Fitch Ratings has assigned the following ratings and Rating Outlooks to the FREMF 2022-K144 Multifamily Mortgage Pass-Through Certificates and Freddie Mac Structured Pass-Through Certificates, Series K-144.

RATING ACTIONS

Entity / Debt

Rating

Prior

FREMF 2022-K144

A-1

LT

AAAsf

New Rating

AAA(EXP)sf

A-1

ULT

AAAsf

New Rating

AAA(EXP)sf

A-2

LT

AAAsf

New Rating

AAA(EXP)sf

A-2

ULT

AAAsf

New Rating

AAA(EXP)sf

A-M

LT

NRsf

New Rating

NR(EXP)sf

A-M

ULT

NRsf

New Rating

NR(EXP)sf

D

LT

NRsf

New Rating

NR(EXP)sf

X1

LT

AAAsf

New Rating

AAA(EXP)sf

X1

ULT

AAAsf

New Rating

AAA(EXP)sf

Page

of 3

VIEW ADDITIONAL RATING DETAILS

FREMF 2022-K144 Multifamily Mortgage Pass-Through Certificates (FREMF 2022-K144):

$116,045,000b class A-1 'AAAsf'; Outlook Stable;

$929,000,000b class A-2 'AAAsf'; Outlook Stable;

$1,045,045,000ab class X1 'AAAsf'; Outlook Stable;

$1,045,045,000a class X2-A 'AAAsf'; Outlook Stable.

In addition, Fitch has issued Unenhanced Ratings, which reflect the underlying creditworthiness absent the Freddie Mac guarantee, as well as Rating Outlooks, to FREMF 2022-K144 of 'AAAsf'/Stable for classes A-1, A-2 and X1. Fitch has not assigned an Unenhanced Rating to class X2-A as that class is not guaranteed by Freddie Mac, and the 'AAAsf'/Stable Long-Term rating already reflects the underlying creditworthiness absent the guarantee.

Freddie Mac Structured Pass-Through Certificates, Series K-144 (Freddie Mac SPC K-144):

$116,045,000b class A-1 'AAAsf'; Outlook Stable;

$929,000,000b class A-2 'AAAsf'; Outlook Stable;

$1,045,045,000ab class X1 'AAAsf'; Outlook Stable.

Fitch has also issued Unenhanced Ratings, which reflect the underlying creditworthiness absent the Freddie Mac guarantee as well as Outlooks to Freddie Mac SPC K-144 of 'AAAsf'/Stable for classes A-1, A-2 and X1.

(a)	Notional amount and interest only (IO).
(b)	Guaranteed by Freddie Mac.

The FREMF 2022-K144 trust consists of both guaranteed and unguaranteed certificates. The underlying guaranteed certificates consist of the classes A-1, A-2, A-M, X1, XAM and X3. These certificates will be purchased by Freddie Mac to be deposited into the Freddie Mac SPC K-144 trust to back the Freddie Mac SPC K-144 certificates. The ratings of classes A-1, A-2 and X1 consider the Freddie Mac guarantee and the underlying creditworthiness of the collateral. Freddie Mac is currently rated 'AAA'/'F1+'/Negative.

Fitch does not rate the following classes of FREMF 2022-K144: $260,266,034 IO-class X2-B; $195,000,000 class A-M; $195,000,000 IO-class XAM; $65,266,034 IO-class X3 and $65,266,034 class D. Additionally, Fitch does not rate the following classes of Freddie Mac SPC K-144: $195,000,000 class A-M; $195,000,000 IO-class XAM; $65,266,034 IO-class X3. These ratings and Unenhanced Ratings are based on the information provided by the issuer as of May 26, 2022.

Transaction Summary

The certificates represent the beneficial ownership interest in the trust. The trust's primary assets are 51 fixed-rate loans secured by 51 multifamily properties with an aggregate principal balance of approximately $1.31 billion as of the cutoff date. Freddie Mac SPC K-144 represents a pass-through interest in the corresponding class of securities issued by FREMF 2022-K144. Each Freddie Mac SPC K-144 security has the same designation as its underlying FREMF 2022-K144 class. All loans were originated following acquisition from Freddie Mac seller servicers. The certificates follow a sequential-pay structure.

Fitch reviewed a comprehensive sample of the transaction's collateral, including cash flow analysis of 69.9% of the pool and asset summary reviews of 100% of the pool.

KEY RATING DRIVERS

Fitch Leverage Lower Compared to Recent Transactions: The pool's Fitch debt service coverage ratio (DSCR) and loan-to-value ratio (LTV) are 1.01x and 129.3%, respectively. The pool's DSCR is higher than the average for YTD 2022 Fitch-rated 10-year Freddie Mac transactions of 0.98x but lower than the average for 2021 Fitch-rated 10-year Freddie Mac transactions of 1.02x. The pool's LTV is lower than the average LTVs for YTD 2022 and 2021 Fitch-rated 10-year Freddie Mac transactions of 135.5% and 136.4%, respectively.

Loan Diversity: The top 10 loans represent 45.0% of the pool, which is lower than the YTD 2022 and 2021 Fitch-rated average for 10-year Freddie Mac transactions of 53.6% and 47.2%, respectively. The pool's Loan Concentration Index score of 335 is lower than the average for YTD 2022 and 2021 Fitch-rated 10-year Freddie Mac transactions of 414 and 348, respectively.

Property Type Concentration: The pool is 99.0% secured by traditional multifamily properties, 0.6% secured by manufactured housing community properties and 0.4% secured by a student housing property. No loans in the pool are secured by true health care properties. The YTD 2022 Fitch-rated average health care concentration for 10-year Freddie Mac transactions concentration is 1.7%. Health care properties have a higher probability of default in Fitch's multiborrower model than traditional multifamily properties, all else equal. Student housing properties are the biggest contributor to overall CMBS multifamily defaults.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative rating action/downgrade:

Declining cash flow decreases property value and capacity to meet its debt service obligations. The list below indicates the model-implied rating sensitivity to changes in one variable, Fitch net cash flow (NCF):

Original Rating: 'AAAsf';

10% NCF decline: 'AAAsf';

20% NCF decline: 'AA+sf';

30% NCF decline: 'AAsf'.

Fitch has revised its global economic outlook forecasts as a result of the war in Ukraine and related economic sanctions. Downside risks have increased and, therefore, Fitch has published an assessment of the potential rating and asset performance impact of a plausible, albeit worse than expected, adverse stagflation scenario on Fitch's major structured finance and covered bond subsectors ('What a Stagflation Scenario Would Mean for Global Structured Finance').

Fitch expects the North American CMBS sector in the assumed adverse scenario to experience virtually no impact on ratings performance, indicating very few rating or Outlook changes. Fitch expects the asset performance impact of the adverse case scenario to be more modest than the most stressful scenario shown above, which assumes a further 30% decline from Fitch's NCF at issuance.

Factors that could, individually or collectively, lead to positive rating action/upgrade:

Fitch did not consider the implementation of positive stresses for this transaction as the rated classes are at the highest rating level and cannot be upgraded further. The presale report includes a detailed explanation of additional stresses and sensitivities on page 10.

Best/Worst Case Rating Scenario

International scale credit ratings of Structured Finance transactions have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of seven notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of seven notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector-specific best- and worst-case scenario credit ratings, visit https://www.fitchratings.com/site/re/10111579.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Fitch was provided with Form ABS Due Diligence-15E ('Form 15E') as prepared by PricewaterhouseCoopers LLP. The third-party due diligence described in Form 15E focused on a comparison and re-computation of certain characteristics with respect to each of the mortgage loans. Fitch considered this information in its analysis and it did not have an effect on Fitch's analysis or conclusions.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

REPRESENTATIONS, WARRANTIES AND ENFORCEMENT MECHANISMS

A description of the transaction's representations, warranties and enforcement mechanisms (RW&Es) that are disclosed in the offering document and which relate to the underlying asset pool is available by clicking the link to the Appendix. The appendix also contains a comparison of these RW&Es to those Fitch considers typical for the asset class as detailed in the Special Report titled 'Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions'.

A description of the transaction's representations, warranties and enforcement mechanisms (RW&Es) that are disclosed in the offering document and which relate to the underlying asset pool is available by clicking the link to the Appendix. The appendix also contains a comparison of these RW&Es to those Fitch considers typical for the asset class as detailed in the Special Report titled 'Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions'.

ESG Considerations

Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg.

Additional information is available on www.fitchratings.com

PARTICIPATION STATUS

The rated entity (and/or its agents) or, in the case of structured finance, one or more of the transaction parties participated in the rating process except that the following issuer(s), if any, did not participate in the rating process, or provide additional information, beyond the issuer's available public disclosure.

APPLICABLE CRITERIA

Criteria for Rating Loan Servicers (pub. 08 Feb 2020)

U.S. and Canadian Multiborrower CMBS Rating Criteria (pub. 08 Apr 2021) (including rating assumption sensitivity)

Global Structured Finance Rating Criteria (pub. 26 Oct 2021) (including rating assumption sensitivity)

Structured Finance and Covered Bonds Counterparty Rating Criteria (pub. 04 Nov 2021)

APPLICABLE MODELS

Numbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).

CMBS TreppPort, v1.0.11 (1)

U.S. and Canadian CMBS MultiBorrower Model, v1.8.1 (1)

(C) 2022 Electronic News Publishing, source ENP Newswire