- The Washington Times - Friday, April 10, 2009

NEW YORK (AP) - Credit ratings agency Standard & Poor’s cut several ratings on General Motors Corp. and Chrysler LLC and says the automakers continue to face the possibility of a default.

The ratings agency says creditors for both automakers will have to accept losses in the event of a default. It says the losses will be greater for Chrysler’s creditors.

S&P; also says it is unlikely that Chrysler would emerge intact following a bankruptcy. It says a Chrysler bankruptcy filing can be expected to occur at the end of April or soon after if a tie-up with Italian automaker Fiat SpA is unsuccessful.

Both automakers face government-mandated deadlines to restructure. They are surviving on a combined $17.4 billion in government loans.

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