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Moody's affirms CIBC Mellon Trust

Moody's on Aug. 7 affirmed the A1 issuer and deposit ratings, "a2" baseline credit assessment and "a1" adjusted baseline credit assessment of CIBC Mellon Trust Co.

The rating agency also affirmed the bank's Aa3(cr) long-term counterparty risk assessment, Prime-1(cr) short-term counterparty risk assessment, Aa3 long-term local- and foreign-currency counterparty risk rating, Prime-1 short-term local- and foreign-currency counterparty risk rating, and Prime-1 short-term deposit ratings.

The outlook on the ratings is stable.

The affirmation is based on the rating agency's assumption that CIBC Mellon would receive affiliate support from its co-owners Canadian Imperial Bank of Commerce and Bank of New York Mellon Corp. if required.

The stable outlook reflects the rating agency's expectation that a steady demand for CIBC Mellon's custody and recordkeeping services would emanate from the healthy Canadian economy.