Using a difference-in-differences (DID) approach, this research assesses the effect of a firm’s credit rating issued by domestic rating agencies on stock price crash risk (SPCR). The results show that SPCR for treated firms decreases by 11% after firm ratings, suggesting that they can aggravate information content at the firm level. The effect is consistently more evident when stock price synchronization is higher and is stronger in firms with low media coverage, in firms with low audit quality, in state-controlled firms, and in firms with low investor protection. In addition, during a bear market year, the quality of firm ratings is higher. Overall, our findings support that investors could gain more information via firm ratings issued by credit rating agencies. Through our research, policymakers and investors can pay more attention to firm ratings that help play the information intermediary role of credit rating agencies.