The bond credit rating service Moody's has altered the financial outlook of Formula 1 from positive to "negative".
It is the latest blow for the sport that is furloughed due to the global pandemic, with its FWONK share price on the NASDAQ having crashed from $48 to as low as $20 in recent months.
Moody's said it made the "negative" call due to "severe disruption to the 2020 race calendar" and "expectations for weakened earnings and cash flow generation".
The statement also acknowledged the possibility of "full cancellation of the 2020 season", and said other downsides are expiring TV deals and the Concorde Agreement and a "dependence on a relatively small number of key events and broadcasting contracts".
Moody's also said F1's debts could be a problem.
"There is a relatively high probability that the company will breach its leverage covenant in 2020", the statement said.
However: "Moody's considers that Formula 1 is relatively well placed to recover post coronavirus crisis, underpinned by its contracted revenue nature, strong franchise, large fan base and high cash conversion."