diff --git a/.changes/next-release/bugfix-Credentials-23327.json b/.changes/next-release/bugfix-Credentials-23327.json
new file mode 100644
index 0000000000..1353584a92
--- /dev/null
+++ b/.changes/next-release/bugfix-Credentials-23327.json
@@ -0,0 +1,5 @@
+{
+  "category": "Credentials", 
+  "type": "bugfix", 
+  "description": "Fix a race condition related to assuming a role for the first time (`#1405 <https://github.com/boto/botocore/pull/1405>`__)"
+}
diff --git a/botocore/credentials.py b/botocore/credentials.py
index 370c6d80aa..6d2a0d5949 100644
--- a/botocore/credentials.py
+++ b/botocore/credentials.py
@@ -444,6 +444,8 @@ def _protected_refresh(self, is_mandatory):
             # set of temporary credentials we have.
             return
         self._set_from_data(metadata)
+        self._frozen_credentials = ReadOnlyCredentials(
+            self._access_key, self._secret_key, self._token)
         if self._is_expired():
             # We successfully refreshed credentials but for whatever
             # reason, our refreshing function returned credentials
@@ -454,8 +456,6 @@ def _protected_refresh(self, is_mandatory):
                    "refreshed credentials are still expired.")
             logger.warning(msg)
             raise RuntimeError(msg)
-        self._frozen_credentials = ReadOnlyCredentials(
-            self._access_key, self._secret_key, self._token)
 
     @staticmethod
     def _expiry_datetime(time_str):
@@ -525,7 +525,7 @@ def __init__(self, refresh_using, method, time_fetcher=_local_now):
         self._frozen_credentials = None
 
     def refresh_needed(self, refresh_in=None):
-        if any(part is None for part in [self._access_key, self._secret_key]):
+        if self._frozen_credentials is None:
             return True
         return super(DeferredRefreshableCredentials, self).refresh_needed(
             refresh_in
diff --git a/tests/functional/test_credentials.py b/tests/functional/test_credentials.py
index ef9908d04a..8aea11ae51 100644
--- a/tests/functional/test_credentials.py
+++ b/tests/functional/test_credentials.py
@@ -31,6 +31,7 @@
 from botocore.credentials import Credentials, ReadOnlyCredentials
 from botocore.credentials import AssumeRoleProvider
 from botocore.credentials import CanonicalNameCredentialSourcer
+from botocore.credentials import DeferredRefreshableCredentials
 from botocore.session import Session
 from botocore.exceptions import InvalidConfigError, InfiniteLoopConfigError
 from botocore.stub import Stubber
@@ -39,14 +40,7 @@
 class TestCredentialRefreshRaces(unittest.TestCase):
     def assert_consistent_credentials_seen(self, creds, func):
         collected = []
-        threads = []
-        for _ in range(20):
-            threads.append(threading.Thread(target=func, args=(collected,)))
-        start = time.time()
-        for thread in threads:
-            thread.start()
-        for thread in threads:
-            thread.join()
+        self._run_threads(20, func, collected)
         for creds in collected:
             # During testing, the refresher uses it's current
             # refresh count as the values for the access, secret, and
@@ -71,6 +65,21 @@ def assert_consistent_credentials_seen(self, creds, func):
             # first refresh ('1').
             self.assertTrue(creds[0] == creds[1] == creds[2], creds)
 
+    def assert_non_none_retrieved_credentials(self, func):
+        collected = []
+        self._run_threads(50, func, collected)
+        for cred in collected:
+            self.assertIsNotNone(cred)
+
+    def _run_threads(self, num_threads, func, collected):
+        threads = []
+        for _ in range(num_threads):
+            threads.append(threading.Thread(target=func, args=(collected,)))
+        for thread in threads:
+            thread.start()
+        for thread in threads:
+            thread.join()
+
     def test_has_no_race_conditions(self):
         creds = IntegerRefresher(
             creds_last_for=2,
@@ -110,6 +119,26 @@ def _run_in_thread(collected):
                                   frozen.token))
         self.assert_consistent_credentials_seen(creds, _run_in_thread)
 
+    def test_no_race_for_initial_refresh_of_deferred_refreshable(self):
+        def get_credentials():
+            expiry_time = (
+                datetime.now(tzlocal()) + timedelta(hours=24)).isoformat()
+            return {
+                'access_key': 'my-access-key',
+                'secret_key': 'my-secret-key',
+                'token': 'my-token',
+                'expiry_time': expiry_time
+            }
+
+        deferred_creds = DeferredRefreshableCredentials(
+            get_credentials, 'fixed')
+
+        def _run_in_thread(collected):
+            frozen = deferred_creds.get_frozen_credentials()
+            collected.append(frozen)
+
+        self.assert_non_none_retrieved_credentials(_run_in_thread)
+
 
 class TestAssumeRole(BaseEnvVar):
     def setUp(self):