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Cards II Trust, Series 2019-1 -- Moody's assigns provisional rating to CARDS II Trust 2019-1 Notes

Moody's Investors Service (Moody's) has assigned a provisional (P)Aaa (sf) rating to the Class A Notes of the Series 2019-1 to be issued by CARDS II Trust (the trust), sponsored by Canadian Imperial Bank of Commerce (CIBC, long-term deposits/long-term senior unsecured Aa2 stable, long-term CR assessment Aa2 (cr), short-term deposit P-1, and BCA a3). The rating is based on the quality of the underlying credit card receivables, the expertise of CIBC as servicer, the transaction's legal and structural protections, including early amortization trigger events, the credit enhancement provided by the subordinate Class B Notes and Class C Notes in the 2019-1 series, and the likelihood of the sponsor becoming insolvent and shutting down its credit card portfolio.