This study aims to analyze the factors that affect bond ratings including liquidity, activity, leverage, profitability, company size, and guarantees for publicly listed companies on the Indonesia Stock Exchange for the period 2016-2019. The data used is in the form of secondary data obtained from the official website www.idx.co.id and www.ksei.co.id. The sample in this study were publicly traded companies rated by PT. Pefindo with a sample size of 20 companies. The sampling technique used a non probability sampling technique with a purposive sampling method. The data analysis technique used multiple linear regression analysis with the form of panel data. From the results obtained, there are 3 variables that have a significant effect on the bond rating, namely: Leverage (DER), Company Size (FS), and Guarantee (Secure). Meanwhile, 3 other variables, namely, Liquidity (CR), Activity (TATO), Profitability (ROA) have no significant effect on bond ratings.