Fitch rates EW Global notes A, BBB

Fitch Ratings said it assigned expected ratings to EW Global Funding Ltd.'s franchise apparel receivables-backed floating-rate notes due July 2012, including $87.5 million senior notes at A, $8.5 million junior notes at BBB. The ratings are contingent upon final documents.

EW Global is a special purpose company originated by E. Land World Ltd., a subsidiary of Korea-based E. Land Group.

The ratings reflect the subordination provided by the subordinated certificates, features of the underlying franchise apparel receivables and the integrity of the legal and financial structure of the transaction, Fitch said. Credit enhancement for the notes comprises a default loss reserve, a dilution reserve and a carrying cost reserve, sized in accordance with Fitch's trade receivables criteria, the agency said.

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