This study aims to examine the relationship between a borrower's credit rating and the structure of a syndicated loan. A syndicated loan is a type of loan that is provided by a group of lenders, rather than just one. The study used data on 5,106 syndicated loans that were initiated between 1996 and 2017. The findings showed that borrowers with a higher credit rating were more likely to attract more lenders to provide financing. Additionally, when the borrower had a poor credit rating, the lead arranger (the bank that coordinates the syndicated loan) tended to hold a larger proportion of the loan compared to when the borrower had a good credit rating. Overall, the findings of this study indicate that the credit rating of a borrower can significantly influence the structure of a syndicated loan by reducing potential conflicts of interest between the lead banks and other participating lenders.