S&P buys majority stake in Agusto & Co

S&P Global has agreed to acquire a majority stake in Nigerian‑based credit rating agency Agusto & Company Limited, indicating a major push by the global ratings firm to strengthen its presence in Africa’s domestic debt markets.

The deal, announced on Tuesday, brings together S&P Global Ratings’ international analytical expertise with Agusto & Co.’s more than three decades of experience in African credit markets. The partnership is expected to improve credit transparency, expand market intelligence and support the development of local capital markets across the continent.

Agusto & Co. operates in Nigeria, Kenya, Rwanda and Ghana, providing credit ratings for banks, corporates, insurance companies, investment firms, sovereigns and debt instruments. The company has assigned more than 4,000 ratings since its establishment and has built a reputation as one of Africa’s leading domestic rating agencies.

President of S&P Global Ratings, Yann Le Pallec, said the acquisition reflects the company’s long‑term commitment to Africa and its growing debt markets.

Agusto & Co. Managing Director, Yinka Adelekan, described the transaction as a transformational milestone for the company and Africa’s capital markets, saying it fulfils the vision of the firm’s late founder to establish a partnership with a leading global rating agency.

He noted that the collaboration would combine Agusto’s extensive knowledge of African markets with S&P Global Ratings’ global resources and affiliate network, creating greater value for issuers, investors and other market participants while supporting the continued growth of transparent and resilient credit markets.

Under the agreement, Agusto & Co. will continue to operate as a separate credit rating agency and will maintain its own rating methodologies and analytical processes in compliance with regulatory requirements in the countries where it is licensed.

The acquisition remains subject to regulatory approvals and other customary closing conditions and is expected to be completed in the second half of 2026. The companies did not disclose the value of the transaction, while S&P Global said the acquisition is not expected to have a material impact on its financial performance.

The transaction comes as African governments and businesses increasingly turn to domestic bond markets to finance infrastructure, corporate expansion and economic development, driving demand for credible local credit assessments and stronger market transparency.