leadership of Indian-born Deven Sharma.
Sharma was at the forefront of S&P's decision to downgrade the US long-term sovereign credit rating from the top-notch 'AAA' level for the first time ever since a rating was assigned to the world's largest economy.
When the U.S. administration took up cudgels against the ratings agency, terming its analysis flawed and questioning its credibility and integrity, Sharma again led from the front in defending S&P's move.
He said the angry reaction from the U.S. was on expected lines and "the same you would get from any other country or company" being downgraded.
Sharma was named S&P president in 2007. He also chairs the board of Crisil, S&P's Indian subsidiary.