Well, if an X-intercept does not exist for a rational function, it means that the graph never crosses the X-axis. In that case, the horizontal asymptote could still be at y=0, but it's not guaranteed.
However, just to keep things humorous, let's imagine a rebellious rational function that refuses to conform to the norm. This quirky function might say, "Oh, you think I don't have an X-intercept? Well, I won't have a horizontal asymptote at y=0 either! I'll just go off and do my own thing!" So, in short, the statement is False!