Toronto, August 16, 2013 -- Moody's Investors Service views the 15 August 2013 announcement by CARDS II Trust that it intends to take steps necessary to support the ratings on its ABS as credit positive for the CARDS II notes. In contrast, earlier announcements on the Aeroplan partnership negotiations are credit negative, and depending on the outcome of such negotiations, the existing credit enhancement to the notes may not be sufficient to maintain the current ratings in the absence of support. Canadian Imperial Bank of Commerce (CIBC; Aa3 stable, C+/a2 stable, P-1) is the financial services agent and sponsor of CARDS II Trust. (These are the bank's long-term deposit rating, its bank financial strength rating/baseline credit assessment and the corresponding ratings' outlooks, as well its short-term deposit rating).

Vollständigen Artikel bei Moodys lesen