Fitch Affirms CarMax Auto Owner Trust 2012-1

NEW YORK--()--As part of its ongoing surveillance, Fitch Ratings affirms and revises the Rating Outlooks for six classes of the CarMax Auto Owner Trust 2012-1 transaction as follows:

“Rating Criteria for U.S. Auto Loan ABS' , April 16, 2012;--'Global Structured Finance Rating Criteria' (June 6, 2012).”

--Class A-2 at 'AAAsf'; Outlook Stable;
--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 'Asf'; Outlook to Positive from Stable;
--Class D at 'BBBsf'; Outlook to Positive from Stable.

The rating affirmations 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 rating and make full payments to investors in accordance with the terms of the documents.

Additionally, revising the Outlooks for the Class B, C, and D notes reflects 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:
--"Rating Criteria for U.S. Auto Loan ABS' , 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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