Fitch Rates CIBC's CARDS II Trust, Series 2013-1

NEW YORK--()--Fitch Ratings assigns the following ratings to Canadian Imperial Bank of Commerce's CARDS II Trust, series 2013-1 credit card receivables backed fixed rate class A and class B notes:

--CAD$1,000,000,000 class A notes 'AAAsf'; Outlook Stable;

--CAD$69,519,000 class B notes 'BBBsf'; Outlook Stable.

Fitch's ratings are based on the underlying receivables pool, available credit enhancement, Canadian Imperial Bank of Commerce's underwriting and servicing capabilities, and the transaction's legal and cash flow structures, which employ early amortization triggers.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Credit Card ABS Rating Criteria' (June 22, 2012);

--'Global Structured Finance Rating Criteria' (June 6, 2012).

Applicable Criteria and Related Research:

Global Credit Card ABS Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=681533

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

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Contacts

Fitch Ratings
Primary Analyst
Herman C. Poon
Director
+1-212-908-0847
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Jared Kirsch
Analyst
+1-212-908-0676
or
Committee Chairperson
Kevin Corrigan
Senior Director
+1-212-908-9156
or
Media Relations
Sandro Scenga
+1-212-908-0278
sandro.scenga@fitchratings.com

Sharing

Contacts

Fitch Ratings
Primary Analyst
Herman C. Poon
Director
+1-212-908-0847
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Jared Kirsch
Analyst
+1-212-908-0676
or
Committee Chairperson
Kevin Corrigan
Senior Director
+1-212-908-9156
or
Media Relations
Sandro Scenga
+1-212-908-0278
sandro.scenga@fitchratings.com