This study attempts to analyze the determinants of bond rating in Indonesia. The purpose of this study is to determine factors influencing bond rating using separate test. The study uses financial ratios such as Leverage Ratio, Liquidity Ratio, Profitability and Firm Size. This study examines corporate bond that listed at Indonesian Stock Exchange for the period of 2014-2018. This research employs ordinal logistic regression. the conclusions that can be drawn from this study are as follows:  Leverage (Debt on Equity Ratio / DER) negatively affects bond ratings, this is because some companies in this study have guarantees or are guaranteed by their parent companies so that bond ratings are not based on financial ratios but rather from companies that guarantee them. If the company's debts are weak, it will be strengthened by the company that guarantees, so the bonds will be ranked the same as the guaranteed company.  Liquidity (Current Ratio / CR) has a negative effect on bond ratings, a company that has a high liquidity means its current assets are greater than current debt, so that if there is a change in economic or financial conditions, then the current assets can be used to meet obligations companies related to bonds when they are due.  Profitability (Return on Assets / ROA) has a positive effect on bond ratings, companies that have a good level of profitability, will make investors interested in investing their capital in the company because this ratio is one indicator used as a reference for investors in choosing companies to invest the capital.  Firm Size (LnSize) has a positive effect on bond ratings, for investors, companies that have high total assets are considered good companies.

Keywords : Bond Rating, Leverage , Liquidity, Profitability, Firm Size , Ordinal Logistic Regression.