S&P Global has agreed to acquire a majority stake in Nigerian-based credit rating agency Agusto & Company Limited, marking a significant move by the global ratings firm to expand its footprint in Africa’s fast-growing domestic debt markets.
The transaction, announced on Tuesday, combines S&P Global Ratings’ international analytical expertise with Agusto & Co.’s more than 30 years of experience in African credit markets. The partnership is expected to enhance credit transparency, strengthen market intelligence, and support the continued development of local capital markets across the continent.
Agusto & Co., which operates in Nigeria, Kenya, Rwanda, and Ghana, provides credit ratings for banks, corporates, insurance companies, investment firms, sovereigns, and debt instruments. Since its establishment, the firm has assigned more than 4,000 ratings, earning a reputation as one of Africa’s leading domestic credit rating agencies.
President of S&P Global Ratings, Yann Le Pallec, described the acquisition as a reflection of the company’s long-term commitment to Africa and its expanding debt markets.
He said combining S&P Global’s global ratings expertise with Agusto & Co.’s deep knowledge of African markets would strengthen domestic credit ratings, improve transparency, and enhance investor confidence across the region.
Agusto & Co. Managing Director, Yinka Adelekan, described the deal as a transformational milestone for both the company and Africa’s capital markets, noting that it fulfils the vision of the firm’s late founder to partner with a leading global credit rating agency.
According to Adelekan, the collaboration will merge Agusto’s extensive understanding 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 growth of transparent and resilient credit markets.
Despite the acquisition, Agusto & Co. will continue operating as an independent credit rating agency, retaining its existing rating methodologies and analytical processes in line with regulatory requirements in the jurisdictions where it is licensed.
The acquisition remains subject to regulatory approvals and customary closing conditions. It is expected to be completed in the second half of 2026. The companies did not disclose the financial value of the transaction, while S&P Global said the deal is not expected to have a material impact on its financial performance.
The move comes at a time when African governments and businesses are increasingly relying on domestic bond markets to finance infrastructure projects, corporate expansion, and broader economic development, fueling demand for credible local credit assessments and improved market transparency.
