...February 13, 2025 NEW YORK (S&P Global Ratings) Feb. 13, 2025--S&P Global Ratings assigned its '##+(sf)' rating to Freddie Mac's approximately $226.52 million series 2025-ML28 class A-US and class A-USM sustainability bonds multifamily ML structured pass-through certificates (SPCs). The outlook is stable. "The rating reflects our view of the very strong credit quality, evidenced by credit enhancement in the form of a Freddie Mac guarantee; the sufficiency of revenue to pay full and timely bond debt service, after paying fees, until maturity; the asset-to-liability ratios at more than 100%; and the certificates' pass-through structure with no reliance on reinvestment earnings," said S&P Global Ratings credit analyst Emily Avila. "Partially offsetting factors are, in our view, the flow of funds structure, where the transaction pays fixed fees prior to principal and interest distributions to class A-US and A-USM SPC holders," she added. The stable outlook primarily reflects S&P Global Ratings'...
