DBRS Publishes Report on Canadian Imperial Bank of Commerce

DBRS has today released a report on Canadian Imperial Bank of Commerce (CIBC or the Bank) the supports the recent confirmation of the Bank’s ratings, including the Bank’s Deposits & Senior Debt at AA and Short-Term Instruments at R-1 (high).

The ratings are supported by the Bank’s lower-risk retail business mix, the result of a well-developed Canadian consumer distribution network, substantial presence in domestic wealth management and improvements in its expense ratio. Constraints on the ratings include a history of earnings volatility, the result of weak risk management, primarily stemming from its wholesale banking businesses. With a tighter risk management framework and a greater Canadian client-focus, the capital markets business is expected to deliver more consistent and sustainable performance going forward.

Today’s report and the July 12, 2011, press release is available at www.dbrs.com or by contacting us at info@dbrs.com.