Fitch Assigns Point-In-Time Rating to Freddie Mac WI Certificates, Series WI-K145

Fitch Ratings has assigned a point-in-time rating and Rating Outlook to Freddie Mac when-issued (WI) certificates, series WI-K145, as follows.

$850,000,000 class A-2 'AAAsf'; Outlook Negative.

The following class is not rated by Fitch:

$200,000,000 class A-M.

The rating on class A-2 is a point-in-time rating based on information provided by the issuer as of April 21, 2022.

The class A-2 certificates will not be monitored on an ongoing basis by Fitch.

RATING ACTIONS

Entity / Debt

Rating

Prior

Freddie Mac WI Certificates, Series WI-K145

A-2

LT

AAAsf

New Rating

AAA(EXP)sf

A-M

LT

NRsf

New Rating

NR(EXP)sf

Page

of 1

VIEW ADDITIONAL RATING DETAILS

Transaction Summary

The WI K-Deal 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 noteholders the option to exchange the WI certificates any time after the subsequent transfer date for their proportionate share of newly-issued Freddie Mac structured passthrough 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.

KEY RATING DRIVERS

Linkage to Public Rating: The rating and Outlook for the A-2 certificates are directly linked to the rating and Outlook of Freddie Mac, the guarantee provider. A change in Fitch's assessment of the rating and Outlook of Freddie Mac would automatically result in a change in the rating and Outlook on the A-2 certificates. In addition, any change in Fitch's view on the guarantee may result in a downgrade of the notes.

Freddie Mac's Long-Term Issuer Default Rating (IDR) is directly linked to the Long-Term IDR of the U.S. sovereign, and the ratings will continue to move in tandem. Therefore, the Negative Outlook on Freddie Mac's IDR stems from Fitch's Negative Outlook on the U.S. sovereign.

RATING SENSITIVITIES

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

A downgrade of the U.S. sovereign's Long-Term IDR would result in a downgrade of Freddie Mac's Long-Term IDR.

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:

An Outlook revision back to Stable from Negative would occur if the U.S. sovereign's Outlook is revised back to Stable from Negative.

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 Outlook of the A-2 notes is directly linked to the rating and Outlook of Freddie Mac, the guarantee provider. Freddie Mac's Long-Term IDR is directly linked to the Long-Term IDR of the U.S. sovereign, and the ratings will continue to move in tandem.

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

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

Single- and Multi-Name Credit-Linked Notes Rating Criteria (pub. 12 Feb 2021) (including rating assumption sensitivity)

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

ADDITIONAL DISCLOSURES

Dodd-Frank Rating Information Disclosure Form

Solicitation Status

Endorsement Policy

ENDORSEMENT STATUS

Freddie Mac WI Certificates, Series WI-K145 	EU Endorsed, UK Endorsed

DISCLAIMER & DISCLOSURES

All Fitch Ratings (Fitch) credit ratings are subject to certain limitations and disclaimers. Please read these limitations and disclaimers by following this link: https://www.fitchratings.com/understandingcreditratings. In addition, the following

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Solicitation Status

The ratings above were solicited and assigned or maintained by Fitch at the request of the rated entity/issuer or a related third party. Any exceptions follow below.

Endorsement Policy

Fitch's international credit ratings produced outside the EU or the UK, as the case may be, are endorsed for use by regulated entities within the EU or the UK, respectively, for regulatory purposes, pursuant to the terms of the EU CRA Regulation or the UK Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019, as the case may be. Fitch's approach to endorsement in the EU and the UK can be found on Fitch's Regulatory Affairs page on Fitch's website. The endorsement status of international credit ratings is provided within the entity summary page for each rated entity and in the transaction detail pages for structured finance transactions on the Fitch website. These disclosures are updated on a daily basis.

Real Estate and Homebuilding

Structured Finance: CMBS

Structured Finance

North America

United States

ENTITIES

Freddie Mac WI Certificates Series WI-K145

ISSUER CONTENT

Fitch to Assign Point-In-Time Ratings to Freddie Mac WI Certificates, Series WI-K145

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