New York, September 11, 2013 -- Moody's Investors Service announced today that the creation and purchase of a new ownership interest on 10 September 2013 by CARDS II Trust to support the issuance of subordinated Enhancement Notes and provide additional credit protection to all the outstanding series of CARDS II Trust notes, in and of itself and at this time, will not result in a reduction, withdrawal, or placement under review for possible downgrade of the ratings currently assigned. 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 as its short-term deposit rating.) The currently outstanding series notes are backed by an undivided co-ownership interest in a revolving pool of approximately CAD13 billion in credit card receivables originated by CIBC.

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