S&P Global is moving to take a majority stake in Agusto & Co., the Lagos-based credit ratings agency, in a deal that would deepen its presence in Nigeria’s domestic ratings market.
Channels Television reported that S&P Global said on Tuesday that the investment would support the growth of its African business. Premium Times also reported the planned acquisition and identified Agusto & Co. as a Nigerian ratings firm.
The deal comes at a time when African governments and finance officials have continued to question how global ratings agencies assess risk on the continent. Channels reported that S&P currently depends mainly on its South African office for its Africa business.
Neither source reported the value of the deal. The article therefore does not state a transaction amount.
Sources: Channels Television, Premium Times
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