AIG might have averted the sharp cuts to its credit ratings that forced it to seek a government bail-out last week if Lehman Brothers had been saved from bankruptcy, according to analysts at Standard & Poor's, the credit rating agency.

"The Lehman bankruptcy was not the only cause but it was a contributor," said -Rodney Clark, S&P analyst, when asked about the timing of the AIG downgrades. "It is possible AIG [shares and credit] would not have experienced as severe a market reaction [if Lehman had not filed for bankruptcy]."