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. This transaction securitizes a pool of 12 underlying tax-exempt loans (TELs) whose proceeds financed 12 multifamily affordable-housing properties utilizing 4% low-income housing tax credits. The underlying certificates that back the series ML32 SPCs represent ownership of the 12 underlying TELs, and the underlying certificates and SPCs have credit enhancement in the form of a Freddie Mac guarantee. The guarantee provides that in the case of insufficient funds to make principal or interest payments on the SPCs, Freddie Mac will make: Any interest payments due on the SPCs on
