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Research Update: Canadian Imperial Bank of Commerce 'A+/A-1' Rating Affirmed Under Revised Criteria; Outlook Stable Dec 11

  • ID: 2032408
  • December 2011
  • Region: Canada
  • Standard & Poors
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Abstract
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.

Action: Affirmed

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- Canadian Imperial Bank of Commerce
- Canadian Imperial Holdings Inc.
- CIBC World Markets Securities Ireland Ltd.

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