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DBRS confirms ratings of CIBC Mellon Trust

DBRS confirmed CIBC Mellon Trust Co.'s long-term issuer rating of AA (low) and short-term issuer rating of R-1 (middle).

The trend on all ratings is stable.

The rating agency said CIBC Mellon Trust is strong intrinsically, especially given its scale, deep service offering and technologically advanced operating and risk management platforms. However, the company's ratings primarily reflect Bank of New York Mellon Corp.'s ownership. The rating agency views CIBC Mellon Trust's businesses as core to BNY Mellon.

DBRS also anticipates that support would be provided by Canadian Imperial Bank of Commerce, which is CIBC Mellon Trust's other parent.