S&P Global Ratings assigned its 'AA+ (sf)' rating to Freddie Mac's $252.8 million series 2025-ML32 class A-US and class A-USM multifamily ML structured pass-through certificates (SPCs) sustainability bonds. The outlook is stable. NEW YORK (S&P Global Ratings) Dec. 5, 2025--S&P Global Ratings today took the rating actions listed above. We have analyzed the transaction's environmental, social, and governance factors relative to its legal framework, operational-risk framework, cash flow, and enhancement; we view them all as neutral in our credit rating analysis. The stable outlook primarily reflects our view of Freddie Mac's guarantee on the SPCs and the transaction's legal and operational-risk framework. The outlook on Freddie Mac is commensurate with that on the U.S. rating. We could lower the rating
