DBRS Confirms SMART Trust at R-1 (high)

Dominion Bond Rating Service (“DBRS”) has today confirmed the rating of SMART Trust (the “Trust”) at R-1 (high) for the Senior Short-Term Asset-Backed Notes, Series 1996-1.

The Trust is a multi-seller, multi-asset securitization conduit administered by the Canadian Imperial Bank of Commerce (“CIBC”). There are no restrictions concerning asset types, but each asset purchase supporting the Notes is subject to prior review by DBRS and CIBC.

The rating confirmation for the Trust is based on the following considerations:
(1) High credit enhancement levels are consistent with similarly rated multi-seller, multi-asset securitization programs in Canada;
(2) Liquidity lines always equal the outstanding commercial paper in the event of market disruption;
(3) All transactions are reviewed by DBRS prior to funding by the program; and
(4) The significant experience of CIBC in structuring, administering, and managing multi-seller securitization programs.

As of October 31, 2005, the total program amount of the Trust was Cdn$2,649 million with assets consisting of residential mortgages (75.46%) and NHA mortgages (24.54%). The Trust is one of seven multi-seller conduits administered by CIBC with aggregate outstanding amounts of Cdn$12,216 million as of October 31, 2005.