10:37 AM EDT, 06/18/2024 (MT Newswires) -- Fitch Ratings has affirmed the long-term issuer default rating and short-term issuer default rating on Canadian Imperial Bank Of Commerce's ( CM ) , Bank of Nova Scotia's ( BNS ) , and Bank of Montreal's ( NRGD ) at "AA-" and "F1+," respectively.

Also, Fitch affirmed the ratings of the bank's subsidiaries CIBC Bank USA, CIBC Capital Markets (Europe) SA, CIBC World Markets Ltd., and Canadian Imperial Holdings Inc.

"The affirmation reflects CIBC's strong position in the Canadian mass affluent market, its conservative underwriting, resilient asset quality, and strong capital position," the rating agency noted. "This is offset by its proportionately higher residential mortgage book."

"The affirmation reflects BNS's significant market share in Canada as well as its international franchise within Latin America, its conservative underwriting, and strong capital position," the rating agency said. "This is offset by delinquency levels that are higher than its peers due to emerging markets exposure."

Also, Fitch affirmed the ratings of BMO Bank National Association and Bank of Montreal Europe Public Ltd. Co.

The rating outlook pn each is stable.

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