...Ratings Affirmed: The ratings for Canadian Imperial Bank of Commerce (CIBC) were affirmed on Jan. 23, 2015, following Fitch Ratings' Canadian bank peer review. The affirmation reflects its solid franchise in Canada, strong asset quality, continued earnings stability, sound capital levels, strong funding and liquidity, and favorable metrics relative to rated international peers. Consumer Exposure: Rating strengths are counterbalanced by continued risk with respect to the Canadian consumer, given the rise in housing prices and consumer leverage. Mortgages accounted for 60.4% of the bank's total loans at YE14, and CIBC is the third largest credit card issuer in Canada. Still, credit trends remain strong, and 67% of the bank's mortgage portfolio is insured, with the uninsured portfolio having an average loan to value of 60%. Consistent Strategy Despite Management Changes: Not unlike many of the large Canadian banks, there were several notable retirements last year. In April 2014, CEO Gerald...
