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The IPA describes itself as the government's centre of expertise for infrastructure and major projects, and reports to the Cabinet Office and HM Treasury.
The rating also means there are "major issues with project definition, schedule, budget, quality and/or benefits delivery, which at this stage do not appear to be manageable or resolvable".
"The project may need re-scoping and/or its overall viability reassessed."
The London to Birmingham leg of HS2 was due to open in 2026, but is now expected between 2029 and 2033.
The second phase was due to open in 2032-33, but has been pushed back to 2035-2040.
An eastern leg of the line running to Leeds has been scrapped, and instead a shorter high-speed line will link Birmingham and East Midlands Parkway.
A budget of £55.7bn for the whole project was set in 2015, but the target cost excluding the eastern leg of Phase 2b from the West Midlands to the East Midlands has soared to between £53bn and £61bn at 2019 prices.
Earlier this month, HS2 Ltd's chief executive Mark Thurston announced his resignation - he will leave his role in September after six and a half years.
His resignation came as phase one of the project between London and Birmingham is under construction, with major work taking place at more than 350 sites.
www.bbc.co.uk...