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) Credit enhancement levels are consistent with similarly rated programs in Canada.

(2) Availability of liquidity facilities for the Notes in the event of a general market disruption subject to other preconditions for funding.

(3) A required minimum credit rating of R-1 (middle) or its equivalent for Liquidity Providers, Credit Enhancers and Hedge Counterparties unless otherwise approved by DBRS.

(4) All transactions are reviewed by DBRS prior to initial funding by the Trust.

(5) The significant experience of CIBC in the structuring of securitization transactions and administration of securitization vehicles.

As of October 31, 2006, the total program amount of the Trust was $3,898 million, with assets consisting of residential mortgages (89%) and insured mortgages (11%). The Trust is one of seven multi-seller conduits administered by CIBC with aggregate outstanding amounts of $13,397 million as of October 31, 2006.

Note:
All figures are in Canadian dollars unless otherwise noted.