OREANDA-NEWS. As part of its ongoing surveillance, Fitch Ratings has affirmed all ratings on the outstanding notes, and revised the Rating Outlook on two classes of notes of CarMax Auto Owner Trust 2014-4. A full list of rating actions follows at the end of this release.


The rating affirmations are based on available credit enhancement (CE) and loss performance. The collateral pool continues to perform within Fitch's expectations. Based on the current structure and CE, the securities are able to withstand stress scenarios consistent with the assigned ratings and make full payments to investors, in accordance with the terms of the documents. The Positive Outlook for the class C and D notes reflects Fitch's expectation for potential positive rating actions in the next 12-18 months.

The ratings reflect the quality of CarMax Business Services, LLC's retail auto loan originations, the strength of its servicing capabilities, and the sound financial and legal structure of the transactions.


Unanticipated increases in the frequency of defaults and loss severity could produce loss levels higher than the current projected base case loss proxy, and impact available loss coverage and multiple levels for the transaction. Lower loss coverage could impact ratings and Rating Outlooks, depending on the extent of the decline in coverage.

In Fitch's initial review of the transaction, the notes were found to have limited sensitivity to a 1.5x and 2.5x increase of Fitch's base case loss expectation. To date, the transaction has exhibited strong performance with losses well within Fitch's initial expectations for rising loss coverage and multiple levels. Therefore, a material deterioration in performance would have to occur within the asset pool to have potential negative impact on the outstanding ratings.


No third-party due diligence was provided or reviewed in relation to this rating action.

Fitch has affirmed the following ratings and revised Outlooks as shown:

CarMax Auto Owner Trust 2014-4
--Class A-2a at 'AAAsf'; Outlook Stable;
--Class A-2b 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 Stable.