DBRS Rates CIBC Capital Trust’s Tier 1 Notes, Series A and Series B, at A (high) with a Negative Trend

DBRS has today assigned a rating of A (high) with a Negative trend to the 9.976% CIBC Tier 1 Notes – Series A Due June 30, 2108, and the 10.25% CIBC Tier 1 Notes – Series B Due June 30, 2108 (collectively, CIBC Tier 1 Notes), issued by CIBC Capital Trust. CIBC Capital Trust is a trust established under the laws of Ontario.

The CIBC Tier 1 Notes are expected to be included as Tier 1 capital for bank regulatory purposes. Given the structure, the CIBC Tier 1 Notes represent a cost-effective means of raising Tier 1 capital.

The rating incorporates information from the Short Form Prospectus dated March 5, 2009.

Notes:
The applicable methodology is Rating Banks in Canada, which can be found on our website under Methodologies.

This is a Corporate (Financial Institutions) rating.