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Credit Ratings

CIBC's current debt ratings are listed below. The ratings should not be construed as a recommendation to buy, sell, or hold CIBC debt instruments. Ratings may be revised or withdrawn at any time by the rating agencies.

CREDIT RATINGS	DBRS	MOODY'S	STANDARD & POOR'S	FITCH
DEPOSIT OR COUNTERPARTY^{1View terms and conditions}	AA	Aa2	A+	AA
LEGACY SENIOR DEBT^{2View terms and conditions}	AA	Aa2	A+	AA
COVERED BONDS	NR	Aaa	NR	AAA
SENIOR DEBT^{3View terms and conditions}	AA (low)	A2	A-	AA-
SUBORDINATED	A (high)	Baa1	A-	A
SUBORDINATED - NVCC	A (low)	Baa1	BBB+	A
PREFFERED SHARES - NVCC	Pfd-2	Baa3	P-2 (L)	N/A
SHORT-TERM DEBT	R-1 (high)	P-1	A-1	F1+
OUTLOOK	Stable	Stable	Stable	Stable

Debt Information

¹ DBRS LT Issuer Rating; Moody’s LT Deposit and Counterparty Risk Assessment Rating; S&P’s Issuer Credit Rating; Fitch Long-Term Deposit Rating.

² Includes: (a) Senior debt issued prior to September 23, 2018; and (b) Senior debt issued on or after September 23, 2018 which is excluded from the bank recapitalization "bail-in" regime.

³ Subject to conversion under the bank recapitalization "bail-in" regime.