CM.PR…. : DBRS says "Credit Watch Positive"

DBRS has announced:

DBRS has today placed all the long and short-term ratings of Canadian Imperial Bank of Commerce (CIBC or the Bank) Under Review with Positive Implications. The Under Review with Positive Implications status reflects ongoing actions CIBC has taken to address DBRS’s concerns regarding capital levels and the Bank’s ability to manage reputation-related risk which had caused rating pressure in 2005.

DBRS’s preliminary view is that the Bank has raised capital ratios to levels comparable to peers as a result of growth in retained earnings, increase in the amount of preferred shares allowed to be included in Tier 1 capital and management of risk-weighted assets.

See Preferreds & Tier 1 Capital (Part 3) for a very brief discussion of CIBC’s Tier 1 capital in relation to its peers.

Meanwhile S&P said:

Standard & Poor’s Ratings Services today said it revised its outlook on Canadian Imperial Bank of Commerce (CIBC) and selected subsidiaries to stable from negative. At the same time, Standard & Poor’s affirmed all ratings on CIBC and its subsidiaries, including the ‘A+’ long-term counterparty credit rating on CIBC. (A full report on CIBC will be published on RatingsDirect following this media release.)

The affected issues are: CM.PR.A / CM.PR.C / CM.PR.D / CM.PR.E / CM.PR.G / CM.PR.H / CM.PR.I / CM.PR.J / CM.PR.P / CM.PR.R.

2 Responses to “CM.PR…. : DBRS says "Credit Watch Positive"”

  1. […] Recent new issue on credit watch positive. Now with a pre-tax bid-YTW of 4.54% based on a bid of $24.93 and a limitMaturity. […]

  2. […] It hasn’t been too long since the bank was on Credit Watch Positive! What a difference nine months makes, as the Bishop said to the actress.  […]

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