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Head of Moody’s sovereign debt rating service to leave the firm

MOODY’S Investors Service yesterday said the head of its sovereign rating group is leaving the firm, but a spokesman said the decision was not related to market events or recent criticisms of rating agencies.

The decision by Pierre Cailleteau, head of the sovereign rating group, to leave was his own, the spokesman said. Cailleteau’s departure comes amid intense criticism of sovereign rating actions and calls for tougher controls over the three major rating agencies, Moody’s Investors Service, Standard & Poor’s and Fitch Ratings.

A departure date for Cailleteau has not yet been set, and a permanent replacement has not been named. Bart Oosterveld, chief credit officer for public sector ratings, which includes sovereign ratings, will lead the sovereign team on an interim basis.