CM.PR.D, CM.PR.E: S&P Clarifies Downgrade to P-2(high)

Standard & Poor’s has announced:

Standard & Poor’s Ratings Services today said it corrected its Canadian scale ratings on two preferred issues of Canadian Imperial Bank of Commerce to P-2 (High) from P-1 (Low). On Sept. 16, we lowered our ratings on the two issues to ‘BBB+’ from ‘A-‘ because of their treatment by regulators as nonviable contingent capital instruments (see “Two Preferred Issues Of Canadian Imperial Bank of Commerce Downgraded To ‘BBB+’; All Other Ratings Affirmed,” published on RatingsDirect on the Global Credit Portal). However, because of an administrative error, we did not concurrently lower the Canadian scale preferred share ratings on these issues.

The downgrade on the global scale has been previously discussed on PrefBlog.

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