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S&P rates Freddie Mac Certificates 'AAA'& 'AAA/A-1+'

March 25, 2004

NEW YORK, - Standard& Poor's Ratings Services assigned its 'AAA' rating to Freddie Mac's $146 million multifamily variable-rate class A certificates series M003 (tax-exempt) and 1769239328

The long-term components of the ratings are based on a guaranty provided by Freddie Mac ('AAA/A-1+'). Freddie Mac will guarantee payment of interest on the class A certificates at the applicable class A reset rate and principal of the underlying bonds that is passed through to the class A certificates.

From the date of original issue, the class A certificates series M003 shall bear interest in the term reset rate. The series M003 certificates initially bear interest in the weekly rate mode.

The rating on the series M003 certificates does not have a short-term component because the term rate mode certificate holders do not have any put options within the next 13 months. The short-term component of the series M004 certificate rating is based on a liquidity facility provided by Freddie Mac that will provide for principal of and interest on unremarketed class A certificates at an interest rate based on the weighted bond average for a maximum of 35 days based on a 365-day year.

Source: Standard & Poor's



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