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

DBRS Limited (DBRS) confirmed the AAA rating of the following outstanding series issued under the Canadian Imperial Bank of Commerce (CIBC) (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 CB14

The confirmation is based on the strong legal framework assessment, Issuer Rating of AA and the AAA cover pool assessment.

As the above program has insured mortgage loans as cover pool collateral, which are not permitted in the 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 Bonds Report, which is available by clicking on the link under Related Documents or by contacting us at info@dbrs.com.

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

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 Documents or by contacting us at info@dbrs.com.

The principal methodologies are Rating Canadian Covered Bonds (April 2017) and Master Canadian Structured Finance Surveillance Methodology (December 2017), which can be found on dbrs.com under Methodologies.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

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

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.