Freddie Mac’s 2025 STACR notes retain top-tier ratings with one downgrade
Freddie Mac has released the NAIC 2025 designations for its STACR securities. The ratings cover various STACR REMIC Trust, STACR Trust, and STACR Debt Notes. Most notes retained their top-tier status, though one saw a downgrade by year-end 2025.
A total of 213 STACR Notes underwent review for the 2025 filing year. Of these, 207 maintained or secured an NAIC 1 Designation—the highest possible rating. The remaining six received an NAIC 2 Designation, indicating a slightly lower risk classification.
Among the reviewed securities, one Exchangeable Note (STACR 2024-DNA2 M2B) was downgraded from NAIC 1 to NAIC 2. Meanwhile, the related MACR Note (STACR 2024-DNA2 M2) kept its NAIC 1 status through the end of 2025. No records show any institution reaching out to global insurers in 2026 about transferring credit risk from Freddie Mac to private capital. The NAIC ratings discussed apply only to STACR bonds issued up to 2025.
The 2025 NAIC designations confirm that nearly all STACR Notes remain at the highest rating level. Only a small number, including one downgraded Exchangeable Note, fall under the NAIC 2 category. The results reflect the current risk assessment of these structured securities.
