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Posted AT 11:24 AM EST on 23/06/08

CIBC likely to take further writedown: analyst

TARA PERKINS

Globe and Mail Update

Canadian Imperial Bank of Commerce will likely write off a further $1-billion or more in its current quarter as a result of its exposure to bond insurers, analysts say. Late Friday, Moody's Investor Services downgraded XL Capital Assurance, a subsidiary of Bermuda-based bond insurer Security Capital Assurance Ltd.

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