The ratings on the global senior debt program of the Federal Home Loan Mortgage Corp. (Freddie Mac) reflects the company's fundamental strengths and its status as a government-sponsored enterprise (GSE). While there is no U.S. government guarantee on Freddie Mac's obligations, the company, like all GSEs, benefits from the ability to issue debt obligations that are agency securities, pursuant to its GSE charter. This is one of several links to the federal government that Freddie Mac maintains, and all of its debt obligations are exempt from SEC registration. Also, the Secretary of the Treasury has authority to purchase up to $2.25 billion of Freddie Mac obligations, and the Secretary of the Treasury's approval is necessary for the corporation's issuance of
