CarMax Auto Owner Trust 2019-2 Notes Assigned Ratings

  • CarMax Auto Owner Trust 2019-2's note issuance is an ABS transaction backed by prime auto loan receivables.
  • We assigned our ratings to the class A-1, A-2a, A-2b, A-3, A-4, B, C, and D notes.
  • The ratings reflect our view of the transaction's credit support, payment structure, and collateral characteristics, among other factors.
NEW YORK (S&P Global Ratings) April 17, 2019--S&P Global Ratings today 
assigned its ratings to CarMax Auto Owner Trust 2019-2's auto receivables 
asset-backed notes (see list).

The note issuance is an asset-backed securities (ABS) transaction backed by 
prime auto loan receivables.

The ratings reflect: 
  • The availability of approximately 12.5%, 10.2%, 7.8%, and 5.5% for the base and upsized pools' credit support for the class A, B, C, and D notes, respectively, based on our stressed break-even cash flow scenarios. These credit support levels provide more than 5.0x, 4.0x, 3.0x, and 2.0x our 2.15%-2.25% expected net loss range to the class A, B, C, and D notes, respectively.
  • Our expectation that under a moderate ('BBB') stress scenario, the ratings on the class A, B, and C notes will remain within one rating category and the rating on the class D notes will remain within two rating categories of the ratings throughout the transaction's life, which is consistent with our credit stability criteria (see "Methodology: Credit Stability Criteria," published May 3, 2010).
  • The transaction's ability to make timely interest and principal payments under stressed cash flow modeling scenarios appropriate for the assigned ratings.
  • The performance of CarMax Business Services LLC's (CarMax's) previous securitizations since 2001.
  • The collateral characteristics of the securitized pool of auto loans, including a weighted average FICO score of approximately 707.
  • The transaction's payment and legal structures.
We work across the world

From London to San Francisco, to our home base in (Saint Helier) Jersey, we’re looking for extraordinary and creative scientists to help us drive the field forward.

Disclaimers: AC Investment Inc. currently does not act as an equities executing broker or route orders containing equities securities. All data and information is provided “as is” for personal informational purposes only, and is not intended for trading purposes or advice. Please consult your broker or financial representative to verify pricing before executing any trade.

77 Massachusetts Avenue Cambridge, MA 02139 617-253-1000