S&P Global has agreed to acquire a majority stake in Agusto & Company Limited, strengthening its position in Africa’s domestic credit-rating markets. The transaction will combine S&P Global Ratings’ international resources with Agusto & Co.’s local expertise across Nigeria, Kenya, Rwanda and Ghana.
Agusto & Co. will remain a separate ratings entity after completion, retaining responsibility for its own ratings and methodologies under applicable regulations. Financial terms were not disclosed, and the deal is expected to close during the second half of 2026 after receiving the required regulatory approvals.
Key Overview
- S&P Global will acquire a majority holding in Agusto & Co.
- Agusto operates in Nigeria, Kenya, Rwanda and Ghana.
- The agency will continue issuing its own ratings and methodologies.
- The parties did not disclose the transaction’s financial terms.
- Completion is targeted for the second half of 2026.
- S&P Global expects no material impact on its financial results.
S&P Global Deepens Its African Ratings Presence
The proposed acquisition marks a significant expansion of S&P Global Ratings’ presence in African domestic debt markets. According to the official transaction announcement, the partnership is intended to improve market insight, strengthen credit transparency and support investors, issuers and other market participants across the continent.
S&P Global will gain access to Agusto & Co.’s established relationships and knowledge of African economies, businesses and regulatory systems. Agusto, meanwhile, is expected to benefit from the global company’s analytical resources, technology and international ratings network.
The transaction is structured as a majority investment rather than a complete absorption of the African agency. Agusto & Co. will continue operating separately and applying its own rating methodologies, an arrangement designed to preserve local analytical expertise and comply with national regulatory requirements.
Agusto Brings More Than Three Decades of Experience
Agusto & Co. was established in 1992 and later became Nigeria’s first locally founded credit-rating agency. The company’s Pan-African operating profile includes licences covering Nigeria, Kenya, Rwanda and Ghana.
Its ratings span banks, insurers, corporations, investment funds, microfinance institutions, mortgage providers, corporate and municipal bonds, sovereigns and supranational issuers. The acquisition announcement states that Agusto has completed more than 4,000 ratings since its establishment, giving S&P Global access to an extensive body of regional credit analysis.
The agency is already recognised as a credit-rating operator in major regional markets. In Kenya, for example, Agusto appears among the approved credit-rating agencies listed by the capital-markets regulator.
This regulated presence is important because credit ratings are commonly used by investors to assess repayment risk and by issuers to communicate creditworthiness when raising funds. Stronger local ratings coverage could help more African companies and institutions approach domestic bond markets with information designed around local operating conditions.
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Why the Deal Matters for African Debt Markets
African governments and companies increasingly need deeper domestic capital markets as external borrowing becomes more expensive and volatile. The Africa Capital Markets Report 2025 found that annual African sovereign debt issuance rose from $70 billion in 2007 to $350 billion in 2024, while outstanding bond debt increased from $160 billion to $730 billion.
Despite that growth, Africa accounted for only about 1% of global sovereign bonds at the end of 2024, even though the continent represented roughly 3% of global economic output. The report also found that only 60% of African countries had sovereign bonds outstanding, illustrating the uneven development of debt markets across the region.
Greater ratings coverage cannot resolve structural problems such as low liquidity, narrow investor bases or limited market data on its own. However, clearer assessments of issuer risk can improve price discovery, help investors compare opportunities and encourage stronger disclosure standards.
S&P Global’s international reach could also increase the visibility of locally rated African issuers among international investors. Agusto’s regional knowledge may, in turn, help ensure that analysis reflects domestic business environments rather than relying entirely on global comparisons.
Independence and Regulatory Scrutiny Remain Central
The deal comes amid continuing debate over how African sovereign and corporate risks are assessed. African governments and institutions have criticised major global rating agencies for ratings they believe can raise borrowing costs, while the agencies have rejected allegations that their methodologies are biased.
Against this backdrop, preserving Agusto’s separate ratings, methodologies and regulatory responsibilities will be closely watched. According to independent transaction reporting, the acquisition still requires regulatory approval in the markets affected by the transaction.
The partnership’s long-term value will therefore depend on whether it expands analytical capacity and market coverage without weakening the independence expected of a credit-rating agency.
A Strategic Investment in Africa’s Financial Infrastructure
The proposed acquisition gives S&P Global a stronger platform in four important African markets while providing Agusto & Co. with access to broader global resources. It also reflects growing commercial interest in the infrastructure supporting Africa’s expanding domestic debt markets.
If approved, the transaction could strengthen ratings coverage and investor access across the continent. Its success, however, will ultimately be measured by whether it improves transparency, preserves analytical independence and supports more resilient African credit markets.
Sources: S&P Global / Agusto & Co. / OECD / Capital Markets Authority / Reuters
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