S&P Global has agreed to acquire a majority stake in Agusto & Company, a Pan-African credit rating agency operating in Nigeria, Kenya, Rwanda and Ghana. Financial terms of the transaction were not disclosed.
The acquisition is expected to close during the second half of 2026, subject to regulatory approvals and other customary conditions.
S&P Global said the investment will strengthen the presence of its S&P Global Ratings division across Africa’s domestic credit markets. The companies plan to combine S&P Global’s international ratings experience and resources with Agusto & Co.’s regional knowledge, relationships and market presence.
Credit rating agencies evaluate the ability of companies, financial institutions, governments and other borrowers to meet their financial obligations. Their ratings can help investors compare credit risks and may influence the interest rates issuers pay when raising capital through bonds and other debt instruments.
Local rating agencies can play an important role in developing domestic debt markets because they understand regional regulations, economic conditions, financial practices and industry-specific risks.
S&P Global believes the partnership can improve access to market information, strengthen credit transparency and support greater investor confidence in African debt markets.
The transaction also gives S&P Global a broader platform for serving companies, financial institutions, government entities and investors seeking locally focused credit analysis.
Agusto & Co. will continue operating as a separate rating agency after the transaction closes. It will issue its own ratings and maintain its own methodologies in accordance with applicable regulatory requirements.
This structure allows Agusto & Co. to retain its analytical identity and regulatory standing while gaining access to S&P Global’s international resources, technology, research capabilities and affiliate network.
S&P Global said the transaction is not expected to have a material effect on the financial results of either S&P Global or its ratings division.
Agusto & Co. has operated for more than 30 years and has assigned over 4,000 ratings across African markets.
The agency rates banks, corporations, finance and leasing companies, investment funds, insurers, microfinance institutions, mortgage lenders, municipal bonds, corporate debt, structured notes, securities firms, supranational bonds and sovereign issuers.
Its licenses allow it to provide credit ratings in Nigeria, Kenya, Rwanda and Ghana.
The company also provides industry research focused on Nigeria and Sub-Saharan Africa, giving it experience analyzing the region’s macroeconomic environment, regulatory systems and business conditions.
In addition to traditional credit ratings, Agusto & Co. supports sustainable finance markets. The company is an approved verifier under the Climate Bonds Standard, allowing it to assess whether green bonds, projects and assets comply with applicable climate-related criteria.
Agusto & Co. is also recognized by the International Capital Market Association as an external reviewer that has adopted the Green Bond Principles, Social Bond Principles, Sustainability Bond Guidelines and Sustainability-Linked Bond Principles.
It provides second-party opinions for sustainable finance transactions across Africa. These assessments give investors an independent view of whether a bond or financing framework aligns with established environmental or social standards.
The acquisition comes as African governments and companies continue working to deepen domestic capital markets and expand access to long-term financing. Well-developed local debt markets can reduce reliance on foreign-currency borrowing and provide governments and businesses with additional sources of capital.
However, investors require reliable financial information, consistent rating methodologies and credible assessments of creditworthiness before committing capital. S&P Global and Agusto & Co. believe their partnership can contribute to that infrastructure by combining international capabilities with local market knowledge.
For S&P Global, the transaction expands its footprint in markets where demand for ratings, financial data and risk analysis may grow alongside economic development and increased debt issuance.
For Agusto & Co., the partnership provides access to a larger global organization while preserving the company’s existing regional presence and analytical independence.
KEY QUOTES:
“We are delighted to partner with Agusto & Co. to strengthen our domestic ratings presence across Africa.”
“This transaction underscores our commitment to supporting growth and transparency in local credit markets throughout the continent. Africa’s opportunity is extraordinary, and by combining our global expertise with Agusto & Co.’s deep local insights, together we can foster informed analysis, constructive market dialogue and greater investor confidence both regionally and internationally.”
Yann Le Pallec, President of S&P Global Ratings
“This partnership is a transformational milestone for Agusto & Co. and African capital markets, fulfilling our late founder’s vision of affiliating with a leading global rating agency.”
“For more than 30 years, we have built a trusted credit rating institution across Africa. By combining our deep Pan-African market knowledge and analytical independence with S&P Global Ratings’ global expertise, resources and affiliate network, we believe this partnership will create new opportunities, enhance value for market participants and support the continued development of transparent and resilient credit markets across the continent.”
Yinka Adelekan, Managing Director of Agusto & Co.
