S&P Assigns CarMax Auto Owner Trust 2003-1 Nt Ratings.
NEW YORK--(BUSINESS WIRE)--June 2, 2003
Standard & Poor's--Standard & Poor's Ratings Services assigned its ratings to CarMax Auto Owner Trust 2003-1's $506.963 million auto receivable-backed notes (see list).
The ratings are based on the credit enhancement available to the notes and a sound legal structure.
Credit support for the notes will be provided by a 0.50% fully funded, nonamortizing reserve account; overcollateralization growing from 0% to 1.5% of the aggregate outstanding principal balance of the receivables subject to a 1.0% floor; and excess spread. In addition, the class A notes will benefit from the subordination of the class B and C notes equal to approximately 11.0% of the outstanding balance. Class B notes benefit from the subordination of the class C notes equal to approximately 3.0%.
The class A-1 money market notes will receive all principal collections on the loans until paid in full. Principal distributions will then be allocated between the remaining class A notes (sequentially among A-2, A-3, and A-4 notes until each is paid off) and the class B and C notes pro rata in a manner intended to maintain specified overcollateralization target amounts. The class A notes will be paid senior to the class B and C notes in the priority of payments. Excess spread will first be used to cover current period losses, rebalance the hard enhancement if necessary, and then to pay down the subordinate classes.
RATINGS ASSIGNED CarMax Auto Owner Trust 2003-1 Class Rating Amount (mil. $) A-1 A-1+ 110.000 A-2 AAA 124.000 A-3 AAA 119.000 A-4 AAA 98.196 B A 40.558 C BBB 15.209
Copyright 2003, Standard & Poor's Ratings Services
|Printer friendly Cite/link Email Feedback|
|Date:||Jun 2, 2003|
|Previous Article:||Egenera Inc. Appoints Mariam Ganem Vice President of Worldwide Sales Operations and Channel Support.|
|Next Article:||21st Century Holding Company Affirms Guidance.|