Chrysler credit rating could be cut

Fitch Ratings cautioned Wednesday that it might lower Chrysler's credit rating to a level that means default is probable, after the revelation that the automaker is quickly running out of money.

Chrysler LLC CEO Bob Nardelli reiterated to a U.S. House committee Wednesday that Chrysler had considered a prepackaged bankruptcy before seeking help from the government.

"Fitch expects that federal financial assistance over the next quarter and the forbearance of trade creditors will be required in order to avoid a default," the credit rating agency said in a statement.