The Effect of Credit Risk, Profitability, and ESG Performance on Bond Ratings, with Company Size as a Moderating Variable: A Case Study of the Banking Subsector Listed on the Indonesia Stock Exchange for the Period 2019–2024
Bond ratings are important indicators of corporate creditworthiness because they reflect investors’ perceptions of a company’s ability to fulfill debt obligations. In the banking sector, conventional financial indicators such as credit risk and profitability are not always sufficient to explain changes in bond ratings,...