July 26, 2011 / 4:30 PM / in 7 years

UPDATE 1-S&P, Moody's execs to testify before Congress

(Updates with background on S&P speaker)

WASHINGTON, July 26 (Reuters) - Executives from rating agencies Standard & Poor’s and Moody’s Investors Service are scheduled to testify on Wednesday on attempts to reform the credit rating industry and the role it is playing in the U.S. debt ceiling debate.

A House Financial Services subcommittee said on Tuesday Deven Sharma, president of McGraw-Hill Cos Inc MHP.N unit Standard & Poor‘s, and Michael Rowan, global managing director for the commercial group at Moody’s Corp’s (MCO.N) Moody’s Investors Service, will appear before the panel.

Sharma was named president of S&P in 2007, five years after joining McGraw-Hill in 2002. He was executive vice president of S&P’s investment services and global sales division and prior to that executive vice president of global strategy at McGraw-Hill.

    A graduate of India’s Birla Institute of Technology with a doctoral degree in management from Ohio State University, Sharma was a partner at management consulting firm Booz Allen Hamilton for 14 years prior to joining McGraw-Hill. Booz Allen is a major contractor of the U.S. government.

    Information on Michael Rowan was not found on Moody’s website, nor was it made immediately available by the firm. (Reporting by Karey Wutkowski in Washington and Daniel Bases in New York; Editing by Andrea Ricci)

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