S&P's Moritz Kraemer - Europe's AAA-rated Mr Scissorhands

The January downgrades once again thrust S&P and rivals Moody's Investors Service and Fitch Ratings into the limelight. The ratings agencies were heavily criticized after the 2008 financial crisis. A 2011 U.S. Senate investigation reported that ratings agencies downgraded risky mortgage bonds in 2007 having just months before deemed the securities to be comparable to Treasury bills. The inquiry also alleged that ratings agencies worried they would lose fees if they gave lower grades for mortgage bonds.

In announcing the downgrade of much of Europe, Kraemer, who declined comment, defended the ratings cuts and criticized Europe's leaders for not doing enough to address the region's debt crisis. "The policy initiatives taken by European policymakers in recent weeks may be insufficient to fully address ongoing systemic stresses in the euro zone," Kraemer said at the time.

Colleagues say that is typical of Kraemer, who speaks English, German, French and Spanish.

"I'm sure like anybody else he doesn't like to face such harsh public criticism, but that is part of the role and I think he is the right person for the job during such difficult times," said Michael Zlotnik, S&P's former head of EMEA bank ratings who worked alongside Kraemer at the firm for a decade up until 2011. "He doesn't let himself be dragged under by the public storm."

STUDIES IN POVERTY, EMERGING ECONOMIES

Kraemer, who grew up in Germany, earned his doctorate at Goettingen University in central Germany. At Goettingen, his world was far removed from the creditworthiness of the euro zone. He studied developing country economics. His studies and papers encompassed subjects including tropical deforestation and how railway projects could reduce poverty in Africa.

"He was very engaged in third-world issues and development economics. That was originally his main interest, how to overcome poverty," said Hermann Sautter, Kraemer's professor both at Goettingen and in Frankfurt where Kraemer did his undergraduate studies.

Sautter, who said Kraemer was one of the best students he ever taught, asked him to join him at a new post at Goettingen where Kraemer worked as his research assistant and pursued his doctorate.

"I really could rely on him in every aspect and delegate nearly everything to him," Sautter said. "I had the very best impression of him in a human sense, a personal sense and an intellectual sense."