Summary: Freddie Mac (Series M-067); Custodial Receipts

S&P Global Ratings assigned its 'AA+(sf)' rating to Freddie Mac's class A multifamily series M-067 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 Aug. 26, 2021, on RatingsDirect, our ratings on Freddie Mac's senior unsecured debt are in-line with our ratings on U.S. government debt because we think the government would almost certainly

...S&P Global Ratings assigned its '##+(sf)' rating to Freddie Mac's class A multifamily series M-067 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 Aug. 26, 2021, on RatingsDirect, our ratings on Freddie Mac's senior unsecured debt are in-line with our ratings on U.S. government debt because we think the government would almost certainly provide extraordinary support if needed. We view Freddie Mac as having an integral link to the government and a critical role in carrying out U.S. housing policy. Our view is supported by government actions...

Summary