穆迪（Moody's Places）Coinbase（Coin）升级审查的信用评级

穆迪（NYSE：MCO）评级已将Coinbase Global，Inc。（NASDAQ：COIN）的所有信用评级放在升级的审查中

Moody's (NYSE:MCO) has placed all credit ratings of Coinbase Global , Inc. (NASDAQ:COIN) under review for a possible upgrade. The move comes after the previously stable outlook was changed.

穆迪（NYSE：MCO）已将Coinbase Global，Inc。（NASDAQ：COIN）的所有信用评级放在了可能的升级中。此举是在更改以前稳定的前景之后的。

The review for upgrade follows Coinbase's announcement that it has reached an agreement with the US Securities and Exchange Commission (SEC) to dismiss pending litigation against the company. This is subject to approval by the SEC's commissioners. The review also reflects significant improvements in Coinbase's financial profile and liquidity position. Despite this, Coinbase remains exposed to the volatility of the crypto assets it allows its clients to trade and store.

升级审查遵循Coinbase宣布已与美国证券交易委员会（SEC）达成协议，以驳回对公司的诉讼。这需要SEC专员的批准。该综述还反映了Coinbase的财务状况和流动性地位的重大改善。尽管如此，Coinbase仍然暴露于允许客户交易和存储的加密资产的波动。

Coinbase's revenue, earnings, and cash flow all saw robust growth in 2024 thanks to stronger crypto market conditions. This led to a substantial increase in Coinbase's liquidity, with cash and other USD resources reaching $9.3 billion as of December 31, 2024, compared to $4.3 billion in debt. Coinbase's debt/EBITDA leverage ratio was 1.8x at the end of 2024, its lowest level since late 2021.

Coinbase的收入，收益和现金流都归功于2024年的强劲增长，这要归功于加密货币市场的强劲。这导致了Coinbase的流动性大幅增加，截至2024年12月31日，现金和其他美元资源达到93亿美元，而债务为43亿美元。 Coinbase的债务/EBITDA杠杆率在2024年底为1.8倍，其最低水平自2021年底以来。

The review for upgrade will assess the sustainability of Coinbase's profitability and operating leverage, including its cost flexibility and ability to weather a potential extended crypto market downturn. It will also evaluate Coinbase's financial policies and plans for shareholder distributions, debt issuances, and M&A. Moreover, Coinbase's strategic and expansion plans will be reviewed, including the risks related to its ongoing international expansion and the level of diversification. The review for upgrade also depends on the final approval of SEC commissioners to dismiss its current litigation against the company.

升级的审查将评估Coinbase盈利能力和运营杠杆的可持续性，包括其成本灵活性以及潜在的扩展加密市场低迷的能力。它还将评估Coinbase的金融政策和计划，以供股东分配，发行债务和并购。此外，Coinbase的战略和扩张计划将进行审查，包括与其持续的国际扩张和多元化水平有关的风险。升级的审查还取决于SEC专员的最终批准，以驳回其目前针对公司的诉讼。

While the ratings are on review for upgrade, a near-term downgrade is unlikely. However, Coinbase's ratings could be downgraded under certain conditions. These include a substantial decline in the company's liquidity position, significant regulatory penalties, or the significant incremental deployment of cash resources into areas other than debt repayment. A strategic or mandated revamp of its business model leading to lower revenue or increased costs and leading to negative retained cash flow could also lead to a downgrade. Substantial and sustained reduction in revenues not offset by prudent expense management, or a significant operational incident, including a cyber attack, that results in financial loss or reputational harm, could also lead to a downgrade.

虽然评级正在升级，但不太可能进行近期降级。但是，在某些条件下，Coinbase的评分可以降级。这些包括公司的流动性立场大幅下降，大量的监管罚款或将现金资源大量逐步部署到债务还款以外的地区。对其业务模式进行战略性或强制性的改造，导致收入降低或增加成本并导致负现金流量负面的现金流量也可能导致降级。谨慎的费用管理或包括网络攻击在内的重大运营事件（包括网络攻击）导致财务损失或声誉损害的重大运营事件也可​​能导致降级。

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