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Faktor Penentu Peringkat Sukuk

Author

Listed:
  • Tika Arundina

    (IIUM)

  • Dato’ Mohd. Azmi Omar

    (IIUM)

Abstract

With the development of sukuk market as the Islamic alternatives of the existing bond market, the issue of how to assign a rating to the sukuk issuance rises. This study tries to provide an empirical foundation for the investors to estimate the ratings assign. Using approach from several rating agencies, past researches on bond ratings, financial distress prediction and bankruptcy prediction models, this study is trying to innovate a new model on determining the sukuk ratings. It used Multinomial Logit regression to create a model of rating probability from several theoretical variables, ie. firm size, leverage, profitability, fixed payment coverage, reputation and existence of guarantor. The result shows 80% of all valid cases are correctly classified into their original rating classes.

Suggested Citation

  • Tika Arundina & Dato’ Mohd. Azmi Omar, 2009. "Faktor Penentu Peringkat Sukuk," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 12(1), pages 97-114, July.
    • Handle: RePEc:idn:journl:v:12:y:2009:i:1d:p:97-114
    DOI: https://doi.org/10.21098/bemp.v12i1.351
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    More about this item

    Keywords

    Sukuk; Rating;

    JEL classification:

    • C35 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • P43 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Finance; Public Finance

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