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American International Group Inc (AIG.N: Quote, Profile, Research, Stock Buzz) shares plummeted in early trading Tuesday after the insurer’s credit ratings were cut, jeopardizing efforts to raise cash necessary for its survival.

In pre-market trading, AIG shares were down $1.83, or 38.4 percent, at $2.93. They closed at $22.76 as recently as Sept 8.

Late Monday, Standard & Poor’s cut New York-based AIG’s long-term credit rating three notches to “A-minus” from “AA-minus,” citing “reduced flexibility in meeting additional collateral needs and concerns over increasing residential mortgage-related losses.”

Moody’s Investors Service on Monday cut AIG’s rating two notches to “A2″ from “Aa3,” while Fitch cut its rating two notches to “A” from “AA-minus.” Those agencies’ new ratings are the equivalent of one notch higher than S&P’s new rating.

The downgrades will make it much more difficult for AIG Chief Executive Robert Willumstad to raise cash. The company suffered $18 billion of losses in the last three quarters tied to guarantees it wrote on mortgage-linked derivatives.

AIG’s struggles are mounting a day after Lehman Brothers Holdings Inc (LEH.P: Quote, Profile, Research, Stock Buzz) filed for Chapter 11 bankruptcy protection because of its own losses tied to mortgages and real estate.

JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) and Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz) are examining putting together a $70 billion to $75 billion credit facility for AIG, a person familiar with the matter said on Monday.

Those efforts are supported by the U.S. Federal Reserve, which received a request for help from AIG on Sunday.

On Monday, New York Gov. David Paterson said the state would allow some of AIG’s regulated insurance units to provide the parent company with $20 billion of liquid investments to address immediate liquidity needs.

A Texas couple operating credit repair services has been charged with violating federal law by making false promises to repair consumers’ credit reports by wiping out derogatory but accurate information.

The U.S. Federal Trade Commission announced it has filed a complaint against Rudolph Joseph Strobel (aka Lee Harrison) and his wife Leanna Ruth Harrison in the U.S. District Court for the Eastern District of Texas. The court has frozen the couple’s assets and ordered a halt to the alleged business practices.

“The FTC seeks to bar the defendants from further violations and make them forfeit their ill-gotten gains,” according to the agency’s press release.

Authorities say the couple operates several credit repair services, including Lee Harrison Credit Restoration, Credit Restoration and Lee Harrison Associates Credit Restoration. All of the companies are located in Naples, Texas, but advertise in print and online classifieds, including USA Today, Thrifty Nickel and Common Cents. They also promoted their services on a Web site: http://www.lhcreditrepair.com/.

According to the FTC, the companies marketing statements included: “Have you had a bankruptcy? We will repair your credit so that this past event does not haunt your future.” When consumers called the companies with questions about the service, they were told: “Anything that hurts you, we’re going to get it off of [your credit report].”