This paper examines the effects of a credit rating agency's (CRA) information dissemination on a liquidity crisis. In our proposed model, the CRA and creditors share public information on a firm's repayment ability. In addition, the CRA and creditors obtain noisy private information about the firm. After receiving its private information, the CRA announces it to creditors with its opinion. We find that the probability of the firm having a liquidity crisis does not always decrease along with the accuracy of the CRA's information. Moreover, if the CRA has reputation concerns, CRA opinions that contain inaccurate information rely more on the market prior. (JEL G01, G24, G33, D82)