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 Ratings may be revised or withdrawn at any time by the rating agencies.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
SENIOR	AA	Aa2	A+	AA-
SUBORDINATED	AA (low)	Aa3	A	A+
SHORT-TERM DEBT	R-1 (high)	P-1	A-1	F1+
FINANCIAL STRENGTH / INDIVIDUAL / ISSUER	---	B-	---	B(1)
OUTLOOK	Negative	Negative	Stable	Negative