OREANDA-NEWS. March 23, 2016. As part of its ongoing surveillance, Fitch Ratings has affirmed eight classes and upgraded one class of outstanding notes of CarMax Auto Owner Trust 2012-2 and 2013-2. A full list of rating actions follows at the end of this press release.

KEY RATING DRIVERS
The rating affirmations are based on available credit enhancement (CE) and loss performance. The collateral pools continue 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 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.

RATING SENSITIVITIES
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 multiples 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 with 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

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

Fitch has taken the following rating actions:

CarMax Auto Owner Trust 2012-2
--Class A-4: affirmed at 'AAAsf'; Outlook Stable;
--Class B: affirmed at 'AAAsf'; Outlook Stable;
--Class C: affirmed at 'AAAsf'; Outlook Stable;
--Class D: affirmed at 'Asf'; Outlook Stable.

CarMax Auto Owner Trust 2013-2
--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 'Asf'; Outlook revised to Positive from Stable;
--Class D: affirmed at 'BBBsf'; Outlook Positive.