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This study aims to estimate to influence of corporate governance mechanism that are implemented through institusional ownership, independent commissioners, audit committees, managerial ownership, blockholder and the number of ratings of corporate sukuk in Indonesia during the 2007-2009 period. This study uses multinomial logistic regresion models because there are three categories of sukuk ratings, namely: AA, A, and BBB for 33 sample firms that issued sukuk in the Indonesia. The results of empirical studies have found that the audit committee and the number of blockholder as an indicator of corporate governance mechanisms affect the ranking of corporate sukuk significantly. To be able to increase the ranking of the sukuk is the study recommends that the existence of audit committees and the blockholder must be a serious concern for companies that issue a sukuk in improving the ranking of the sukuk issuance.