S&P Global Ratings assigned its 'AA+(sf)' rating to Freddie Mac's series 2023-ML16 Class A-CA and A-US multifamily ML structured pass-through certificates (sustainability bonds). The outlook is stable. The series ML-16 certificates have a credit enhancement in the form of a Freddie Mac guarantee. The certificates represent ownership of 13 underlying tax-exempt loans (TELs), the proceeds of which it used to finance 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 or interest payments on the class A-CA or A-US certificates, Freddie Mac will make any principal-and-interest payments due on the certificates on each distribution date. It will issue the class A-CA and
