THE INFLUENCE OF LEVERAGE FACTOR AS FINANCIAL POLICY INDICATOR TOWARD THE BOND RATING

Abstract

The Securities Exchange has an important role in a country because it can create facilities for industrial requirements and all entities in fulJilling capital demand and supply. In Indonesia , the presence of securities exchange must still be continued to be expanded for attracting investor 's interest. In a securities exchange, in addition to stock, it is also traded bond. Stock investors generally use profitability valuation for determining of companies which would be utilized as its investing media, meanwhile bond investors generally provides for their focus on organization valuation which it will use as their investing media, there is capability to pay for loan. llerefore, the leverage factor is an important case on company because a good leverage (appropriate financial policy) will make an optimum financial structure for company's party, and in other side , an interesting leverage factor will increase bond investor 's interest. Based on above description, so the author performed a research on the Influence of Leverage Factor as Financial Policy Indicator toward the Bond Rating. This study was carried out in according to data obtained porn PT. Pefindo with number of samples as 16 bond data from 9 companies issuing bond in 2012from January until September. Furthermore, those data were processed until it is obtanined Rank Spearman correlation Sigures as -0,430 and it is interpreted that there is an intermediate correlation level. Furthermore, r,-count figure as this 0,430 is compared with rstable as -0,425 on 5% jkeedom degree and n = 16 ih fact is located within zero hyphotetical rejection area (Ho). Thus the zero hyphotesis that state leverage factor does not signrficantly have influences on bond rating, so that it can be rejected on 5% signrficance level. Therefore, the magnitude of leverage factor signijicantly has influence on bond rating. Meawhile, a negative value shows an inverse relationship pattern, that is, the higher bverage factor, so that bond rating will be lower one. The magnitude of leverage factor on bond rating is 18,49% and the remainder 81,51% are aflected by other factors