S&P Global Ratings assigned its 'AA+ (sf)' rating to Freddie Mac's series M-039 and M-040 Class A multifamily M certificates. The rating is based on the credit enhancement, in the form of a guarantee, provided for the certificates by Freddie Mac. The rating reflects the likelihood that Class A certificate holder will receive timely interest and principal payment when due. Our rating does not reflect our opinion of the likelihood that certificate holders will receive full and timely payment of premiums or gain share payments. On the closing date, Freddie Mac created the series pool relating to the certificates and transferred the custody receipts relating to the housing bonds (underlying bonds) to the respective series pool for the benefit of
