Freddie Mac is preparing its third offering of notes linked to the credit risk on mortgages that it insures.

The deal, Structured Agency Credit Risk, Series 2014-DN1, will issue two tranches with preliminary ratings from Kroll Bond Rating Agency. The $240 million M1 tranche is rated ‘A’ and the $360 million M2 tranche is rated ‘BBB.’ The trust will also issue an unrated, $408 million M3 tranche.

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