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NEW YORK, Dec 6 (Reuters) - Moody's Investors Service on Thursday changed its outlook on Canadian Imperial Bank of Commerce (CM.TO) to negative, from stable, saying exposure to collateralized debt obligations backed by mortgages exposes weak risk management at the bank.
Moody's rates CIBC "Aa2," the third highest investment grade. The negative outlook indicates a downgrade is more likely over the next 12 to 18 months. (Reporting by Karen Brettell; Editing by James Dalgleish)