OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has affirmed the debt ratings on a multi-tranche collateralized debt obligation (CDO) co-issued by two bankruptcy remote special purpose vehicles: ICONS, Ltd. (Cayman Islands) and ICONS CDO Corp. (Delaware) (collectively known as ICONS or the issuers). The outlook for all ratings is stable. (See below for a detailed listing of the ratings.) The principal balance of the rated notes is collateralized by a pool of trust preferred securities, surplus notes