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.
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