fixed income - Do FRN's *always* trade on par on reset days, regardless if the issuer's credit quality has changed?

I keep reading that floating rate notes trade on par on coupon reset days.

Is this always true, regardless of changes in the issuer's credit quality since the FRN was issued?

It seems probably that a change in the issuer's perceived credit quality should be visible in the price, but I am a novice in this area...