Summary: Freddie Mac (Series ML-11 Class A-US); Custodial Receipts

S&P Global Ratings assigned its 'AA+ (sf)' rating to Freddie Mac's class A-US series ML-11 multifamily certificates. The rating reflects our view of the credit enhancement, in the form of a Freddie Mac guarantee for the class A-US certificates. The rating also reflects our opinion of the likelihood class 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 Apr. 1, 2021, 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

...On the closing date, Freddie Mac, as depositor, transfers a pool of underlying tax-exempt loans (TELs) into the FRETE 2021-ML11 Trust, a New York common law trust for the benefit of certificateholders. Freddie Mac guarantees timely payments for class A-US certificateholders on each distribution date. Freddie Mac will make any payments pursuant to the guarantee from its own funds. Freddie Mac's standby credit enhancement will terminate upon the series' final distribution, which is the date certificateholders receive final payment. Credit...

Summary