Press Release: Fitch Affirms Canadian Imperial Bank of Commerce at 'AA-'; Outlook Stable
Press Release: Fitch Affirms Canadian Imperial Bank of Commerce at 'AA-'; Outlook Stable
*DJ Fitch Affirms Canadian Imperial Bank of Commerce at 'AA-'; Outlook Stable
*DJ Fitch Affirms加拿大帝國商業銀行(Canada Imperial Bank Of Commerce)為AA-；前景穩定
(MORE TO FOLLOW) Dow Jones Newswires
(更多後續報道)道瓊斯通訊社
January 17, 2020 16:37 ET (21:37 GMT)
2020年1月17日美國東部時間16：37(格林尼治標準時間21：37)
Press Release: Fitch Affirms Canadian Imperial Bank of Commerce at 'AA-'; Outlook Stable
新聞稿：惠譽肯定加拿大帝國商業銀行為AA-；前景穩定
The following is a press release from Fitch Ratings:
以下是惠譽評級(Fitch Ratings)的新聞稿：
Fitch Ratings-New York-17 January 2020:
惠譽評級-紐約-2020年1月17日：
Fitch Ratings has today affirmed Canadian Imperial Bank of Commerce's (CIBC) Long-term and Short-term Issuer Default ratings at 'AA-' and 'F1+', respectively. The Rating Outlook is Stable.
惠譽評級(Fitch Ratings)今天確認加拿大帝國商業銀行(CIBC)的長期和短期發行者違約評級分別為“AA-”和“F1+”。評級展望為穩定。
This rating action follows Fitch's periodic review of the Canadian Banks Peer Group, which includes Bank of Montreal (BMO), Bank of Nova Scotia (BNS), Canadian Imperial Bank of Commerce (CIBC), Desjardins Group (DESJ), National Bank of Canada (NBC), Royal Bank of Canada (RBC) and Toronto-Dominion Bank (TD).
此次評級行動是在惠譽對加拿大銀行同行集團進行定期評估之後採取的，加拿大銀行同行集團包括蒙特利爾銀行、豐業銀行銀行、加拿大帝國商業銀行、Desjardins集團、加拿大國民銀行、加拿大皇家銀行和多倫多道明銀行。
Company-specific rating rationales for the other banks are published separately. For further information about the Canadian banking sector, please refer to the special reports titled "Fitch Ratings 2020 Outlook: Canadian Banks" (Nov. 19, 2019) and "Canadian Banks Fiscal 2019 Results" (Dec. 18, 2019).
其他銀行的公司特定評級理由另行公佈。有關加拿大銀行業的進一步信息，請參閲題為《惠譽評級2020展望：加拿大銀行》(2019年11月19日)和《加拿大銀行2019財年業績》(2019年12月18日)的特別報告。
Canadian Imperial Bank of Commerce (CIBC); Long Term Issuer Default Rating; Affirmed; AA-; RO:Sta
加拿大帝國商業銀行(CIBC)；長期發行者違約評級；Affirmed；AA-；RO：STA
; Short Term Issuer Default Rating; Affirmed; F1+
；短期發行商默認評級；確認；F1+
; Viability Rating; Affirmed; aa-
；生存能力評級；確認；AA-
; Support Rating; Affirmed; 5
；支持評級；肯定；5
; Support Rating Floor; Affirmed; NF
；支持評級下限；肯定；NF
; Derivative Counterparty Rating; Affirmed; AA-(dcr)
；衍生交易對手評級；確認；AA-(DCR)
----senior unsecured; Long Term Rating; Affirmed; AA-
-高級無擔保；長期評級；肯定；AA-
----subordinated; Long Term Rating; Affirmed; A+
-從屬；長期評級；肯定；A+
----preferred; Long Term Rating; Affirmed; BBB
-優先；長期評級；肯定；BBB
----long-term deposits; Long Term Rating; Affirmed; AA-
-長期存款；長期評級；肯定；AA-
----Senior preferred; Long Term Rating; Affirmed; AA-
-高級優先；長期評級；肯定；AA-
----short-term deposits; Short Term Rating; Affirmed; F1+
-短期存款；短期評級；肯定；F1+
----Senior preferred; Short Term Rating; Affirmed; F1+
-高級優先；短期評級；肯定；F1+
Canadian Imperial Holdings, Inc.
加拿大帝國控股公司(Canada Imperial Holdings，Inc.)
----senior unsecured; Short Term Rating; Affirmed; F1+
-高級無擔保；短期評級；肯定；F1+
CIBC Capital Trust
加拿大帝國商業銀行資本信託
----preferred; Long Term Rating; Affirmed; BBB
-優先；長期評級；肯定；BBB
CIBC World Markets plc; Long Term Issuer Default Rating; Affirmed; AA-; RO:Sta
CIBC World Markets plc；Long Term Issuer Default Rating；Affirmed；AA-；RO：STA
; Short Term Issuer Default Rating; Affirmed; F1+
；短期發行商默認評級；確認；F1+
; Support Rating; Affirmed; 1
；支持評級；肯定；1
CIBC Capital Markets (Europe) S.A.; Long Term Issuer Default Rating; New Rating; AA-; RO:Sta
CIBC Capital Markets(歐洲)S.A.；長期發行者違約評級；新評級；AA-；RO：STA
; Short Term Issuer Default Rating; New Rating; F1+
；短期發行商默認評級；新評級；F1+
; Support Rating; New Rating; 1
；支持評級；新評級；1
CIBC Bank USA; Long Term Issuer Default Rating; Affirmed; A+; RO:Sta
加拿大帝國商業銀行美國分行；長期發行者違約評級；肯定；A+；RO：STA
; Short Term Issuer Default Rating; Affirmed; F1
；短期發行者默認評級；Affirmed；F1
; Support Rating; Affirmed; 1
；支持評級；肯定；1
----long-term deposits; Long Term Rating; Affirmed; AA-
-長期存款；長期評級；肯定；AA-
----short-term deposits; Short Term Rating; Affirmed; F1+
-短期存款；短期評級；肯定；F1+
Key Rating Drivers
關鍵評級驅動因素
IDRS, VRS AND SENIOR DEBT
IDR、VRS和優先債務
The Stable Outlook incorporates Fitch's recognition of persistent tail risks to the Canadian banking system. These include elevated levels of household and corporate indebtedness, vulnerability to global trade tensions and structural weaknesses in the Canadian oil sector. However, Fitch notes that risks stemming from the housing market have eased in light of successful macro-prudential measures. Moreover, trade tensions have materially moderated since the lifting of U.S. imposed aluminum and steel tariffs and progress toward ratification of the United States-Mexico-Canada Agreement. Downside risks in the operating environment are also mitigated by Canada's strong, proactive banking regulation.
穩定的前景納入了惠譽對加拿大銀行體系持續尾部風險的認識。這些問題包括家庭和企業負債水平上升，易受全球貿易緊張局勢的影響，以及加拿大石油行業的結構性弱點。然而，惠譽指出，鑑於成功的宏觀審慎措施，源於房地產市場的風險已經緩解。此外，自美國取消徵收的鋁和鋼鐵關税以及在批准美國-墨西哥-加拿大協定方面取得進展以來，貿易緊張局勢已大幅緩和。加拿大強有力的、積極主動的銀行監管也緩解了經營環境中的下行風險。
CIBC's ratings are highly influenced by the company's solid franchise and diversified business model, occupying the fifth position in terms of assets, loans and deposits in its large Canadian bank peer group. CIBC's company profile also benefits from Canada's concentrated banking sector and high barriers to entry. Fitch views CIBC's asset quality as supportive of its rating while its earnings stability, sound capital and good liquidity position are generally commensurate with its rating level.
加拿大帝國商業銀行的評級受到該公司堅實的特許經營權和多元化商業模式的高度影響，在其加拿大大型銀行同業集團的資產、貸款和存款方面佔據第五位。加拿大帝國商業銀行的公司形象也得益於加拿大集中的銀行業和較高的進入門檻。惠譽認為加拿大帝國商業銀行的資產質量支持其評級，而其收益穩定、穩健的資本和良好的流動性狀況總體上與其評級水平相稱。
Fitch views CIBC's risk appetite as mixed relative to peers. Positively, CIBC's sustained moderation in its rate of loan growth (the lowest among peers at 4.8% for fiscal year ended October 2019, is viewed favorably compared with its relatively elevated mortgage growth during 2016-2017. However, notwithstanding a significant decline in originations, residential mortgages continued to represent 53% of the loan book at 4Q19, a higher share than most peers. One third of the mortgage portfolio, or approximately 17% of gross loans, was backed by insurance. In addition, CIBC disclosed an estimated potential sensitivity to a 100 bps decline in interest rates equivalent to approximately 2.1% of net interest income at 4Q19, a level that Fitch views as moderate and manageable in the context of solid non-interest income generation.
惠譽認為，與同行相比，加拿大帝國商業銀行的風險偏好好壞參半。積極的是，加拿大帝國商業銀行的貸款增長率持續放緩(截至2019年10月的財年，貸款增長率在同行中最低，為4.8%)，與2016-2017年間相對較高的抵押貸款增長相比，被認為是有利的。然而，儘管原發貸款大幅下降，住宅抵押貸款在19年第四季度仍佔貸款賬面的53%，高於大多數同行。三分之一的抵押貸款組合(約佔總貸款的17%)由保險提供支持。此外，加拿大帝國商業銀行披露，估計19年第四季度利率下降100個基點的潛在敏感度約相當於淨利息收入的2.1%，惠譽認為，在穩健的非利息收入產生的背景下，這一水平是適度和可控的。
CIBC's long-term asset quality is a credit strength benefitting from a diversified business mix and high levels of security. CIBC's gross impaired loan (GIL) ratio increased slightly year-over-year by 4 basis points (bps) to 47 bps at 4Q19, compared to a peer average of 56 bps. The GIL ratio was affected by a large, single-client, fraud-related impairment in 4Q19 for which the bank has taken a CAD52 million provision. The bank views the fraud as an isolated event. Net charge-offs were 25 bps during FY2019, and has not exceeded 52 bps since 2011.
加拿大帝國商業銀行的長期資產質量是一種信用實力，得益於多元化的業務組合和高水平的安全性。截至19年第四季度，加拿大帝國商業銀行的總減值貸款比率(GIL)同比略有上升4個基點，至47個基點，而同行平均水平為56個基點。GIL比率受到19年第四季度與欺詐相關的大型單一客户減值的影響，該行已為此提取了5200萬加元的撥備。該銀行認為這起欺詐案是一起孤立事件。2019財年淨沖銷為25個基點，自2011年以來從未超過52個基點。
In the immediate future, Fitch expects asset quality measures to improve on the basis of CIBC's announced sale of its majority interest in Barbados-based subsidiary, CIBC FirstCaribbean, which contributed roughly one-quarter of loan impairments. Over the near-to-medium term, Fitch anticipates credit quality to normalize from current benign levels to a range more in line with historical averages. In Fitch's base case, this normalization would remain consistent with current rating levels.
惠譽預計，在不久的將來，在加拿大帝國商業銀行宣佈出售其在巴巴多斯子公司CIBC First加勒比的多數股權的基礎上，資產質量指標將有所改善。加拿大帝國商業銀行貢獻了約四分之一的貸款減值。惠譽預計，在中短期內，信貸質量將從目前的良性水平正常化，達到更符合歷史平均水平的範圍。在惠譽的基本情況下，這種正常化將與目前的評級水平保持一致。
CIBC's ratings are somewhat constrained by its earnings and funding metrics, which while highly stable over time, are merely adequate for this rating level. For FY2019, return on average assets declined to 80 bps from 88 bps in 2018, pressured by a moderate rise in provisions against both impaired and performing loans, in accordance with IFRS9. Net interest margin (NIM) was largely stable in 2019 however, CIBC's moderately higher potential sensitivity to a declining interest rate environment could pressure CIBC's net interest income relative to peers in the event of an accommodative change in monetary policy.
加拿大帝國商業銀行的評級在一定程度上受到其收益和資金指標的限制，這些指標雖然隨着時間的推移高度穩定，但僅足以滿足這一評級水平。根據IFRS9,2019財年，平均資產回報率從2018年的88個基點降至80個基點，原因是針對減值貸款和不良貸款的撥備小幅上升。2019年淨息差(NIM)基本穩定，然而，如果貨幣政策發生寬鬆變化，加拿大帝國商業銀行對利率環境下降的潛在敏感度略高，可能會對加拿大帝國商業銀行相對於同行的淨利息收入構成壓力。
Fitch views CIBC's funding profile as good, with a loan to deposit ratio, adjusted for securitized mortgages on balance sheet, of 109.4% at 4Q19, which was moderately above the peer median. Its core deposit base is stable and granular, more than two-thirds of which are from personal and small business clients. Customer deposit growth has been strong and has outpaced loan growth for two consecutive years. The bank also reports adequate liquidity, with unencumbered liquid assets equivalent to approximately 31% of customer deposits and short term funding as of 4Q19.
惠譽認為加拿大帝國商業銀行的資金狀況良好，經資產負債表上證券化抵押貸款調整後的貸存比在19年第四季度為109.4，略高於同行中值。它的核心存款基礎是穩定和顆粒狀的，其中超過三分之二來自個人和小企業客户。客户存款增長強勁，並已連續兩年超過貸款增長。該行還報告了充足的流動性，截至19年第四季度，未擔保流動資產約相當於客户存款和短期資金的31%。
CIBC's capital position has moderately improved since FYE2018, benefitting from solid internal capital generation that offset an incremental rise in risk weighted asset density. The bank's CET1 ratio improved by 20 bps year-over-year to 11.6% at FYE2019, and the bank estimated that completion of the announced CIBC FirstCaribbean sale would represent a further 40 bps improvement. CIBC reported a TLAC ratio equivalent to 18.5% and Fitch anticipates that it will comfortably meet its 23.75% TLAC requirement by the November 2021 deadline through the scheduled replacement of maturing debt instruments.
自2018財年以來，加拿大帝國商業銀行的資本狀況略有改善，得益於穩健的內部資本產生，抵消了風險加權資產密度的增量上升。該行的CET1比率同比提高20個基點，至2019財年的11.6%，該行估計，已宣佈的CIBC First加勒比出售交易的完成將代表着進一步提高40個基點。加拿大帝國商業銀行公佈的TLAC比率相當於18.5%，惠譽預計，通過計劃更換到期的債務工具，它將在2021年11月的最後期限前輕鬆滿足23.75%的TLAC要求。
SUPPORT RATING AND SUPPORT RATING FLOOR
支持率和支持率下限
The bank's Support Rating (SR) of '5' and Support Rating Floor (SRF) of 'NF' (No Floor) reflect the implementation of bail-in rules for domestic systemically important banks (D-SIBs) in 2018. Bail-in rules empower relevant authorities to impose losses on creditors in the event of a D-SIB failure.
該行的支持評級(SR)為‘5’，支持評級下限(SRF)為‘NF’(無下限)，反映了2018年國內系統重要性銀行(D-SIB)自救規則的實施情況。自救規則授權相關機構在D-SIB倒閉的情況下將損失強加給債權人。
The Canadian bail-in regime adheres to the Financial Stability Board's principles. However, it differs from other resolution regimes in that Canadian authorities retain significant flexibility to resolve an insolvent financial institution. Conversion of bail-inable senior debt to common equity is not triggered automatically in Canada but is retained at the discretion of the relevant authorities, which have wide latitude, including re-capitalizing an institution, creating a bridge bank or imposing losses on creditors. Notwithstanding this flexibility, in Fitch's view, the government's propensity to support these institutions has diminished such that it can no longer be relied upon.
加拿大的自救制度遵循金融穩定委員會(Financial Stability Board)的原則。然而，它與其他清盤機制的不同之處在於，加拿大當局保留了極大的靈活性，可以清盤破產的金融機構。在加拿大，不可保釋的優先債務向普通股的轉換不是自動觸發的，而是由相關當局自行決定，這些當局擁有廣泛的自由度，包括對機構進行資本重組，創建橋樑銀行，或將損失強加給債權人。儘管有這種靈活性，但在惠譽看來，政府支持這些機構的傾向已經減弱，以至於不能再依賴它。
INSTITUTIONAL SUPPORT
制度支持
The ratings of CIBC World Markets Plc, CIBC Bank USA (CIBCUS) and CIBC Capital Markets (Europe) S.A. are linked to that of their parent, CIBC. As such, these subsidiaries have a Support Rating of '1', indicating that there is a high likelihood of institutional support from CIBC, if required. Since the Support Rating is based on institutional rather than sovereign support, there is no Support Floor Rating assigned.
CIBC World Markets Plc、CIBC Bank USA(CIBCUS)和CIBC Capital Markets(Europe)S.A.的評級與其母公司CIBC的評級掛鈎。因此，這些子公司的支持評級為1，表明如果需要，加拿大帝國商業銀行很有可能提供機構支持。由於支持評級是基於機構支持而不是主權支持，因此沒有分配支持下限評級。
SENIOR PREFERRED DEBT
優先債
CIBC's legacy senior debt and short-term (less than 400 days) senior obligations are equalized with the Bank's Long-Term IDR and senior unsecured debt. Over time, however, Fitch will likely provide a one-notch rating uplift to these "senior preferred" obligations as these instruments are legally exempted from bail-in conversion under the Canadian bail-in regime and are supported by increasing levels of qualifying junior debt buffers, including TLAC which is required to reach 21.5% of risk-weighted assets by November 2021.
加拿大帝國商業銀行的遺留優先債務和短期(少於400天)優先債務與該行的長期IDR和優先無擔保債務持平。然而，隨着時間的推移，惠譽可能會將這些“優先”債務的評級上調一檔，因為根據加拿大的自救制度，這些工具在法律上可以免於自救轉換，並得到了越來越多合格次級債務緩衝水平的支持，包括TLAC，要求在2021年11月之前達到風險加權資產的21.5%。
DERIVATIVE COUNTERPARTY RATING, LONG- AND SHORT-TERM DEPOSIT RATINGS
衍生交易對手評級、長期和短期存款評級
CIBC's Derivative Counterparty Rating (DCR) and Long-Term deposit ratings are at the same level as the bank's Long-Term IDR and senior unsecured debt. CIBC's Short-Term Deposit Rating of 'F1+' is at the highest possible level. Over time, Fitch will likely provide a one-notch uplift to CIBC's DCR and Long-Term deposit ratings as these instruments are legally exempted from bail-in conversion under the Canadian bail-in regime and are supported by an increase in qualifying junior debt buffers.
加拿大帝國商業銀行的衍生品交易對手評級(DCR)和長期存款評級與該行的長期IDR和優先無擔保債務處於同一水平。加拿大帝國商業銀行的短期存款評級為‘F1+’，處於可能的最高水平。隨着時間的推移，惠譽可能會將加拿大帝國商業銀行的DCR和長期存款評級上調一個檔次，因為根據加拿大的自救制度，這些工具在法律上可以免於自救轉換，並得到合格次級債務緩衝增加的支持。
(MORE TO FOLLOW) Dow Jones Newswires
(更多後續報道)道瓊斯通訊社
January 17, 2020 16:38 ET (21:38 GMT)
2020年1月17日美國東部時間16：38(格林尼治標準時間21：38)
譯文內容由第三人軟體翻譯。