DBRS Morningstar Discontinues and Withdraws Provisional Ratings on CARDS II Trust, Series 2022-2

DBRS Limited (DBRS Morningstar) discontinued and withdrew its provisional ratings on the Credit Card Receivables-Backed Notes, Series 2022-2 as the notes were not issued.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
There were no Environmental, Social, or Governance factors that had a significant or relevant effect on the credit analysis.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/396929 (May 17, 2022).

Notes:
The principal methodology is Rating Canadian Credit Card and Personal Line of Credit Securitizations (November 1, 2022), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

The DBRS Morningstar Sovereign group releases baseline macroeconomic scenarios for rated sovereigns. DBRS Morningstar analysis considered impacts consistent with the baseline scenarios as set forth in the following report: https://www.dbrsmorningstar.com/research/384482.

The Trust or Canadian Imperial Bank of Commerce, in its capacity as Financial Services Agent of the Trust, participated in the rating process. DBRS Morningstar had access to the accounts and other relevant internal documents of the Trust or the Financial Services Agent.

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

DBRS Limited
DBRS Tower, 181 University Avenue, Suite 700
Toronto, ON M5H 3M7 Canada
Tel. +1 416 593-5577