S&P Global has agreed to acquire a majority stake in Agusto & Co., marking one of the most significant investments by a global ratings agency in Africa’s domestic credit ratings market in recent years.
The transaction, which remains subject to regulatory approvals, will strengthen S&P Global’s presence in Africa through Agusto & Co.’s operations in Nigeria, Kenya, Ghana and Rwanda. The companies did not disclose the financial terms of the deal.
The acquisition comes as governments and businesses across Africa increasingly turn to domestic debt markets to finance infrastructure projects, corporate expansion and budget deficits.
President of S&P Global Ratings, Yann Le Pallec, said the investment reflects the company’s long-term commitment to supporting Africa’s financial markets.
“We are delighted to partner with Agusto & Co. to strengthen our domestic ratings presence across Africa,” Le Pallec said.
He noted that combining S&P Global’s global analytical expertise with Agusto & Co.’s local market knowledge would enhance credit transparency and strengthen investor confidence across the continent.
Founded more than three decades ago, Agusto & Co. has established itself as one of Africa’s leading domestic credit rating agencies, providing ratings for banks, corporate organisations and other institutions.
The company has expanded beyond Nigeria into several African markets and has played a significant role in the development of domestic bond markets.
Managing Director of Agusto & Co., Yinka Adelekan, described the partnership as a major milestone for both the company and Africa’s capital markets.
According to Adelekan, the transaction fulfills the vision of the company’s late founder to align Agusto & Co. with a leading global credit rating agency.
He added that combining Agusto’s regional expertise with S&P Global’s international resources and analytical capabilities would create greater opportunities for issuers and investors while promoting more transparent and resilient credit markets across Africa.
Despite the ownership change, Agusto & Co. said it will continue operating as an independent domestic ratings agency.
The company stated that it will retain its own rating methodologies and continue issuing ratings under existing regulatory frameworks, while benefiting from S&P Global’s technology, research capabilities and global market expertise.
The acquisition also highlights growing international interest in Africa’s capital markets as countries increasingly rely on domestic borrowing and private-sector financing amid tighter global liquidity conditions.
The transaction is expected to be completed in the second half of 2026, subject to regulatory approvals and customary closing conditions.
S&P Global said the acquisition is not expected to have a material impact on its financial results.
