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Standard & Poor’s president quits amid criticism over sub-prime crisis

Standard & Poor’s president Kathleen Corbet has quit with immediate effect “to pursue other opportunities” following the recent criticism of ratings agencies for failing to see the sub-prime mortgage crisis coming.

McGraw-Hill, S&P’s parent company, insisted that Corbet had left to spend more time with her family and that her departure was not related to any of the recent sub-prime mortgage issues.

S&P faced criticism over how long it took for it to downgrade its ratings on a number of securities that were backed by sub-prime mortgages.

Corbet is replaced by Deven Sharma.

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