Press Release

CIBC Mellon receives a long-term deposit rating of Aa2 and a short-term deposit rating of P-1 from Moody's Investors Service

Toronto, June 29, 2009  -  Moody’s Investors Service assigned a long-term deposit rating of Aa2 and a short-term deposit rating of P-1 to the CIBC Mellon Trust Company (CIBC Mellon). Moody’s also affirmed CIBC Mellon’s bank financial strength rating (BFSR) of B-, its long-term issuer rating of Aa2 and its stable rating outlook.

“We are pleased that Moody’s has recognized CIBC Mellon’s financial performance, commitment and service offerings through its assignment of a long-term deposit rating of Aa2 and a short-term deposit rating of P-1 to CIBC Mellon Trust Company,” said Thomas C. MacMillan, president and chief executive officer of CIBC Mellon.  “The ratings recognize our strong relationship with our parents, and our ability to offer world class solutions to the Canadian market.” 

Last year, Moody’s had assigned a bank financial strength rating (BFSR) of B- and issuer rating of Aa2 to CIBC Mellon Trust Company, citing the company’s excellent standing in its primary Canadian markets (asset servicing and issuer services), robust governance discipline, excellent capitalization, a lack of material credit risk, and an operations and technology platform available through its relationship with The Bank of New York Mellon, that allowed CIBC Mellon to benefit from economies of scale.

CIBC Mellon Trust Company is 50-50 jointly owned by Canadian Imperial Bank of Commerce and The Bank of New York Mellon Corporation. CIBC Mellon Trust Company is a leading provider of trust services in Canada offering stock transfer, corporate trust and plan administration services.  CIBC Mellon Trust Company serves the needs of more than 1,200 stock and bond issuing clients and millions of their investors.  CIBC Mellon Trust Company is a sister company to CIBC Mellon Global Securities Services Company and acts as a deposit taking institution for its custodial clients.  

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Contact: Rashi Sharma, manager, corporate communications, CIBC Mellon  416-643-6562