Analisis Faktor-faktor yang Mempengaruhi Bond Rating [English: An Analysis of Factors that Influence Bond Rating]

Satoto, Shinta Heru (2011) Analisis Faktor-faktor yang Mempengaruhi Bond Rating [English: An Analysis of Factors that Influence Bond Rating]. Jurnal KARISMA, V (2). pp. 104-115. ISSN 1978-404X

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Abstract

Purposes of this study were to provide an empirical evidence on the ratios that influence firms bond rating. The ratio consists of liquidity ratio, profitability ratio, leverage ratio, coverage ratio, and cashflow to debt ratio. The samples consist of 38 firms that list on Indonesian Capital Market on January until December 2008. The empirical result showed that debt ratio (as the proxied of leverage ratio), cashflow to debt ratio, and operating profit margin (as the proxied of profitability ratio significantly influenced bond ratings. Hence time interest earned ratio (as the proxied of coverage ratio), current ratio (as the proxied of liquidity ratio) dan return on assets (as the proxied of profitabilty ratio) didn’t influence firms bond ratings. This results showed that financial report information, especially the ratio of leverage, cashflow to debt, and profitability have some contribution on firms bond ratings in Indonesia. Keywords: Bond rating, liquidity ratio, profitability ratio, coverage ratio, cashflow to debt ratio, leverage ratio

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