<p>Bonds provide a rating signal for the issuer and investors of the ability to pay off a bond. This study aims to explain the factors that affect the ranking in terms of accounting and non-accounting aspects. This study uses all corporate bonds that are actively traded on the Indonesia Stock Exchange (IDX) and are denominated in rupiah as of December 31, 2019, sourced from Bloomberg which consists of 996 companies. The method in the sample is the purposive sampling method. This sample consists of 35 companies with 111 bonds, testing the hypothesis using ordinal logistic regression analysis with SPSS Version 25.0 data processing tools. The results showed that liquidity had a positive effect on bond ratings, activity does not affect bond ratings, leverage, profitability, maturity, and auditor reputation have a negative effect on bond ratings.</p>