S&P Global’s move to acquire a majority stake in Agusto & Co. marks a strategic shift for the world’s top credit rating agencies. As global capital markets face criticism over how they evaluate and price African economies, S&P is moving to establish a deeper local presence.
The transaction, subject to regulatory approvals, will give S&P Global a controlling interest in one of Africa’s oldest domestic rating agencies, with operations in Nigeria, Kenya, Ghana, and Rwanda. Financial terms were not disclosed, but the deal is expected to close in the second half of 2026.
The acquisition comes as African governments increasingly rely on domestic debt markets to finance infrastructure and budget deficits while private companies turn to local capital markets for long-term funding. At the same time, concerns over the credibility and consistency of global sovereign and corporate ratings have intensified across the continent.
A strategic bet on Africa
For S&P
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