NEW YORK (Standard&Poor's) Feb. 18, 2009--Standard&Poor's Ratings Services said today its ratings on Chrysler LLC (CC/Negative/--) are not affected by details of the company's viability plan submitted yesterday to the U.S. Treasury, which included a request for $5 billion in additional U.S. government funding. We lowered our corporate credit rating on Chrysler to 'CC' in December 2008, reflecting our expectation that Chrysler would approach its lenders for a reduction in debt at a substantial discount to par. In its viability plan, Chrysler described a range of strategic and cost-cutting moves, said it will seek to convert its second-lien debt to equity, and outlined four alternatives for potentially reducing its first-lien debt. We view all of these
