S&P Global has agreed to acquire a majority stake in pan-African ratings agency Agusto & Co, seeking to deepen its presence in Africa’s domestic credit markets, it said on Tuesday. Agusto & Co will continue to operate as a separate ratings entity, issuing its own credit ratings and methodologies. African governments and institutions have stepped up criticism of global rating agencies, accusing them of bias against the continent. The African Union and others have said African countries receive unfairly low ratings, pushing up borrowing costs and slowing development. Criticism of global rating agenciesMoody’s and S&P have rejected accusations of bias.