Research Update: Canadian Imperial Bank of Commerce 'A+/A-1' Rating Affirmed Under Revised Criteria; Outlook Stable Dec 11
- ID: 2031789
- December 2011
- Region: Canada
- Standard & Poors
Following a review under Standard & Poor's revised bank criteria (published on Nov. 9, 2011), we have affirmed our 'A+/A-1' issuer credit rating on Canadian Imperial Bank of Commerce (CIBC). The outlook is stable. Our ratings on CIBC reflect our adequate assessments for its business position, capital and earnings, risk position, and liquidity, and average funding. The ratings on CIBC benefit from one notch of uplift for potential extraordinary government support in a crisis. We expect CIBC's profitability to continue to improve as loan quality improves and the company further executes on its core banking strategy. As we previously announced, on Dec. 13, 2011, Standard & Poor's Ratings Services affirmed its 'A+/A-1' issuer credit rating (ICR) on CIBC. The outlook...
Companies mentioned in this report are:
- Canadian Imperial Bank of Commerce
- Canadian Imperial Holdings Inc.
- CIBC World Markets Securities Ireland Ltd.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
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