This study investigates the association between firm specific information reflected in credit ratings and corporate disclosure behavior. To do so, we utilize the rating deviation, measured by the difference between actual rating and expected rating based on quantitative information, as a proxy for the extent of firm specific information while using stock price synchronicity as a measure of corporate disclosure reluctance. Our findings can be summarized as follows. First, companies with larger value of rating deviations tend to exhibit higher levels of stock price synchronicity, suggesting that companies receiving higher(lower) credit rating than expected one have less(more) incentive to convey firm specific information to the market. Second, after the mandatory disclosure of stand-alone ratings, the previously observed positive association between rating deviations value and stock price synchronicity has diminished. This suggests that as stand-alone ratings are newly disclosed, companies with large value of rating deviations have adjusted their strategies towards actively disclosing firm-specific information to justify those deviations. This study offers policy implications by demonstrating that publicly disclosing detailed rating information contributes to alleviate information asymmetry between companies and investors.