PERAN JAMINAN OBLIGASI SEBAGAI VARIABEL MODERASI TERHADAP PENGARUH RISIKO KREDIT TERHADAP PERINGKAT OBLIGASI PADA BADAN USAHA MILIK DAERAH (BUMD) SEKTOR PERBANKAN DI INDONESIA

Abstract

The risk profile, which consists of one of them, namely credit risk, is a factor that affects the BUMD Regional Development Bank's bond rating, so a guarantee is needed to convince investors to be involved in the sale and purchase of BUMD BPD bonds. The purpose of this research is to analyze whether the guarantee is able to moderate credit risk (Non Performing Loan / NPL) on bond ratings. Determination of the sample in this study using purposive sampling. Based on the results of the purposive sample determination, this study uses 19 samples of BUMD BPD throughout Indonesia that have issued bonds and have ratings at PEFINDO. This research tool uses SPSS 23. Meanwhile, the data analysis uses descriptive statistics and Moderated Regression Analysis (MRA) to examine the relationship between the independent variable and the dependent variable. The results of this study indicate that guarantees are unable to moderate the effect of Non-Performing Loans (NPLs) on bond ratings. This is due to problems related to the transfer of assets which are constrained by law and bureaucratic technical problems