Moody’s downgrades Coinbase

Crypto exchange Coinbase’s senior unsecured notes have been downgraded by Ratings agency Moody’s.

Moody’s said it “downgraded Coinbase Global Inc.’s Corporate Family Rating to Ba3 from Ba2 and downgraded its guaranteed senior unsecured notes to Ba2 from Ba1.”

The agency added that Coinbase could face further downgrade.

The Baa3 rating refers to a “moderate” degree of credit risk and is the lowest level of institutional-grade creditworthiness.