This paper aims to study the relationship between a stock issue at time of a cash replenishment and credit ratings. Most previous studies focused on academics verified through the financial planning of the cash replenishment how to determine the stock issue price, however, market timing hypothesis of this study based on literature and information asymmetry and investment opportunities and signal transmission and other literature, for the relationships of between credit ratings and the stock issue, the development of two different alternative hypothesis. The empirical results show, between the stock issuance and credit ratings are significant inverse relationship, showing more good corporate credit rating, the less the required number of shares issued when cash replenishment, support market timing hypothesis and information asymmetry proposition.