Credit-ratings giant Moody’s has downgraded both Coinbase’s (COIN) long-term credit rating as well as its guaranteed senior unsecured notes, the company said Friday, citing “substantially weakened revenue and cash flow generation capacity.”

Coinbase’s corporate family rating (CFR), a long-term rating that reflects the relative likelihood of a default on a corporate family's debt, was lowered from Ba3 to B2, which are both considered non-investment grades. Guaranteed senior unsecured notes were downgraded from B1 to Ba2, the company said.

“The rating action reflects Coinbase's substantially weakened revenue and cash flow generation capacity due to the challenging conditions in the crypto asset operating environment characterized by steep declines in crypto asset prices and lower customer trading activity,” Moody’s said. “Moody's expects the company's profitability to remain challenged despite its 10 January announcement of a reduction in its global workforce of around 950 employees.”