S&P Global to Acquire Majority Stake in Agusto & Co. to Deepen Africa Expansion

• S&P Global will acquire a majority stake in Agusto & Co., strengthening its presence in Africa’s domestic credit ratings market while expanding access to global ratings expertise.

• The partnership combines S&P Global’s international capabilities with Agusto & Co.’s three decades of regional experience across Nigeria, Kenya, Ghana and Rwanda.

• Subject to regulatory approvals, the deal is expected to boost credit market development, improve transparency and enhance investor confidence across Africa.

July 28, () — S&P Global has agreed to acquire a majority stake in Agusto & Co., one of Africa’s leading credit rating agencies, in a move that underscores the global financial intelligence firm’s long-term commitment to expanding its footprint across the continent’s growing capital markets.

The proposed transaction, announced in a joint statement on Tuesday, remains subject to regulatory approvals and customary closing conditions.

Although financial terms were not disclosed, both companies said the partnership is expected to accelerate the development of Africa’s domestic credit markets by combining S&P Global’s international expertise with Agusto & Co.’s deep regional knowledge.

Agusto & Co. currently operates across Nigeria, Kenya, Rwanda, and Ghana, providing credit ratings, research, and risk assessment services to financial institutions, corporates, and governments.

Partnership to strengthen Africa’s credit markets

According to the companies, the investment aligns with S&P Global Ratings’ broader African growth strategy by expanding market intelligence, improving credit transparency and supporting both issuers and investors seeking access to domestic debt markets.

President of S&P Global Ratings, Yann Le Pallec, described the acquisition as a strategic step toward strengthening the company’s domestic ratings presence across Africa.

“We are delighted to partner with Agusto & Co. to strengthen our domestic ratings presence across Africa,” he said.

Le Pallec noted that Africa presents significant long-term opportunities, adding that combining S&P Global’s global analytical capabilities with Agusto & Co.’s local market expertise would deepen market dialogue, strengthen credit analysis and enhance investor confidence across the continent.

Agusto & Co. to retain independent operations

Managing Director of Agusto & Co., Yinka Adelekan, described the partnership as a transformational milestone for both the company and Africa’s capital markets.

He said the agreement fulfils the vision of the company’s late founder to establish a relationship with a leading global credit rating agency.

According to Adelekan, Agusto & Co. has spent more than three decades building one of Africa’s most respected domestic credit rating institutions and believes the partnership will create new opportunities for issuers, investors and policymakers while supporting transparent and resilient financial markets.

Despite the acquisition, Agusto & Co. will continue to operate as an independent ratings agency, issuing its own credit ratings and methodologies in accordance with applicable regulatory requirements.

Regulatory approvals awaited

The transaction remains subject to approvals from regulators in the jurisdictions where Agusto & Co. operates, with both parties expecting 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 transaction represents one of the most significant investments by a global credit ratings provider in Africa’s domestic ratings industry.

It also reflects growing international interest in African capital markets as governments and companies increasingly turn to domestic debt markets and sustainable finance to fund infrastructure, economic expansion and long-term development.