Summary: Freddie Mac (Series ML-05); Custodial Receipts

S&P Global Ratings assigned its 'AA+(sf)' rating to Freddie Mac's class A-CA and class A-US series ML-05 multifamily ML certificates. The rating reflects our view of the credit enhancement, in the form of a Freddie Mac guarantee for the class A-CA and A-US certificates. The rating also reflects our opinion of the likelihood class A-CA and A-US certificateholders will receive full and timely interest and principal payments when due. However, the rating does not reflect our opinion of the likelihood certificateholders will receive full and timely payment of any prepayment premiums or yield-maintenance charges. As noted in our analysis on Freddie Mac, published May 2, 2018, on RatingsDirect, the rating on Freddie Mac's senior unsecured debt is the same as

...On the closing date, Freddie Mac, as depositor, transfers a pool of underlying tax-exempt loans (TELs)--two TEL groups: the California TEL group and the non-California TEL group--into the FRETE 2019-ML05 Trust, a New York common law trust for the benefit of certificateholders. Freddie Mac guarantees timely payments for class A-CA and A-US certificateholders on each distribution date. Freddie...

Summary