As part of its ongoing surveillance, Fitch Ratings affirms the outstanding notes of CarMax Auto Owner Trust 2010-1 as follows:
--Class A-3 at 'AAAsf'; Outlook Stable;
--Class A-4 at 'AAAsf'; Outlook Stable;
--Class B at 'AAsf'; Outlook to Positive from Stable;
--Class C at 'BBB+'; Outlook Positive.
The ratings are based on available credit enhancement and loss performance. The collateral pool continues to perform within Fitch's expectations. Under the credit enhancement structure, the securities are able to withstand stress scenarios consistent with the current ratings and make full payments to investors in accordance with the terms of the documents.
The revisions to the Positive Outlook for the class B and C notes reflect the possibility for positive rating actions in the next 12 to 18 months, as losses are tracking inside of initial expectations and credit support is expected to continue to increase. Fitch will continue to closely monitor this transaction and may take additional rating actions in the event of changes in performance and credit enhancement measures.
The ratings reflect the quality of CarMax Business Services, LLC retail auto loan originations, the strength of its servicing capabilities, and the sound financial and legal structure of the transaction.
Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.
Applicable Criteria and related research:
--'U.S. Auto Loan ABS Rating Criteria' (April 20, 2011);
--'Global Structured Finance Rating Criteria' (Aug. 4, 2011).
Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569
U.S. Auto Loan ABS Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=614367
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Contacts:
Fitch Ratings
Primary Analyst:
Eugene Kushnir, +1-212-908-0830
Analyst
Fitch,
Inc.
One State Street Plaza
New York, NY 10004
or
Secondary
Analyst:
Bradley Sohl, +1-312-368-3127
Senior Director
or
Committee
Chairperson:
Du Trieu, +1-312-368-2091
Senior Director
or
Media
Relations:
Sandro Scenga, New York, +1-212-908-0278
sandro.scenga@fitchratings.com