The ratings on the global senior debt program of Freddie Mac reflect its status as a government-sponsored enterprise (GSE). While there is no U.S. government guarantee on Freddie Mac's senior unsecured obligations, the company, like all GSEs, benefits from the ability to issue senior 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 debt obligations and MBS. Freddie Mac's fundamental financial
