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Purpose This study examines the influence of corporate governance, firm-level characteristics, external factors and risk-taking on bank credit ratings in three distinct regions: Africa, the EU13 and Latin America/Caribbean. Design/methodology/approach This research analyzes a panel dataset comprising 752 banks from 95 countries from 2011 to 2020, using ordered logistic regression. Findings The results reveal that corporate governance factors, including board size, board age, and board gender diversity, significantly impact credit ratings. Firm-specific characteristics, including age, market discipline, and opacity, negatively correlate with credit ratings. External factors, particularly the presence of the Big Four audit firms and economic growth, positively influence credit ratings. Institutional quality negatively impacts credit ratings, while risk-taking shows a significant positive association. Practical implications This study encourages banks and policymakers to re-evaluate governance structures, risk management strategies, and region-specific approaches to credit assessment. A thorough understanding of credit rating determinants is essential for fostering a resilient and sustainable financial environment. Originality/value This study underscores the critical role of robust corporate governance, institutional quality, and audit oversight in shaping credit ratings within the global banking sector. It challenges the prevailing one-size-fits-all approach to credit-rating assessments and supports the Sustainable Development Goal (SDG) 8, Target 10, which aims to strengthen financial institutions. The findings also contribute to the ongoing discourse on credit ratings within the United Nations Economic Commission for Africa framework.