NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has downgraded and subsequently withdrawn the rating on the class of notes issued by ABSpoke 2005-1, Ltd. (ABSpoke 2005-1) as follows:

--$0 ABSpoke 2005-1 downgraded to 'Dsf' from 'Csf' and withdrawn.

The rating actions are a result of the exercise of the Optional Termination on April 12, 2011. The note balance had been completely written down due to realized losses in the portfolio in March 2011. Subsequently, the notes did not receive any repayment at termination.

ABSpoke 2005-1 was a collateralized debt obligation (CDO) that closed on Feb. 15, 2005. The transaction was a partially funded, static synthetic CDO that allowed investors to achieve leveraged exposure to a diversified portfolio of CDOs, residential mortgage backed securities, and commercial mortgage backed securities.

Additional information is available at www.fitchratings.com. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

The information used to assess these ratings was sourced from the issuer, periodic trustee reports, note valuation reports, and the public domain.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' dated Aug. 4, 2011;
--'Global Rating Criteria for Structured Finance CDOs' dated Oct. 6, 2011;
--'Global Rating Criteria for Corporate CDOs' dated Aug. 10, 2011.

Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569
Global Rating Criteria for Structured Finance CDOs
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=651560
Global Rating Criteria for Corporate CDOs
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=641789

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