Fitch affirms Canadian Imperial Bank of Commerce

Fitch Ratings said it affirmed the long- and short-term issuer default ratings of Canadian Imperial Bank of Commerce at AA- and F1+, along with the short-term issuer default rating of its subsidiary, Canadian Imperial Holdings, Inc., at F1+.

The outlook remains stable.

The affirmation reflects the bank's sound overall financial fundamentals, Fitch said.

The ratings also benefit from Canada's comparatively favorable economic environment and a currently stable domestic banking market, the agency said.

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