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Fitch affirms CIBC
Fitch Ratings said it affirmed Canadian Imperial Bank of Commerce's long-term and short-term issuer default ratings at AA- and F1+, respectively.
The outlook is stable.
The agency said the action follows a periodic review of the Canadian banks peer group.
The agency said the stable outlook incorporates Fitch's recognition of persistent tail risks to the Canadian banking system. These include elevated levels of household and corporate debt, vulnerability to global trade tensions and structural weaknesses in the Canadian oil sector.
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