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The aim of the research was to verify how corporate governance impacts the credit rating of Latin American firms. The credit rating used as the dependent variable was granted by Standard and Poor’s. Using a sample composed of 162 open firms, it was possible to conclude by the results from the logit multinomial ordinal model, that the credit rating is positively impacted by the payment of dividends, financial transparency, and by the presence of a governance committee. In addition, the rating of these firms was negatively influenced by the participation of institutional investors and the size of the governance committee.