Standard & Poor's creates 'internal regulator' role

In an effort to "strengthen its ratings process, increase transparency and better serve capital markets", rating agency Standard & Poor's has appointed Ray Groves to the newly created position of ombudsman, effective February 16.

Groves, a former chairman and chief executive at Ernst & Young, will be expected to address issues and concerns about agency practices raised externally and internally, while making sure S&P has the necessary channels to deal with problems.

He will report directly to