The big insurance company, the American International Group, was seeking a $40 billion bridge loan Sunday night from the Federal Reserve, as it faces a potential downgrade from credit ratings agencies that could spell its doom, a person briefed on the matter said.

Ratings agencies threatened to downgrade the insurance giant’s credit rating by Monday morning, allowing counterparties to withdraw capital from their contracts with the company. One person close to the firm said that if such an event occurred, A.I.G. may survive for only 48 hours to 72 hours.

Yet it is not clear whether the Fed would acquiesce to A.I.G.’s request.

Before seeking a lifeline, the firm had earlier been reported to be interested in selling its Los Angeles aircraft leasing business, the International Lease Finance Corporation. But people briefed on the matter told the New York Times that the unit bore special tax advantages that A.I.G. had decided would be lost on any other owner. Even so, the Wall Street Journal is still reporting that a sale in on the table.

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