S&P Global Ratings assigned its 'AA+(sf)' rating to Freddie Mac's $182.005 million series 2023-ML-18 multifamily ML structured pass-through certificates class A-CA and X-CA (sustainability bonds). The outlook is stable. The series ML-18 certificates have a credit enhancement in the form of a Freddie Mac guarantee. The certificates represent ownership of 12 underlying tax-exempt loans (TELs)--the proceeds of which financed 13 multifamily affordable-housing properties--coupled with the benefits of a Freddie Mac guarantee. The Freddie Mac guarantee provides that if there are insufficient funds to make principal-and-interest payments on the class A-CA or X-CA certificates, Freddie Mac will make any principal-and-interest payments due on the certificates on each distribution date. Freddie Mac will issue the class A-CA certificates at a fixed rate
