DBRS Provisionally Rates CIBC’s Non-Viability Contingent Capital Preferred Shares Pfd-2, Stable

DBRS has today provisionally rated Canadian Imperial Bank of Commerce’s (the Bank or CIBC) Non-Cumulative Rate Reset Class A Preferred Shares Series 39 (NVCC Preferred Shares Series 39 or Series 39) Pfd-2 with a Stable trend.

DBRS assigned the NVCC Preferred Shares Series 39 a rating equal to the Bank’s intrinsic assessment less four rating notches because the Series 39 has only an Office of the Superintendent of Financial Institutions (OSFI)-compliant non-viable contingent capital (NVCC) trigger, which is consistent with the OSFI requirements for NVCC instruments, and no additional triggers.

The rating is consistent with DBRS’s criteria titled “Rating Bank Capital Securities -- Subordinated, Hybrid, Preferred & Contingent Capital Securities.”

For more information on DBRS’s methodologies and criteria or the banking industry, visit www.dbrs.com or contact us at info@dbrs.com.

Notes:
The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The applicable methodology is DBRS Criteria: Rating Bank Capital Securities -- Subordinated, Hybrid, Preferred & Contingent Capital Securities (December 2013), which can be found on our website under Methodologies.