🇳🇬 S&P acquires majority stake in Agusto & Co

S&P Global Ratings said it agreed in July to acquire a majority stake in Agusto & Co, a Nigerian-based pan-African credit rating agency operating in Nigeria, Kenya, Rwanda and Ghana. The 85-year-old ratings firm said Agusto will continue to operate as a separate ratings entity under local regulatory requirements, combining S&P’s international experience with Agusto’s local market knowledge.

The move comes as global ratings agencies face criticism from African governments and institutions over their assessment methods. African countries are set to launch the Africa Credit Rating Agency in Mauritius in early October, while S&P’s Samira Mensah said Nigeria is a key market for the firm’s African strategy.

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🔸 Source

@africaintel