S and P President's father defends decision to downgrade U.S. debt rating

   Aug 13, 11:47 am

Jamshedpur/Ranchi (Jharkhand), Aug 11 (ANI): Standard and Poor's (S and P) President Deven Sharma's father R.N. Sharma on Thursday defended the decision of his son's firm to downgrade the debt rating of the United States, one of the biggest economies of the world.

Deven had last week stripped the U.S. of its reputable AAA credit rating and brought it down to AA+.

Deven's father R.N. Sharma told mediapersons that the job of the firm was to present the fact to hundreds of investors across the world market.

"I would say that he fulfilled his responsibilities and he has not tried to hide any fact. He never thought that how can any economy be so big. That is not his job, his job is to look at many factors in an economic situation and then report it to the investors," said R.N Sharma.

Deven Sharma was a mechanical engineering student and alumni of one of India's foremost engineering institutes Birla Institute of Technology (BIT) Mesra (Ranchi) in 1977.

"People used to like him because of his friendly and sociable nature. He was a happy go lucky kind of a person. But, yes he had a very disciplined life," said Gopal Pathak, Deven's college batch mate.

Deven completed his schooling from De Nobili in Dhanbad in 1971.

He moved to the U.S. to complete his master's degree from the University of Wisconsin and went on to pursue a doctorate degree in business management from the Ohio State University. (ANI)

Elkjøp Nordic AS selects L&T Infotech as strategic partner for Infrastructure Management May 5, 8:33 am
Mumbai, May 5 (ANI-Businesswire India): Larsen & Toubro Infotech, one of India's global Information Technology services and solutions companies and a subsidiary of Larsen & Toubro Limited, has announced that it has signed a multi-year contract with Elkjøp Nordic AS to provide end-to-end Infrastructure Management and Datacenter services.
Full Story
Clovia launches New Series of Swimwear for Women in India May 5, 8:30 am
New Delhi, May 5 (ANI-Businesswire India): Clovia, India's fastest growing lingerie brand has launched their Brand New Collection of young vibrant swimwear and beach accessories.
Full Story
Indian logistics market likely to touch USD 307 billion by 2020: Ram Kripal Yadav May 4, 5:46 pm
New Delhi, May 4 (ANI): Logistics market in India is expected to witness total worth of USD 307 billion by 2020 as India spends around 14.4 percent of its GDP on logistics and transportation as compared to less than 8 percent spent by the other developing countries.
Full Story
IFC leads Series D investment in Lenskart for quality eyewear expansion May 4, 5:30 pm
New Delhi, May 4 (ANI-NewsVoir): IFC, a member of the World Bank Group, is investing Rs. 171 Crores in Indian eyewear company Lenskart, to help the company expand access to high-quality and affordable eye-care products in tier-III, tier-IV cities.
Full Story
Comments