OREANDA-NEWS. S&P Global Ratings today affirmed its principal-only 'AA+p (sf)' rating on the composite (or combination or combo) securities from Vertical ABS CDO 2005-1 Ltd., a cash flow collateralized debt obligation (CDO) transaction backed mainly by subprime residential mortgage-backed securities.

These combo securities are comprised of a U. S. Treasury note and a portion of the transaction's subordinated notes. The current balance of these combo notes is fully backed by the U. S. Treasury; therefore, the affirmation of the rating reflects the credit support provided by the U. S. Treasury note.

We will continue to review whether, in our view, the ratings assigned to the notes remain consistent with the credit enhancement available to support them, and will take rating actions as we deem necessary.