Coinbase Again Downgraded By Moody’s For Significant Reduced Revenue In 2022
Moody’s, a major provider of credit ratings, announced on Friday that it had lowered Coinbase’s long-term credit rating as well as the notes’ guaranteed senior unsecured status. Moody’s due to significantly diminished revenue and cash flow generating capabilities.
The long-term corporate family rating (CFR) for Coinbase, which measures the possibility of a corporate family defaulting on its obligations, was cut from Ba3 to B2, both of which are regarded as non-investment grades. According to the company, guaranteed senior unsecured notes were downgraded from B1 to Ba2. The protracted crypto winter, according to the rating agency, has negatively impacted Coinbase’s ability to generate revenue and cash flow. The company was downgraded by S&P earlier this month.
Source
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