Fitch Reveals Latest Outlook Status of Chrysler Financial & CarMax Securitizations
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NEW YORK — As part of its ongoing surveillance, Fitch
Ratings recently announced its decisions about one class of the Chrysler
Financial Auto Securitization Trust as well as four classes of the CarMax Auto
Owner Trust 2010-2.
Concerning the CFAST Class A-3 at AAAsf, Fitch
affirmed the outlook is stable.
"The ratings reflect the quality of TD Auto Finance — the
servicer of 2009-A, formerly known as Chrysler Financial Services Americas —
retail auto loan originations, the strength of its servicing capabilities and the sound financial and legal structure of the transaction," Fitch analysts
explained.
Meanwhile, Fitch upgraded one and affirmed four other
classes of the CarMax Auto Owner Trust 2010-2 transaction. The decisions were
as follows:
—Class A-2 at AAAsf: Outlook Stable.
—Class A-3 at AAAsf: Outlook Stable.
—Class A-4 at AAAsf: Outlook Stable.
—Class B upgraded to AAsf from Asf: Outlook Stable.
—Class C at BBB+sf: Outlook to Positive from Stable.
"The ratings reflect the quality of CarMax Business Services
retail auto loan originations, the strength of its servicing capabilities and
the sound financial and legal structure of the transaction," Fitch noted.
In discussing both announcements,
analysts explained, "The rating affirmations are based on available credit enhancement
and loss performance.
"The collateral pools continue to perform within Fitch's
expectations," they continued.
"In addition, under the credit enhancement structure, the
securities are able to withstand stress scenarios consistent with the original
ratings and make full payments to investors in accordance with the terms of the
documents," Fitch went on to say.