A test of corporate blogging?

GM, and Ford for that matter, takes a hit today:

Standard & Poor's Ratings Services cut its corporate credit ratings to junk status for both General Motors Corp. (GM) and Ford Motor Co. (F), a significant blow that will increase borrowing costs and limit fund-raising options for the nation's two biggest automakers.
Shares of both companies fell 5 percent or more after Thursday's downgrades, and the news sent the overall market lower.

The decision by one of the nation's most respected ratings agencies comes as the two iconic American automakers are losing market share at home to Asian automakers, seeing sales soften for their most profitable models and are facing enormous health care and post-retirement liabilities.

The credit ratings agency said its downgrade of GM's long-term rating below investment-grade status reflects its conclusion that management's current strategies may not be effective in dealing with the automaker's competitive disadvantages.

GM Vice-chairman Bob Lutz as well as other executives at the firm have been blogging since January. Plenty of discussions about auto-shows, new product and the occasional business matter.

This represents a golden opportunity for GM to affect the PR fight, directly. Go to the shareholders Mr. Lutz, go to them!