...S&P Global Ratings assigned its '##+' rating to Freddie Mac's class A multifamily series M-064 and M-065 certificates. The rating reflects our view of the credit enhancement, in the form of a Freddie Mac guarantee for the class A certificates. The rating also reflects our opinion of the likelihood class A certificateholders will receive full and timely interest-and-principal payments when due. The rating, however, does not reflect our opinion of the likelihood certificateholders will receive full and timely premium or hypothetical gain-share payments. As noted in our analysis on Freddie Mac, published April 23, 2020, on RatingsDirect, the rating on Freddie Mac's senior unsecured debt is the same as our sovereign rating on the U.S. This reflects the almost-certain likelihood, in our assessment, of the U.S. government providing extraordinary support to Freddie Mac, if needed, coupled with the government's ongoing support, including the senior-preferred-stock-purchase agreement with the U.S....
