DBRS Confirms AAA Ratings of CIBC (Global Public Sector Covered Bond Programme)

DBRS Limited (DBRS) has today confirmed the AAA ratings of the following outstanding series of covered bonds issued under the Canadian Imperial Bank of Commerce (Global Public Sector Covered Bond Programme) as part of its continued efforts to provide timely credit rating opinions and increased transparency to market participants:

-- Covered Bonds, Series CB6
-- Covered Bonds, Series CB14

The confirmations are based on the legal framework assessment of Strong, the Canadian Imperial Bank of Commerce’s Issuer Rating of AA with a Negative trend and the cover pool assessment of AAA.

As the above program has insured mortgage loans as cover pool collateral, which is not permitted under Canadian covered bond legislation, new issuance is no longer allowed under this grandfathered program.

More details on the program are provided in the Monthly Canadian Covered Bond Report, which is available by clicking on the link under Related Research or by contacting 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.

The principal methodologies are Rating Canadian Covered Bonds (April 2016) and Master Canadian Structured Finance Surveillance Methodology (May 2016), which can be found on dbrs.com under Methodologies.

These ratings are endorsed by DBRS Ratings Limited for use in the European Union.