This study examined the effect of firm’s foreign exchange risk management alternatives on credit scores endowed with by credit rating agency focusing on Korean MNEs during the global financial crisis period of 2007 to 2008. It throws a question whether and how the effectiveness of each hedging alternative for foreign exchange risk is translated into credit scores under the global financial crisis situation. This study employs proxy each for operational hedges, financial hedges, asset-liability management(ALM) as main independent variables to explain their relations to credit scores. The results show that firm’s geographic diversification, proxy for operational hedge, contributes to a favorable credit score whereas the use of financial derivatives tends to be a negative factor for a better credit score during the global financial crisis. Asset liability management(ALM) is shown to be partially significant indicating a favorable effect on credit scores. These results suggest that different approaches to hedge for the foreign exchange risk can be reflected on credit scores by credit rating agency. It implies that the differentiated effect of the operational hedge and the use of financial derivatives on the FX exposure during the crisis period which is found in previous literatures can be filtered down into the credit score for a firm.