Corporate rating issue has been gained more attention after global financial crisis, many studies based on the financial variables have been made to evaluate the corporate performance, but it has not be obtained desirable results because of the lack of the non financial variables. Therefore, in the paper, the binary logistic regression method using the Altman Z score model based on the financial variables as well as corporate governance index is applied to attempt the determination of the rating as an investable and non-investable criteria for 35 firms listed on BIST 100 index. The analysis results indicate that there is a significantly relationship between investability position of the corporates and Altman Z scores; however, no significantly relationship found between corporate governance index and investability position and thus the effects of index on the investability position could not be determined. These results indicate that financial data are stil effective in the evaluation of the company ratings, but corporate governance is not adequately reflected to the rating notes
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