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S&P Global has agreed to acquire a majority stake in Agusto & Co., a leading Pan-African credit rating agency with operations in Nigeria, Kenya, Rwanda and Ghana. The deal marks a major push by S&P Global Ratings to deepen its footprint in Africa’s domestic debt markets, pairing its global ratings infrastructure with a firm that has spent more than three decades building credibility across the continent’s credit landscape.
The transaction brings together Agusto & Co.’s deep knowledge of African markets with S&P Global Ratings’ international ratings capabilities, with the goal of aiding the broader development of markets across the continent. The companies said the partnership deepens and strengthens S&P Global Ratings’ presence in Africa’s domestic credit markets.
“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,” said Yann Le Pallec, President, S&P Global Ratings.
He added, “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.”
The financial terms of the transaction were not disclosed and remains subject to customary closing conditions, including regulatory approvals, and is expected to close in the second half of 2026. S&P Global noted that the transaction is not expected to have a material impact on its financial results or those of S&P Global Ratings. Importantly, Agusto & Co. will continue to operate as a separate ratings entity, issuing its own credit ratings and methodologies in line with applicable regulatory requirements in each of its markets.
Agusto & Co. was founded in 1992 by Olabode Agusto as a business information company focused on gathering and providing intelligence on African economies and industries. It has since grown into Nigeria’s first credit rating company and a leading Pan-African rating agency, having assigned more than 4,000 ratings to banks, corporates, finance and leasing companies, fund and investment managers, insurance companies, microfinance banks, mortgage institutions, corporate and municipal bonds, structured notes, and sovereigns across the continent.
The firm was licensed by Nigeria’s Securities and Exchange Commission in 2001, and by the capital market authorities of Kenya and Rwanda in 2013; it also holds a rating licence in Ghana. Beyond ratings, Agusto & Co. is an Approved Verifier under the Climate Bonds Standard and is listed by the International Capital Market Association as an External Reviewer for green, social and sustainability-linked bonds across Africa.
“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,” said Yinka Adelekan, Managing Director of Agusto & Co.
She added, “[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.”
By combining S&P Global’s international expertise and resources with Agusto & Co.’s Pan-African presence and reputation, the two companies said the partnership aims to expand market insights, strengthen credit transparency, and support market participants across the region. The move positions S&P Global to engage more directly with issuers, investors and regulators in local currency debt markets across Nigeria, Kenya, Rwanda and Ghana, while giving Agusto & Co. access to a global affiliate network and additional analytical resources as African capital markets continue to grow.
