Fitch Ratings has assigned and subsequently withdrawn a point-in-time rating for Freddie Mac WI Certificates, Series WI-K157 as follows.

RATING ACTIONS

Entity / Debt

Rating

Prior

WI Certificates, Series WI-K157

A-2 3137HA4N3

LT

AAAsf

New Rating

AAA(EXP)sf

A-2 3137HA4N3

LT

WDsf

Withdrawn

AAAsf

A-M 3137HA4P8

LT

NRsf

New Rating

NR(EXP)sf

Page

of 1

VIEW ADDITIONAL RATING DETAILS

$493,856,000 class A-2 'AAAsf'; Rating Watch Negative.

Fitch does not rate the following class:

$150,000,000 class A-M.

The rating on class A-2 is a point-in-time rating based on information available to Fitch as of May 31, 2023. The A-2 point-in-time rating carries a Rating Watch Negative (RWN) because the class A-2 certificates are directly linked to the rating Freddie Mac, the guarantee provider. The RWN on Freddie Mac has not been resolved as of today. Although the RWN has not been resolved, the rating on class A-2 is being simultaneously withdrawn because it is a point-in-time rating and will not be monitored on an ongoing basis by Fitch.

Transaction Summary

The WI certificates represent the beneficial ownership interest in the trust, primary assets of which will be cash assets related to each class of WI certificates and right to performance of Freddie Mac's obligations under a forward contract. The forward contract provides certificate holders the option to exchange the WI certificates any time after the subsequent transfer date, for their proportionate share of newly issued Freddie Mac structured pass-through certificates (SPCs) from a Freddie Mac K-series deal.

After the subsequent transfer date, payments received on each corresponding SPC class will be passed through to the holders of the related WI certificates. If Freddie Mac does not deliver the SPCs, then the WI classes would be redeemed and Freddie Mac would pay a yield maintenance amount. If Freddie Mac delivers the SPCs with an outstanding principal balance that is less than the WI certificate balance, then it would refund the difference to certificate holders and pay a partial yield maintenance amount. Alternatively, holders may elect not to exchange the WI certificates and simply hold them to maturity.

Freddie Mac will guarantee certain payments of interest, principal and yield maintenance on the WI certificates prior to the subsequent transfer date as well as timely payment of interest and ultimate payment of principal received on the related K-Deal SPCs following the subsequent transfer date. Freddie Mac will act as depositor, trustee, administrator and guarantor of the trust.

Fitch has withdrawn the rating on class A-2 because it is a point-in-time rating and will not be monitored on an ongoing basis by Fitch.

KEY RATING DRIVERS

Linkage to Public Rating: The point-in-time rating and Rating Watch of the class A-2 certificates are directly linked to the rating and Rating Watch of Freddie Mac, the guarantee provider, as of May 31, 2023. Freddie Mac's Long-Term Issuer Default Rating (IDR) is directly linked to the Long-Term IDR of the U.S. Sovereign.

U.S. 'AAA' IDR Rating Watch Negative: The RWN placement occurred on May 24, 2023: see 'Fitch Places United States 'AAA' on Rating Watch Negative' published May 24, 2023 at www.fitchratings.com.

Freddie Mac's rating was subsequently placed on RWN following the action on the U.S. 'AAA' IDR. See 'Fitch Places Freddie Mac and Freddie Mac Ratings on Rating Watch Negative' dated May 25, 2023.

Neither the RWN on Freddie Mac nor the RWN on the U.S. sovereign have been resolved as of the date of May 31, 2023.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade

Negative rating sensitivities do not apply because the rating has been withdrawn.

Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade

Positive rating sensitivities do not apply because the rating has been withdrawn.

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

Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action.

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.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The rating and Rating Watch of the A-2 certificates is directly linked to the rating and Rating Rating Watch of Freddie Mac, the guarantee provider. Freddie Mac's Long-Term IDR is directly linked to the U.S. sovereign's Long-Term IDR, and the ratings.

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 was not prepared for this transaction. Offering Documents for this market sector typically do not include RW&Es that are available to investors and that relate to the asset pool underlying the trust. Therefore, Fitch credit reports for this market sector will not typically include descriptions of RW&Es. For further information, please see Fitch's 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

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