This study examines the effect of earnings quality and internal control quality on bond ratings with 118 samples of bond issued by non-financial industry companies listed on Indonesia Stock Exchange and rated by Pefindo from 2013-2016 (308 observations). The earnings quality is measured based on the Kothari et al. (2005) discretionary accruals model and internal control quality is measured based on an index with the assessment of criteria referring to the illustrative tools of COSO (2012). The hypothesis testing is conducted using data panel regression. This study shows that the earnings quality and internal control quality are positively associated with bond ratings. The high quality of earnings and internal control can give a positive signal to the rating agencies, so that the bond ratings will increase as well. Robustness test is also done in this study by using company rating as dependent variable. The results of both hypotheses are consistent with the main model.