12:36 PM EST - CIBC Inc. : says there is a "reasonably high probability" that it will incur a "large charge" in its financial results for the fiscal first quarter related to ongoing problems with subprime real estate mortgages in the United States. The Toronto-based bank made the announcement after the credit rating for its business partner ACA Financial Guaranty Corp. was cut to junk status, from investment grade, due to its exposure to about US$3.5 billion of U.S. subprime real estate. CIBC Inc.
shares T.CM are trading down 1.54 at $70.75.
