S&P Global to acquire majority stake in Agusto & Co., boosting Africa’s credit ratings market

S&P Global has agreed to acquire a majority stake in Nigerian-based Agusto & Company Ltd., a leading Pan-African credit rating agency, in a move aimed at expanding its presence in Africa’s domestic debt markets and strengthening credit transparency across the continent.

The transaction, announced on Tuesday, will combine S&P Global Ratings’ international expertise with Agusto & Co.’s established footprint in Nigeria, Kenya, Rwanda and Ghana, as both firms seek to deepen analytical coverage and support the development of African capital markets.

Although S&P Global will become the majority shareholder, Agusto & Co. will continue to operate as an independent ratings agency, issuing its own credit ratings and methodologies in compliance with applicable regulatory requirements.

President of S&P Global Ratings, Yann Le Pallec, described the deal as a significant step in the company’s African growth strategy, saying the partnership reflects its commitment to supporting transparency and development in local credit markets.

According to him, Africa presents enormous opportunities, and combining S&P Global’s global analytical expertise with Agusto & Co.’s extensive regional knowledge would promote informed credit analysis, stronger market dialogue and increased investor confidence across the continent.

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Managing Director of Agusto & Co., Yinka Adelekan, described the investment as a transformational milestone for both the company and African capital markets.

He said the partnership fulfills the vision of the firm’s late founder to affiliate with a leading global credit rating agency. Adelekan noted that Agusto & Co., which has operated for more than three decades, has built a trusted reputation across Africa and believes the collaboration will enhance value for issuers, investors and other market participants.

Founded over 30 years ago, Agusto & Co. is one of Africa’s leading credit rating agencies, providing ratings and research on banks, corporates, insurance companies, investment firms, microfinance institutions, sovereigns and debt securities. Since its inception, the agency has assigned more than 4,000 credit ratings across Africa.

The companies said the transaction remains subject to customary closing conditions, including regulatory approvals. Financial terms of the agreement were not disclosed.

The acquisition is expected to be completed during the second half of 2026 and is not expected to have a material impact on S&P Global’s financial results.