On April 30, 2009, Standard&Poor's Ratings Services lowered its corporate credit and other ratings on Chrysler LLC to 'D', reflecting the Administration's announcement that the company will file for Chapter 11 bankruptcy in the United States. The rating actions today are consistent with our previously published intentions to lower the ratings in the event of a bankruptcy filing or a distressed exchange. (For further details, please see our bulletin of April 27, 2009, "General Motors Corp., Chrysler LLC Take Steps To Avert Bankruptcy; Ratings Unaffected," on RatingsDirect.) We lowered the corporate credit rating on Chrysler to 'CCC+' in August 2008 and to 'CC' in December 2008. We believe the filing was caused by inadequate liquidity because we understand
