Moody's assigns definitive ratings to CARDS II Trust 2016-1 Notes

Toronto, July 27, 2016 -- Moody's Investors Service has assigned a definitive Aaa (sf) rating to the Class A Notes and a definitive Baa1 (sf) rating to the Class B Notes of the Series 2016-1 issued by CARDS II Trust (the trust), sponsored by Canadian Imperial Bank of Commerce (CIBC, long-term deposits/long-term senior unsecured Aa3 negative, long-term CR assessment Aa2 (cr), short-term deposit P-1, and BCA a2). Moody's also announced today that the issuance of the Series 2016-1 Notes would not, in and of itself and as of this time, result in the downgrade or withdrawal of the ratings assigned to any class of outstanding securities issued by the trust.

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