This research examines the role of corporate social responsibility (CSR) in the cost of debt through cross-country analysis. CSR engagement is a signaling mechanism that underlines the company´s reliability and credibility. It provides insights into how CSR engagement impacts the cost of debt using two different proxies: interest expense ratio calculated by an accounting estimation and credit rating to measure the future price of debt using a broad international sample that includes both advanced and emerging economies. Secondly, this study also aims to provide evidence on how the Worldwide Governance Indicator (WGI) moderates the relationship between CSR and the cost of debt between 2009 and 2019. The results show that CSR practices mitigate credit risk, as non-financial information strengthens a firm's creditworthiness and enhances its overall value. Using a country´s corporate governance characteristics (WGI) as a moderator effect in the relationship between CSR and the cost of debt, we conclude that higher WGI pronounces the relationship between some ESG pillars and the cost of debt due to better regulatory frameworks, efficient governance mechanisms, and effective public policy implementation.