Standard & Poor’s has appointed Ray Groves, who ran accountancy firm Ernst & Young for 17 years, to the newly-created office of ombudsman as part of its efforts to strengthen its ratings process, increase transparency and improve governance.

The agency said Mr Groves would report outside of the S&P business units to Harold McGraw III, chairman, president and chief executive of The McGraw-Hill Companies, S&P’s parent, and that he would provide an independent review of issues and concerns.