Fitch affirms EW Global notes

Fitch Ratings said it affirmed EW Global Funding Ltd.'s $55.5 million in senior notes due July 2012 at A and $8.5 million in junior notes due July 2012 at BBB.

The outlook remains positive.

The affirmations follow the sale of Homever by E.Land World Ltd. to Samsung Tesco, which was completed Sept. 30. The sale triggered an early amortization event and the notes are no longer paid down according to a fixed amortization schedule, the agency said.

The affirmations are also based on the current credit enhancement levels being higher than expected after the sale, Fitch said.

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