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S&P Assigns Prelim Rtgs To CarMax Auto Owner Trust

27 October 1999

S&P Assigns Prelim Rtgs To CarMax Auto Owner Trust

    NEW YORK--Standard & Poor's CreditWire-- Oct. 27, 1999--Standard & Poor's today assigned its preliminary ratings to CarMax Auto Owner Trust 1999-1's US$643,957,760 asset-backed notes and certificates (see list). This is the first auto loan term transaction by CarMax Auto Superstores Inc., the originator and servicer of the loan contracts.
    The preliminary ratings are based on information as of Oct. 27, 1999. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings.
    The preliminary ratings on CarMax Auto Owner Trust 1999-1's notes and certificates are based on an unconditional and irrevocable financial guarantee policy provided by MBIA Insurance Corp. (MBIA; triple-'A' financial strength rating). Regardless of the MBIA insurance policy, Standard & Poor's determined that the receivables of the underlying transaction are of investment grade quality. The investment grade assessment is supported by several factors: the reserve account; available excess spread; CarMax Auto Superstores Inc.'s servicing capabilities; and the quality of the collateral.
    A copy of Standard & Poor's complete presale report for this transaction is available on Standard & Poor's Ratings Services Web site at www.standardandpoors.com/ratings. Select Presale Reports-ABS Presales. -- CreditWire

PRELIMINARY RATINGS ASSIGNED

Issue                             Rating
CarMax Auto Owner Trust 1999-1

A-1 notes                         A-1+

A-2 notes                         AAA

A-3 notes                         AAA

A-4 notes                         AAA

Certificates                      AAA