S&P Global Ratings assigned its 'AA+(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 series ML-28 SPCs have a credit enhancement in the form of a Freddie Mac guarantee. The SPCs are backed by underlying certificates that represent ownership of 15 underlying tax-exempt loans (TELs), the proceeds of which financed 15 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 or interest payments on the class A-US and A-USM SPCs, Freddie Mac will make any interest payments due on the SPCs on each
