Fitch Downgrades Georgia Gulf's IDR to 'RD'

NEW YORK--(Business Wire)--
Fitch Ratings has downgraded Georgia Gulf Corp.'s (NYSE: GGC) Issuer Default
Rating (IDR) to 'RD' from 'C' following its announcement of an extension of its
exchange offer until July 1, 2009. Georgia Gulf simultaneously announced that it
has obtained extended forbearance agreements to ensure that indebtedness under
its notes may not be accelerated prior to July 15, 2009 due to failure to make
the $34.5 million of interest payments due April 15, 2009. Earlier Georgia Gulf
obtained an amendment under its senior secured credit agreement that allows the
company to continue to withhold the interest payments without constituting a
default under the credit agreement until the earlier of July 15, 2009 or the
first day note holders may accelerate the indebtedness under such notes. Georgia
Gulf also announced that it has withheld interest payments on the 2013 notes in
the amount of $3.6 million due June 15 and subject to a 30-day grace period.

The downgrade reflects Fitch's view that Georgia Gulf has experienced an uncured
payment default on a bond, loan or other material financial obligation but which
has not entered into bankruptcy filings, administration, receivership,
liquidation or other formal winding-up procedure, and which has not otherwise
ceased business due to the extension of multiple waivers or forbearance periods
upon a payment default on one or more material financial obligations.

Fitch has also affirmed Georgia Gulf's debt ratings as follows:

--Senior secured credit facility at 'B-/RR1';

--Senior unsecured notes at 'C/RR6';

--Senior subordinated notes at 'C/RR6'.

Should the exchange prevail in full, interest expense would be reduced by about
$38 million annually and debt net of cash would be reduced by $530 million. The
exchange incorporates payment of accrued interest on the notes in cash.

At March 31, 2009, Georgia Gulf had cash on hand of roughly $65 million and
$35.9 million available under its revolver. At that time, $172.5 million was
drawn under the revolver, $349.5 million was outstanding under the term loan B
due 2013, the face amount of the senior notes was $600 million, and the face
amount of the senior subordinated notes was $200 million.

Based in Atlanta, Georgia Gulf is a commodity chemicals producer. Its product
portfolio includes VCM, PVC resin, vinyl compounds, cumene, acetone, phenol,
window and door profiles and moldings as well as outdoor building products.
Georgia Gulf earned approximately $174 million of EBITDA from continuing
operations on sales of $2.9 billion in 2008.

Fitch's rating definitions and the terms of use of such ratings are available on
the agency's public site, www.fitchratings.com. Published ratings, criteria and
methodologies are available from this site, at all times. Fitch's code of
conduct, confidentiality, conflicts of interest, affiliate firewall, compliance
and other relevant policies and procedures are also available from the 'Code of
Conduct' section of this site

Fitch Ratings, New York
Monica M. Bonar, 212-908-0579
Tom Dohrmann, 212-908-0637
or
Media Relations:
Cindy Stoller, 212-908-0526
Email: cindy.stoller@fitchratings.com

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