As promised, Freddie Mac is coming to market with another risk-sharing deal, thereby shifting some of the product into the private market. Freddie said it will likely get this deal rated, and it looks like they will, via Fitch Ratings.

Fannie Mae was first able to get its first deal rated.

In HousingWire earlier this month, it was reported that Freddie would do the same.

"We would have preferred to have our first deal rated," said Michael Reynolds, a credit risk structuring consultant for Freddie Mae and architect of the risk-sharing deal. Reynolds added that they simply ran out of time to get a rating before issuance. "I fully expect our future transactions to be rated by NRSO entities," he added.

The deal is called Structured Agency Credit Risk (STACR) Debt Notes, Series 2013-DN2.  A $245 million tranche of the $35 billion securitization is carved out, a risky slice to sell to private investors.

Freddie Mac will be responsible for making monthly payments of interest and principal to investors based on the payment priorities set forth in the transaction documents.

Fitch intends to rate the tranche triple-B.