Credit ratings agency Moody's downgraded Coinbase's long-term credit rating and its secured senior unsecured notes, citing Coinbase's "significantly weakened revenue and cash flow generation capabilities" and "challenging conditions in the crypto asset operating environment," CoinDesk reported. . Currently, Coinbase's corporate family rating (CFR) has been downgraded from Ba3 to B2, and the senior unsecured notes have been downgraded from B1 to Ba2. While Coinbase announced on Jan. 10 that it was laying off 950 employees, Moody’s expects “its profitability to remain challenged.” Earlier this month, ratings agency Standard & Poor's downgraded Coinbase's long-term credit rating and senior unsecured debt rating for similar reasons.