DETROIT, April 11 (UPI) -- Standard & Poor's says it has lowered its ratings for Chrysler LLC and General Motors debt, saying investors can expect less payback from the U.S. automakers.
S&P Friday said because of pressure being exerted on the automakers by the White House to reach deals, investors in Chrysler's $7 billion in first-lien loans, mostly held by major banks and institutions, can expect a payout of 30 cents to 50 cents on the dollar if the automaker files for bankruptcy, The Wall Street Journal reported.