S&P Global buys majority stake in Agusto & Co.
S&P Global has agreed to acquire a majority stake in Agusto & Co., a leading African credit rating agency, to strengthen its presence in the continent’s domestic ratings market.
S&P Global has agreed to acquire a majority stake in Agusto & Co., one of Africa’s leading credit rating agencies, in a deal aimed at strengthening its presence in the continent’s domestic credit ratings market. The two organisations disclosed this on Tuesday in a joint statement.
The transaction, which is subject to regulatory approvals, will see the global financial intelligence and ratings company partner with Agusto & Co., whose operations span Nigeria, Kenya, Rwanda and Ghana. Although the financial terms of the deal were not disclosed, both companies said the partnership is expected to accelerate the growth of credit markets across Africa by combining S&P Global’s international expertise with Agusto & Co.’s regional knowledge.
According to the statement, the investment will complement the growth strategy of S&P Global Ratings in Africa by expanding market insights, improving credit transparency and supporting investors and issuers across the continent. Yann Le Pallec, President of S&P Global Ratings, said the acquisition demonstrates the company’s long-term commitment to Africa’s capital markets. “We are delighted to partner with Agusto & Co. to strengthen our domestic ratings presence across Africa,” Le Pallec said. He added that Africa presents significant growth opportunities, noting that combining S&P Global’s global expertise with Agusto & Co.’s local market knowledge would foster informed analysis, strengthen market dialogue and boost investor confidence both within Africa and internationally.
Agusto & Co.’s Managing Director, Yinka Adelekan, described the deal as a transformational milestone for both the company and African capital markets. According to Adelekan, the partnership fulfils the vision of the company’s late founder to affiliate with a leading global credit rating agency. He said Agusto & Co. has spent more than three decades building a trusted credit rating institution across Africa and believes the partnership will create new opportunities for market participants while supporting the development of transparent and resilient credit markets.
Despite the acquisition, Agusto & Co. will continue operating as a separate ratings entity, issuing its own credit ratings and methodologies in line with applicable regulatory requirements. The transaction remains subject to customary closing conditions, including approvals from relevant regulators in the jurisdictions where Agusto & Co. operates. Both companies expect the deal to close during the second half of 2026. S&P Global also stated that the acquisition is not expected to have a material impact on the financial performance of either S&P Global or S&P Global Ratings.
The acquisition marks one of the most significant investments by a global credit ratings provider in Africa’s domestic ratings industry. For S&P Global, the deal deepens its footprint in African financial markets at a time when governments and corporates are increasingly relying on domestic debt markets and sustainable finance to fund growth and infrastructure projects. In May, the global rating agency upgraded Nigeria’s long-term foreign and local currency credit ratings to ‘B’ from ‘B-’, citing President Bola Ahmed Tinubu’s economic reforms, improved foreign exchange liquidity, stronger fiscal revenues, and rising external reserves. The global agency also affirmed Nigeria’s short-term sovereign ratings at ‘B’, while raising the country’s national scale ratings to ‘ngA+/ngA-1’ from ‘ngBBB+/ngA-2’, with a stable outlook. According to S&P, the improvement in Nigeria’s credit profile reflects gains from three years of structural reforms.
The winners: S&P Global, which deepens its African footprint; Agusto & Co., which gains global backing; and African capital markets, which benefit from improved credit transparency and investor confidence. The losers: smaller, independent rating agencies that may struggle to compete with the combined entity; and regulators, who must ensure the partnership does not stifle competition.
Bottom Line: S&P Global has bought into Agusto & Co. The deal is a bet on Africa’s credit markets. The question is whether it will strengthen the industry or concentrate too much power in one place.