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DBRS confirms Canadian Imperial Bank of Commerce ratings

DBRS confirmed the ratings of Canadian Imperial Bank of Commerce and its related entities, with a long-term issuer rating at AA and short-term issuer rating at R-1 (high).

The trend on all ratings is stable.

The ratings reflect the bank's strong and resilient profitability, as well as its position as one of the largest banks in Canada. The rating agency said the ratings also consider the bank's conservative risk profile with sound asset quality, strong funding and liquidity as well as solid capital levels that have supported balance-sheet growth. DBRS also considered the challenging operating environment that is constrained by moderating global growth, low interest rates, weakness in energy prices and the potential for a housing downturn in Canada.