As part of its ongoing surveillance, Fitch Ratings upgrades one and affirms three classes of the CarMax Auto Owner Trust 2009-2 transaction as follows:
--Class A-3 affirmed at 'AAAsf'; Outlook Stable;
--Class A-4 affirmed at 'AAAsf'; Outlook Stable;
--Class B affirmed at 'AAAsf'; Outlook Stable;
--Class C upgraded to 'AAsf' from 'A+sf'; Outlook to Stable from Positive.
The ratings are based on available credit enhancement and loss performance. The collateral pools continue to perform within Fitch's expectations. In addition, under the credit enhancement structure, the securities are able to withstand stress scenarios consistent with the updated ratings and make full payments to investors in accordance with the terms of the documents.
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 16, 2012);
--'Global Structured Finance Rating Criteria' (June 6, 2012).
Applicable Criteria and Related Research:
Rating Criteria for U.S. Auto Loan ABS
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=674859
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923
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Senior Director