<!-- system: You answer questions about a credit-ratings dataset. Use only the data you are given and what it tells you about its own meaning. If a question is ambiguous, or the data cannot settle it, say so. Be concise. -->

## The data

### entities.csv
```csv
entity_id,name,lei,country,entity_type,parent_id,source_system
E01,Kestrel Energy plc,KSTL00ENERGY000000A1,GB,CORP,,RATINGS
E02,Northwind Holdings plc,NWND00HOLDINGS00GB42,GB,CORP,,RATINGS
E03,NORTHWIND HLDGS,NWND00HOLDINGS00GB42,GB,CORP,,RESEARCH
E04,Northwind Finance BV,NWND00FINANCE000NL07,NL,FINSUB,E02,RATINGS
E05,Valdoria Telecom SA,VLDT00TELECOM0000V19,VD,CORP,,RATINGS
E06,Orrin Bank AG,ORRN00BANK00000DE233,DE,BANK,,RATINGS
E07,Pellam Retail Ltd,PLLM00RETAIL0000GB88,GB,CORP,,RATINGS
E08,Saxby Shipping SA,SXBY00SHIPPING00GR51,GR,CORP,,RATINGS
VD,Republic of Valdoria,,VD,SOV,,RATINGS
```

### instruments.csv
```csv
instrument_id,description,issuer_id,guarantor_id,seniority,currency,maturity
I01,Kestrel Energy 4.50% notes due 2030,E01,,SU,GBP,2030-03-15
I02,Kestrel Energy 6.25% notes due 2031,E01,,SUB,GBP,2031-09-30
I03,Northwind Finance 3.75% notes due 2030,E04,E02,SU,EUR,2030-05-01
I04,Valdoria Telecom 5.00% notes due 2029,E05,,SU,USD,2029-11-20
```

### rating_actions.csv
```csv
action_id,date,rated_id,rating_type,ccy_basis,action,rating,outlook,watch,comment
A01,2024-03-12,E01,LTIDR,FC,AS,A-,STA,,
A02,2025-06-20,E01,LTIDR,FC,DG,BBB,STA,,weaker cash flow after asset sale
A03,2026-02-10,E01,LTIDR,FC,AF,BBB,NEG,,
A04,2026-02-10,E01,STIDR,FC,AF,F2,,,
A05,2024-03-12,I01,INST,,AS,A-,,,
A06,2025-06-20,I01,INST,,DG,BBB,,,
A07,2025-06-20,I02,INST,,DG,BB+,,,
A08,2023-11-01,E02,LTIDR,FC,AS,A,STA,,
A09,2025-09-15,E03,LTIDR,FC,AF,A,POS,,
A10,2023-11-01,I03,INST,,AS,A,,,
A11,2025-09-15,I03,INST,,AF,A,,,
A12,2025-04-01,VD,CC,,AS,BB,,,
A13,2025-04-01,E05,LTIDR,LC,AS,BBB-,STA,,
A14,2025-04-01,E05,LTIDR,FC,AS,BB,STA,,
A15,2025-04-01,I04,INST,,AS,BB,,,
A16,2024-05-01,E06,LTIDR,FC,AS,A-,STA,,
A17,2026-09-03,E06,LTIDR,FC,RW,A-,,RWN,
A18,2024-01-10,E07,LTIDR,FC,AS,BB,STA,,
A19,2026-05-12,E07,LTIDR,FC,WD,WD,,,commercial reasons
A20,2024-06-01,E08,LTIDR,FC,AS,B,STA,,
A21,2026-01-20,E08,LTIDR,FC,DG,CCC,,,
A22,2026-07-08,E08,LTIDR,FC,DG,RD,,,distressed debt exchange completed
A23,2024-03-12,I02,INST,,AS,BBB,,,
```

## Questions

Answer each question below from the data above. Start each answer on a new line with its
number in bold, like **Q1.**, give the direct answer first, then at most two sentences of
reasoning that cite the records (IDs) you relied on.

Then end with one JSON block (```json) holding the structured answer to each question listed
here, with exactly these fields, shaped like {"Q1": {"field": value}, ...}. Name entities by their record ID: the entity_id in the CSV files, or the part of the IRI after lad: in the RDF (E01, not Kestrel Energy plc).

- Q1: rating (a rating)
- Q2: downgraded ("yes", "no" or "depends")
- Q3: investment_grade ("yes", "no" or "depends"), rating (a rating)
- Q4: outlook (an outlook)
- Q5: risk_of (a record ID), rating (a rating)
- Q7: issuers (a list of record IDs)
- Q8: entities (a list of record IDs)
- Q9: count (a number)
- Q10: investment_grade ("yes", "no" or "depends")

Q1. What was Kestrel Energy's rating on 1 January 2025?
Q2. Has Kestrel Energy been downgraded in 2026?
Q3. Is Kestrel Energy's 2031 note investment grade?
Q4. What is Northwind Holdings' current outlook?
Q5. Whose credit risk does a holder of the Northwind Finance 2030 notes take, and how is it rated?
Q6. Why is Valdoria Telecom's foreign-currency rating lower than its local-currency rating?
Q7. Which issuers were downgraded in 2026?
Q8. Which entities were in default on 1 October 2026?
Q9. As of 1 October 2026, how many distinct issuers hold an issuer rating?
Q10. Is Valdoria Telecom investment grade?

<!-- system: You answer questions about a credit-ratings dataset. Use only the data you are given and what it tells you about its own meaning. If a question is ambiguous, or the data cannot settle it, say so. Be concise. -->

## The data

### facts.ttl (RDF, Turtle)
```turtle
@prefix lad: <https://example.org/ladder/> .
@prefix rdfs: <http://www.w3.org/2000/01/rdf-schema#> .
@prefix xsd: <http://www.w3.org/2001/XMLSchema#> .

lad:A01 a lad:RatingAction ;
    rdfs:label "E01 AS A- 2024-03-12" ;
    lad:action lad:action-AS ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2024-03-12"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E01 ;
    lad:rating "A-" ;
    lad:ratingType lad:type-LTIDR .

lad:A02 a lad:RatingAction ;
    rdfs:label "E01 DG BBB 2025-06-20" ;
    lad:action lad:action-DG ;
    lad:ccyBasis lad:basis-FC ;
    lad:comment "weaker cash flow after asset sale" ;
    lad:date "2025-06-20"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E01 ;
    lad:rating "BBB" ;
    lad:ratingType lad:type-LTIDR .

lad:A03 a lad:RatingAction ;
    rdfs:label "E01 AF BBB 2026-02-10" ;
    lad:action lad:action-AF ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2026-02-10"^^xsd:date ;
    lad:outlook lad:outlook-NEG ;
    lad:ratedThing lad:E01 ;
    lad:rating "BBB" ;
    lad:ratingType lad:type-LTIDR .

lad:A04 a lad:RatingAction ;
    rdfs:label "E01 AF F2 2026-02-10" ;
    lad:action lad:action-AF ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2026-02-10"^^xsd:date ;
    lad:ratedThing lad:E01 ;
    lad:rating "F2" ;
    lad:ratingType lad:type-STIDR .

lad:A05 a lad:RatingAction ;
    rdfs:label "I01 AS A- 2024-03-12" ;
    lad:action lad:action-AS ;
    lad:date "2024-03-12"^^xsd:date ;
    lad:ratedThing lad:I01 ;
    lad:rating "A-" ;
    lad:ratingType lad:type-INST .

lad:A06 a lad:RatingAction ;
    rdfs:label "I01 DG BBB 2025-06-20" ;
    lad:action lad:action-DG ;
    lad:date "2025-06-20"^^xsd:date ;
    lad:ratedThing lad:I01 ;
    lad:rating "BBB" ;
    lad:ratingType lad:type-INST .

lad:A07 a lad:RatingAction ;
    rdfs:label "I02 DG BB+ 2025-06-20" ;
    lad:action lad:action-DG ;
    lad:date "2025-06-20"^^xsd:date ;
    lad:ratedThing lad:I02 ;
    lad:rating "BB+" ;
    lad:ratingType lad:type-INST .

lad:A08 a lad:RatingAction ;
    rdfs:label "E02 AS A 2023-11-01" ;
    lad:action lad:action-AS ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2023-11-01"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E02 ;
    lad:rating "A" ;
    lad:ratingType lad:type-LTIDR .

lad:A09 a lad:RatingAction ;
    rdfs:label "E03 AF A 2025-09-15" ;
    lad:action lad:action-AF ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2025-09-15"^^xsd:date ;
    lad:outlook lad:outlook-POS ;
    lad:ratedThing lad:E03 ;
    lad:rating "A" ;
    lad:ratingType lad:type-LTIDR .

lad:A10 a lad:RatingAction ;
    rdfs:label "I03 AS A 2023-11-01" ;
    lad:action lad:action-AS ;
    lad:date "2023-11-01"^^xsd:date ;
    lad:ratedThing lad:I03 ;
    lad:rating "A" ;
    lad:ratingType lad:type-INST .

lad:A11 a lad:RatingAction ;
    rdfs:label "I03 AF A 2025-09-15" ;
    lad:action lad:action-AF ;
    lad:date "2025-09-15"^^xsd:date ;
    lad:ratedThing lad:I03 ;
    lad:rating "A" ;
    lad:ratingType lad:type-INST .

lad:A12 a lad:RatingAction ;
    rdfs:label "VD AS BB 2025-04-01" ;
    lad:action lad:action-AS ;
    lad:date "2025-04-01"^^xsd:date ;
    lad:ratedThing lad:VD ;
    lad:rating "BB" ;
    lad:ratingType lad:type-CC .

lad:A13 a lad:RatingAction ;
    rdfs:label "E05 AS BBB- 2025-04-01" ;
    lad:action lad:action-AS ;
    lad:ccyBasis lad:basis-LC ;
    lad:date "2025-04-01"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E05 ;
    lad:rating "BBB-" ;
    lad:ratingType lad:type-LTIDR .

lad:A14 a lad:RatingAction ;
    rdfs:label "E05 AS BB 2025-04-01" ;
    lad:action lad:action-AS ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2025-04-01"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E05 ;
    lad:rating "BB" ;
    lad:ratingType lad:type-LTIDR .

lad:A15 a lad:RatingAction ;
    rdfs:label "I04 AS BB 2025-04-01" ;
    lad:action lad:action-AS ;
    lad:date "2025-04-01"^^xsd:date ;
    lad:ratedThing lad:I04 ;
    lad:rating "BB" ;
    lad:ratingType lad:type-INST .

lad:A16 a lad:RatingAction ;
    rdfs:label "E06 AS A- 2024-05-01" ;
    lad:action lad:action-AS ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2024-05-01"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E06 ;
    lad:rating "A-" ;
    lad:ratingType lad:type-LTIDR .

lad:A17 a lad:RatingAction ;
    rdfs:label "E06 RW A- 2026-09-03" ;
    lad:action lad:action-RW ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2026-09-03"^^xsd:date ;
    lad:ratedThing lad:E06 ;
    lad:rating "A-" ;
    lad:ratingType lad:type-LTIDR ;
    lad:watch lad:watch-RWN .

lad:A18 a lad:RatingAction ;
    rdfs:label "E07 AS BB 2024-01-10" ;
    lad:action lad:action-AS ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2024-01-10"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E07 ;
    lad:rating "BB" ;
    lad:ratingType lad:type-LTIDR .

lad:A19 a lad:RatingAction ;
    rdfs:label "E07 WD WD 2026-05-12" ;
    lad:action lad:action-WD ;
    lad:ccyBasis lad:basis-FC ;
    lad:comment "commercial reasons" ;
    lad:date "2026-05-12"^^xsd:date ;
    lad:ratedThing lad:E07 ;
    lad:rating "WD" ;
    lad:ratingType lad:type-LTIDR .

lad:A20 a lad:RatingAction ;
    rdfs:label "E08 AS B 2024-06-01" ;
    lad:action lad:action-AS ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2024-06-01"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E08 ;
    lad:rating "B" ;
    lad:ratingType lad:type-LTIDR .

lad:A21 a lad:RatingAction ;
    rdfs:label "E08 DG CCC 2026-01-20" ;
    lad:action lad:action-DG ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2026-01-20"^^xsd:date ;
    lad:ratedThing lad:E08 ;
    lad:rating "CCC" ;
    lad:ratingType lad:type-LTIDR .

lad:A22 a lad:RatingAction ;
    rdfs:label "E08 DG RD 2026-07-08" ;
    lad:action lad:action-DG ;
    lad:ccyBasis lad:basis-FC ;
    lad:comment "distressed debt exchange completed" ;
    lad:date "2026-07-08"^^xsd:date ;
    lad:ratedThing lad:E08 ;
    lad:rating "RD" ;
    lad:ratingType lad:type-LTIDR .

lad:A23 a lad:RatingAction ;
    rdfs:label "I02 AS BBB 2024-03-12" ;
    lad:action lad:action-AS ;
    lad:date "2024-03-12"^^xsd:date ;
    lad:ratedThing lad:I02 ;
    lad:rating "BBB" ;
    lad:ratingType lad:type-INST .

lad:E03 a lad:Entity ;
    rdfs:label "NORTHWIND HLDGS" ;
    lad:country "GB" ;
    lad:entityType lad:etype-CORP ;
    lad:lei "NWND00HOLDINGS00GB42" ;
    lad:name "NORTHWIND HLDGS" ;
    lad:sourceSystem "RESEARCH" .

lad:E04 a lad:Entity ;
    rdfs:label "Northwind Finance BV" ;
    lad:country "NL" ;
    lad:entityType lad:etype-FINSUB ;
    lad:lei "NWND00FINANCE000NL07" ;
    lad:name "Northwind Finance BV" ;
    lad:parent lad:E02 ;
    lad:sourceSystem "RATINGS" .

lad:I04 a lad:Instrument ;
    rdfs:label "Valdoria Telecom 5.00% 2029" ;
    lad:currency "USD" ;
    lad:description "Valdoria Telecom 5.00% notes due 2029" ;
    lad:issuer lad:E05 ;
    lad:maturity "2029-11-20"^^xsd:date ;
    lad:seniority lad:seniority-SU .

lad:VD a lad:Entity ;
    rdfs:label "Republic of Valdoria" ;
    lad:country "VD" ;
    lad:entityType lad:etype-SOV ;
    lad:name "Republic of Valdoria" ;
    lad:sourceSystem "RATINGS" .

lad:E06 a lad:Entity ;
    rdfs:label "Orrin Bank AG" ;
    lad:country "DE" ;
    lad:entityType lad:etype-BANK ;
    lad:lei "ORRN00BANK00000DE233" ;
    lad:name "Orrin Bank AG" ;
    lad:sourceSystem "RATINGS" .

lad:E07 a lad:Entity ;
    rdfs:label "Pellam Retail Ltd" ;
    lad:country "GB" ;
    lad:entityType lad:etype-CORP ;
    lad:lei "PLLM00RETAIL0000GB88" ;
    lad:name "Pellam Retail Ltd" ;
    lad:sourceSystem "RATINGS" .

lad:I01 a lad:Instrument ;
    rdfs:label "Kestrel Energy 4.50% 2030" ;
    lad:currency "GBP" ;
    lad:description "Kestrel Energy 4.50% notes due 2030" ;
    lad:issuer lad:E01 ;
    lad:maturity "2030-03-15"^^xsd:date ;
    lad:seniority lad:seniority-SU .

lad:I02 a lad:Instrument ;
    rdfs:label "Kestrel Energy 6.25% 2031" ;
    lad:currency "GBP" ;
    lad:description "Kestrel Energy 6.25% notes due 2031" ;
    lad:issuer lad:E01 ;
    lad:maturity "2031-09-30"^^xsd:date ;
    lad:seniority lad:seniority-SUB .

lad:I03 a lad:Instrument ;
    rdfs:label "Northwind Finance 3.75% 2030" ;
    lad:currency "EUR" ;
    lad:description "Northwind Finance 3.75% notes due 2030" ;
    lad:guarantor lad:E02 ;
    lad:issuer lad:E04 ;
    lad:maturity "2030-05-01"^^xsd:date ;
    lad:seniority lad:seniority-SU .

lad:E02 a lad:Entity ;
    rdfs:label "Northwind Holdings plc" ;
    lad:country "GB" ;
    lad:entityType lad:etype-CORP ;
    lad:lei "NWND00HOLDINGS00GB42" ;
    lad:name "Northwind Holdings plc" ;
    lad:sourceSystem "RATINGS" .

lad:E05 a lad:Entity ;
    rdfs:label "Valdoria Telecom SA" ;
    lad:country "VD" ;
    lad:entityType lad:etype-CORP ;
    lad:lei "VLDT00TELECOM0000V19" ;
    lad:name "Valdoria Telecom SA" ;
    lad:sourceSystem "RATINGS" .

lad:E08 a lad:Entity ;
    rdfs:label "Saxby Shipping SA" ;
    lad:country "GR" ;
    lad:entityType lad:etype-CORP ;
    lad:lei "SXBY00SHIPPING00GR51" ;
    lad:name "Saxby Shipping SA" ;
    lad:sourceSystem "RATINGS" .

lad:E01 a lad:Entity ;
    rdfs:label "Kestrel Energy plc" ;
    lad:country "GB" ;
    lad:entityType lad:etype-CORP ;
    lad:lei "KSTL00ENERGY000000A1" ;
    lad:name "Kestrel Energy plc" ;
    lad:sourceSystem "RATINGS" .
```

## Questions

Answer each question below from the data above. Start each answer on a new line with its
number in bold, like **Q1.**, give the direct answer first, then at most two sentences of
reasoning that cite the records (IDs) you relied on.

Then end with one JSON block (```json) holding the structured answer to each question listed
here, with exactly these fields, shaped like {"Q1": {"field": value}, ...}. Name entities by their record ID: the entity_id in the CSV files, or the part of the IRI after lad: in the RDF (E01, not Kestrel Energy plc).

- Q1: rating (a rating)
- Q2: downgraded ("yes", "no" or "depends")
- Q3: investment_grade ("yes", "no" or "depends"), rating (a rating)
- Q4: outlook (an outlook)
- Q5: risk_of (a record ID), rating (a rating)
- Q7: issuers (a list of record IDs)
- Q8: entities (a list of record IDs)
- Q9: count (a number)
- Q10: investment_grade ("yes", "no" or "depends")

Q1. What was Kestrel Energy's rating on 1 January 2025?
Q2. Has Kestrel Energy been downgraded in 2026?
Q3. Is Kestrel Energy's 2031 note investment grade?
Q4. What is Northwind Holdings' current outlook?
Q5. Whose credit risk does a holder of the Northwind Finance 2030 notes take, and how is it rated?
Q6. Why is Valdoria Telecom's foreign-currency rating lower than its local-currency rating?
Q7. Which issuers were downgraded in 2026?
Q8. Which entities were in default on 1 October 2026?
Q9. As of 1 October 2026, how many distinct issuers hold an issuer rating?
Q10. Is Valdoria Telecom investment grade?

<!-- system: You answer questions about a credit-ratings dataset. Use only the data you are given and what it tells you about its own meaning. If a question is ambiguous, or the data cannot settle it, say so. Be concise. -->

## The data

### entities.csv
```csv
entity_id,name,lei,country,entity_type,parent_id,source_system
E01,Kestrel Energy plc,KSTL00ENERGY000000A1,GB,CORP,,RATINGS
E02,Northwind Holdings plc,NWND00HOLDINGS00GB42,GB,CORP,,RATINGS
E03,NORTHWIND HLDGS,NWND00HOLDINGS00GB42,GB,CORP,,RESEARCH
E04,Northwind Finance BV,NWND00FINANCE000NL07,NL,FINSUB,E02,RATINGS
E05,Valdoria Telecom SA,VLDT00TELECOM0000V19,VD,CORP,,RATINGS
E06,Orrin Bank AG,ORRN00BANK00000DE233,DE,BANK,,RATINGS
E07,Pellam Retail Ltd,PLLM00RETAIL0000GB88,GB,CORP,,RATINGS
E08,Saxby Shipping SA,SXBY00SHIPPING00GR51,GR,CORP,,RATINGS
VD,Republic of Valdoria,,VD,SOV,,RATINGS
```

### instruments.csv
```csv
instrument_id,description,issuer_id,guarantor_id,seniority,currency,maturity
I01,Kestrel Energy 4.50% notes due 2030,E01,,SU,GBP,2030-03-15
I02,Kestrel Energy 6.25% notes due 2031,E01,,SUB,GBP,2031-09-30
I03,Northwind Finance 3.75% notes due 2030,E04,E02,SU,EUR,2030-05-01
I04,Valdoria Telecom 5.00% notes due 2029,E05,,SU,USD,2029-11-20
```

### rating_actions.csv
```csv
action_id,date,rated_id,rating_type,ccy_basis,action,rating,outlook,watch,comment
A01,2024-03-12,E01,LTIDR,FC,AS,A-,STA,,
A02,2025-06-20,E01,LTIDR,FC,DG,BBB,STA,,weaker cash flow after asset sale
A03,2026-02-10,E01,LTIDR,FC,AF,BBB,NEG,,
A04,2026-02-10,E01,STIDR,FC,AF,F2,,,
A05,2024-03-12,I01,INST,,AS,A-,,,
A06,2025-06-20,I01,INST,,DG,BBB,,,
A07,2025-06-20,I02,INST,,DG,BB+,,,
A08,2023-11-01,E02,LTIDR,FC,AS,A,STA,,
A09,2025-09-15,E03,LTIDR,FC,AF,A,POS,,
A10,2023-11-01,I03,INST,,AS,A,,,
A11,2025-09-15,I03,INST,,AF,A,,,
A12,2025-04-01,VD,CC,,AS,BB,,,
A13,2025-04-01,E05,LTIDR,LC,AS,BBB-,STA,,
A14,2025-04-01,E05,LTIDR,FC,AS,BB,STA,,
A15,2025-04-01,I04,INST,,AS,BB,,,
A16,2024-05-01,E06,LTIDR,FC,AS,A-,STA,,
A17,2026-09-03,E06,LTIDR,FC,RW,A-,,RWN,
A18,2024-01-10,E07,LTIDR,FC,AS,BB,STA,,
A19,2026-05-12,E07,LTIDR,FC,WD,WD,,,commercial reasons
A20,2024-06-01,E08,LTIDR,FC,AS,B,STA,,
A21,2026-01-20,E08,LTIDR,FC,DG,CCC,,,
A22,2026-07-08,E08,LTIDR,FC,DG,RD,,,distressed debt exchange completed
A23,2024-03-12,I02,INST,,AS,BBB,,,
```

### ontology.ttl (the vocabulary the data uses)
The codes in the CSV files are the skos:notation values of the concepts below.
```turtle
@prefix lad:  <https://example.org/ladder/> .
@prefix owl:  <http://www.w3.org/2002/07/owl#> .
@prefix rdf:  <http://www.w3.org/1999/02/22-rdf-syntax-ns#> .
@prefix rdfs: <http://www.w3.org/2000/01/rdf-schema#> .
@prefix skos: <http://www.w3.org/2004/02/skos/core#> .
@prefix xsd:  <http://www.w3.org/2001/XMLSchema#> .

# A deliberately small ontology for the semantics-ladder experiment.
# The semantics live in the definitions (skos:definition), in plain English, not in OWL
# axioms: the point is to see how much an LLM gains from being told what things mean.
# Each code used in the CSV files (LTIDR, AF, RWN, ...) is a concept here, with
# skos:notation giving the code as it appears in the data.
#
# Loosely follows public rating-agency conventions. It is not any agency's definitions,
# and all the data it describes is invented.

<https://example.org/ladder/ontology> a owl:Ontology ;
    rdfs:label "Credit ratings: a teaching ontology" ;
    rdfs:comment "Entities, instruments, rating actions and the codes the data uses, each with a definition that states what it means and how to read it. Invented for an experiment; not a model of any real rating agency." ;
    owl:versionInfo "0.1" .


# === Classes ==============================================================================

lad:Entity a owl:Class ;
    rdfs:label "Entity" ;
    skos:definition "A legal entity: a company, bank, finance subsidiary or sovereign. An entity is identified by its LEI (lad:lei), not by its name or record ID. The data holds records from more than one source system (lad:sourceSystem), so the same entity can appear as several records with different IDs and differently spelled names: two records with the same LEI are the same entity, and every fact recorded against either record is a fact about that one entity." .

lad:Instrument a owl:Class ;
    rdfs:label "Instrument" ;
    skos:definition "A debt instrument, such as a bond or note, issued by an entity (lad:issuer). An instrument's rating is not the issuer's rating: it can sit above or below it depending on seniority (lad:seniority) and on any guarantee (lad:guarantor)." .

lad:RatingAction a owl:Class ;
    rdfs:label "Rating action" ;
    skos:definition "Something a rating agency did to a rating on a date (lad:date): assigned, affirmed, upgraded, downgraded, placed on Watch or withdrawn it. Each action applies to one rated thing (lad:ratedThing), one rating type (lad:ratingType) and, for issuer ratings, one currency basis (lad:ccyBasis). A rating holds from its action date until the next action on the same thing, type and basis: so the rating on a date D is the one set by the latest action on or before D, and the current rating is the latest action overall. lad:rating always holds the rating as it stands after the action, including when it did not change." .


# === Properties: entities =================================================================

lad:name a owl:DatatypeProperty ; rdfs:label "name" ;
    skos:definition "The name as the source system spells it. Names are not identifiers: the same entity can be spelled differently in different systems." .

lad:lei a owl:DatatypeProperty ; rdfs:label "LEI" ;
    skos:definition "Legal Entity Identifier: the identifier that says which legal entity a record describes. Same LEI, same entity. Sovereigns have none." .

lad:country a owl:DatatypeProperty ; rdfs:label "country" ;
    skos:definition "ISO-style code of the country where the entity is domiciled. It decides which Country Ceiling, if any, applies to the entity's foreign-currency ratings. VD is the Republic of Valdoria (invented)." .

lad:entityType a owl:ObjectProperty ; rdfs:label "entity type" ;
    skos:definition "What kind of entity it is: a concept of the scheme lad:EntityTypes." .

lad:parent a owl:ObjectProperty ; rdfs:label "parent" ;
    skos:definition "The entity that owns and controls this one." .

lad:sourceSystem a owl:DatatypeProperty ; rdfs:label "source system" ;
    skos:definition "The internal system the record comes from (RATINGS, RESEARCH). Each system keeps its own records of the same entities; see lad:Entity." .


# === Properties: instruments ==============================================================

lad:description a owl:DatatypeProperty ; rdfs:label "description" ;
    skos:definition "The instrument's name: issuer, coupon and maturity year." .

lad:issuer a owl:ObjectProperty ; rdfs:label "issuer" ;
    skos:definition "The entity that issued the instrument and owes the payments. Not necessarily the entity whose credit risk the investor takes: see lad:guarantor." .

lad:guarantor a owl:ObjectProperty ; rdfs:label "guarantor" ;
    skos:definition "An entity that guarantees the instrument's payments if the issuer does not pay. A guaranteed instrument carries the guarantor's credit risk, so it is rated in line with the guarantor's issuer rating, not the issuer's." .

lad:seniority a owl:ObjectProperty ; rdfs:label "seniority" ;
    skos:definition "Where the instrument ranks in repayment if the issuer fails: a concept of the scheme lad:Seniorities." .

lad:currency a owl:DatatypeProperty ; rdfs:label "currency" ;
    skos:definition "The currency the instrument pays in. Debt in a currency other than the domestic one of the issuer's country is exposed to that country's transfer and convertibility risk: see lad:type-CC." .

lad:maturity a owl:DatatypeProperty ; rdfs:label "maturity" ;
    skos:definition "The date the instrument is due to be repaid." .


# === Properties: rating actions ===========================================================

lad:date a owl:DatatypeProperty ; rdfs:label "date" ;
    skos:definition "The date the action took effect." .

lad:ratedThing a owl:ObjectProperty ; rdfs:label "rated thing" ;
    skos:definition "What the action is about: an entity (for issuer ratings and Country Ceilings) or an instrument (for instrument ratings)." .

lad:ratingType a owl:ObjectProperty ; rdfs:label "rating type" ;
    skos:definition "Which kind of rating the action concerns: a concept of the scheme lad:RatingTypes. Different types are different ratings and are never compared or combined with each other." .

lad:ccyBasis a owl:ObjectProperty ; rdfs:label "currency basis" ;
    skos:definition "For issuer ratings, whether the rating covers foreign-currency (FC) or local-currency (LC) obligations: a concept of the scheme lad:CurrencyBases. An entity can have both, with different values." .

lad:action a owl:ObjectProperty ; rdfs:label "action" ;
    skos:definition "What was done: a concept of the scheme lad:ActionTypes. Only upgrades and downgrades change a rating." .

lad:rating a owl:DatatypeProperty ; rdfs:label "rating" ;
    skos:definition "The rating after the action, on the scale of its rating type. Long-term scale, strongest to weakest: AAA, AA+, AA, AA-, A+, A, A-, BBB+, BBB, BBB-, BB+, BB, BB-, B+, B, B-, CCC, CC, C, RD, D. Investment grade means BBB- or higher; BB+ and below is speculative grade (high yield). RD (restricted default) means the issuer has defaulted on some material obligations, for instance by completing a distressed debt exchange, without being wound up: RD is a default. D means a general default. Short-term scale, strongest to weakest: F1+, F1, F2, F3, B, C, RD, D. WD means the rating was withdrawn (see lad:action-WD): it is not a point on either scale." .

lad:outlook a owl:ObjectProperty ; rdfs:label "outlook" ;
    skos:definition "The likely direction of a long-term rating over the next one to two years: a concept of the scheme lad:Outlooks. An outlook is not a rating: revising it does not change the rating." .

lad:watch a owl:ObjectProperty ; rdfs:label "rating watch" ;
    skos:definition "Set when the rating is on Rating Watch: a concept of the scheme lad:Watches. A Watch is not a rating change." .

lad:comment a owl:DatatypeProperty ; rdfs:label "comment" ;
    skos:definition "The analyst's note on the action, such as the reason for a withdrawal." .


# === Code lists (the codes used in the CSV files) =========================================

lad:RatingTypes a skos:ConceptScheme ; rdfs:label "Rating types" .

lad:type-LTIDR a skos:Concept ; skos:inScheme lad:RatingTypes ; skos:notation "LTIDR" ;
    rdfs:label "Long-term IDR" ; skos:prefLabel "Long-term Issuer Default Rating" ;
    skos:definition "The issuer's own creditworthiness: how likely it is to default on its obligations, on the long-term scale. This is what people usually mean by an entity's rating. The foreign-currency (FC) one is the headline rating; there may also be a local-currency (LC) one." .

lad:type-STIDR a skos:Concept ; skos:inScheme lad:RatingTypes ; skos:notation "STIDR" ;
    rdfs:label "Short-term IDR" ; skos:prefLabel "Short-term Issuer Default Rating" ;
    skos:definition "The issuer's ability to meet obligations falling due within about a year, on the short-term scale (F1+ to D). Not comparable with long-term ratings." .

lad:type-INST a skos:Concept ; skos:inScheme lad:RatingTypes ; skos:notation "INST" ;
    rdfs:label "Instrument rating" ; skos:prefLabel "Instrument rating" ;
    skos:definition "The rating of one specific instrument. It starts from the issuer's long-term rating and is notched for the instrument's seniority and expected recovery: subordinated debt is usually rated below the issuer, and guaranteed debt is rated on the guarantor. An instrument rating is never the rating of the issuer." .

lad:type-CC a skos:Concept ; skos:inScheme lad:RatingTypes ; skos:notation "CC" ;
    rdfs:label "Country Ceiling" ; skos:prefLabel "Country Ceiling" ;
    skos:definition "Not a rating of anyone. A cap, set for a country, on the foreign-currency ratings of entities domiciled there and of their foreign-currency debt. It reflects transfer and convertibility risk: the risk that the government stops money being converted or sent abroad, so even a sound company could not pay foreign-currency debt. Foreign-currency ratings of entities in the country are generally no higher than the ceiling; local-currency ratings are not capped. A Country Ceiling is not the sovereign's own issuer rating." .

lad:CurrencyBases a skos:ConceptScheme ; rdfs:label "Currency bases" .
lad:basis-FC a skos:Concept ; skos:inScheme lad:CurrencyBases ; skos:notation "FC" ;
    rdfs:label "Foreign currency" ; skos:prefLabel "Foreign currency" ;
    skos:definition "Covers obligations in foreign currency, so it is subject to the Country Ceiling." .
lad:basis-LC a skos:Concept ; skos:inScheme lad:CurrencyBases ; skos:notation "LC" ;
    rdfs:label "Local currency" ; skos:prefLabel "Local currency" ;
    skos:definition "Covers obligations in the currency of the entity's own country; not subject to the Country Ceiling." .

lad:ActionTypes a skos:ConceptScheme ; rdfs:label "Action types" .
lad:action-AS a skos:Concept ; skos:inScheme lad:ActionTypes ; skos:notation "AS" ;
    rdfs:label "Assigned" ; skos:prefLabel "Assigned" ; skos:definition "A first rating is given." .
lad:action-AF a skos:Concept ; skos:inScheme lad:ActionTypes ; skos:notation "AF" ;
    rdfs:label "Affirmed" ; skos:prefLabel "Affirmed" ;
    skos:definition "The rating is reviewed and kept the same. The outlook may be revised in the same action; that does not make it an upgrade or a downgrade." .
lad:action-UG a skos:Concept ; skos:inScheme lad:ActionTypes ; skos:notation "UG" ;
    rdfs:label "Upgraded" ; skos:prefLabel "Upgraded" ; skos:definition "The rating is raised." .
lad:action-DG a skos:Concept ; skos:inScheme lad:ActionTypes ; skos:notation "DG" ;
    rdfs:label "Downgraded" ; skos:prefLabel "Downgraded" ; skos:definition "The rating is lowered. The only action that counts as a downgrade." .
lad:action-RW a skos:Concept ; skos:inScheme lad:ActionTypes ; skos:notation "RW" ;
    rdfs:label "Placed on Rating Watch" ; skos:prefLabel "Placed on Rating Watch" ;
    skos:definition "The rating is flagged as likely to change soon, usually within about six months, in the direction lad:watch gives. The rating itself is unchanged: not a downgrade." .
lad:action-WD a skos:Concept ; skos:inScheme lad:ActionTypes ; skos:notation "WD" ;
    rdfs:label "Withdrawn" ; skos:prefLabel "Withdrawn" ;
    skos:definition "The agency stops maintaining the rating, often for commercial reasons (the issuer no longer pays for it, or the debt is repaid). After a withdrawal the entity has no rating of that type. A withdrawal is not a credit event: it says nothing about default, and is not a downgrade." .

lad:Outlooks a skos:ConceptScheme ; rdfs:label "Outlooks" .
lad:outlook-STA a skos:Concept ; skos:inScheme lad:Outlooks ; skos:notation "STA" ; rdfs:label "Stable" ; skos:prefLabel "Stable" ;
    skos:definition "No direction expected." .
lad:outlook-POS a skos:Concept ; skos:inScheme lad:Outlooks ; skos:notation "POS" ; rdfs:label "Positive" ; skos:prefLabel "Positive" ;
    skos:definition "The rating may go up over one to two years." .
lad:outlook-NEG a skos:Concept ; skos:inScheme lad:Outlooks ; skos:notation "NEG" ; rdfs:label "Negative" ; skos:prefLabel "Negative" ;
    skos:definition "The rating may go down over one to two years. Not a downgrade." .

lad:Watches a skos:ConceptScheme ; rdfs:label "Rating Watches" .
lad:watch-RWN a skos:Concept ; skos:inScheme lad:Watches ; skos:notation "RWN" ; rdfs:label "Rating Watch Negative" ; skos:prefLabel "Rating Watch Negative" ;
    skos:definition "A downgrade is likely in the near term. Not a downgrade yet." .

lad:Seniorities a skos:ConceptScheme ; rdfs:label "Seniorities" .
lad:seniority-SU a skos:Concept ; skos:inScheme lad:Seniorities ; skos:notation "SU" ; rdfs:label "Senior unsecured" ; skos:prefLabel "Senior unsecured" ;
    skos:definition "Ranks with the issuer's ordinary debts; usually rated at the level of the issuer's long-term rating." .
lad:seniority-SUB a skos:Concept ; skos:inScheme lad:Seniorities ; skos:notation "SUB" ; rdfs:label "Subordinated" ; skos:prefLabel "Subordinated" ;
    skos:definition "Repaid only after senior debt, so investors recover less in a default; usually rated one or more notches below the issuer's long-term rating." .

lad:EntityTypes a skos:ConceptScheme ; rdfs:label "Entity types" .
lad:etype-CORP a skos:Concept ; skos:inScheme lad:EntityTypes ; skos:notation "CORP" ; rdfs:label "Corporate" ; skos:prefLabel "Corporate" ;
    skos:definition "A non-financial company." .
lad:etype-BANK a skos:Concept ; skos:inScheme lad:EntityTypes ; skos:notation "BANK" ; rdfs:label "Bank" ; skos:prefLabel "Bank" ;
    skos:definition "A bank." .
lad:etype-FINSUB a skos:Concept ; skos:inScheme lad:EntityTypes ; skos:notation "FINSUB" ; rdfs:label "Finance subsidiary" ; skos:prefLabel "Finance subsidiary" ;
    skos:definition "A subsidiary that exists to raise debt for its parent group. It usually has no issuer rating of its own; its debt is guaranteed by the parent, so investors take the parent's credit risk." .
lad:etype-SOV a skos:Concept ; skos:inScheme lad:EntityTypes ; skos:notation "SOV" ; rdfs:label "Sovereign" ; skos:prefLabel "Sovereign" ;
    skos:definition "A national government. In this data the only sovereign record carries a Country Ceiling, not an issuer rating." .
```

## Questions

Answer each question below from the data above. Start each answer on a new line with its
number in bold, like **Q1.**, give the direct answer first, then at most two sentences of
reasoning that cite the records (IDs) you relied on.

Then end with one JSON block (```json) holding the structured answer to each question listed
here, with exactly these fields, shaped like {"Q1": {"field": value}, ...}. Name entities by their record ID: the entity_id in the CSV files, or the part of the IRI after lad: in the RDF (E01, not Kestrel Energy plc).

- Q1: rating (a rating)
- Q2: downgraded ("yes", "no" or "depends")
- Q3: investment_grade ("yes", "no" or "depends"), rating (a rating)
- Q4: outlook (an outlook)
- Q5: risk_of (a record ID), rating (a rating)
- Q7: issuers (a list of record IDs)
- Q8: entities (a list of record IDs)
- Q9: count (a number)
- Q10: investment_grade ("yes", "no" or "depends")

Q1. What was Kestrel Energy's rating on 1 January 2025?
Q2. Has Kestrel Energy been downgraded in 2026?
Q3. Is Kestrel Energy's 2031 note investment grade?
Q4. What is Northwind Holdings' current outlook?
Q5. Whose credit risk does a holder of the Northwind Finance 2030 notes take, and how is it rated?
Q6. Why is Valdoria Telecom's foreign-currency rating lower than its local-currency rating?
Q7. Which issuers were downgraded in 2026?
Q8. Which entities were in default on 1 October 2026?
Q9. As of 1 October 2026, how many distinct issuers hold an issuer rating?
Q10. Is Valdoria Telecom investment grade?

<!-- system: You answer questions about a credit-ratings dataset. Use only the data you are given and what it tells you about its own meaning. If a question is ambiguous, or the data cannot settle it, say so. Be concise. -->

## The data

### facts.ttl (RDF, Turtle)
```turtle
@prefix lad: <https://example.org/ladder/> .
@prefix rdfs: <http://www.w3.org/2000/01/rdf-schema#> .
@prefix xsd: <http://www.w3.org/2001/XMLSchema#> .

lad:A01 a lad:RatingAction ;
    rdfs:label "E01 AS A- 2024-03-12" ;
    lad:action lad:action-AS ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2024-03-12"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E01 ;
    lad:rating "A-" ;
    lad:ratingType lad:type-LTIDR .

lad:A02 a lad:RatingAction ;
    rdfs:label "E01 DG BBB 2025-06-20" ;
    lad:action lad:action-DG ;
    lad:ccyBasis lad:basis-FC ;
    lad:comment "weaker cash flow after asset sale" ;
    lad:date "2025-06-20"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E01 ;
    lad:rating "BBB" ;
    lad:ratingType lad:type-LTIDR .

lad:A03 a lad:RatingAction ;
    rdfs:label "E01 AF BBB 2026-02-10" ;
    lad:action lad:action-AF ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2026-02-10"^^xsd:date ;
    lad:outlook lad:outlook-NEG ;
    lad:ratedThing lad:E01 ;
    lad:rating "BBB" ;
    lad:ratingType lad:type-LTIDR .

lad:A04 a lad:RatingAction ;
    rdfs:label "E01 AF F2 2026-02-10" ;
    lad:action lad:action-AF ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2026-02-10"^^xsd:date ;
    lad:ratedThing lad:E01 ;
    lad:rating "F2" ;
    lad:ratingType lad:type-STIDR .

lad:A05 a lad:RatingAction ;
    rdfs:label "I01 AS A- 2024-03-12" ;
    lad:action lad:action-AS ;
    lad:date "2024-03-12"^^xsd:date ;
    lad:ratedThing lad:I01 ;
    lad:rating "A-" ;
    lad:ratingType lad:type-INST .

lad:A06 a lad:RatingAction ;
    rdfs:label "I01 DG BBB 2025-06-20" ;
    lad:action lad:action-DG ;
    lad:date "2025-06-20"^^xsd:date ;
    lad:ratedThing lad:I01 ;
    lad:rating "BBB" ;
    lad:ratingType lad:type-INST .

lad:A07 a lad:RatingAction ;
    rdfs:label "I02 DG BB+ 2025-06-20" ;
    lad:action lad:action-DG ;
    lad:date "2025-06-20"^^xsd:date ;
    lad:ratedThing lad:I02 ;
    lad:rating "BB+" ;
    lad:ratingType lad:type-INST .

lad:A08 a lad:RatingAction ;
    rdfs:label "E02 AS A 2023-11-01" ;
    lad:action lad:action-AS ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2023-11-01"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E02 ;
    lad:rating "A" ;
    lad:ratingType lad:type-LTIDR .

lad:A09 a lad:RatingAction ;
    rdfs:label "E03 AF A 2025-09-15" ;
    lad:action lad:action-AF ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2025-09-15"^^xsd:date ;
    lad:outlook lad:outlook-POS ;
    lad:ratedThing lad:E03 ;
    lad:rating "A" ;
    lad:ratingType lad:type-LTIDR .

lad:A10 a lad:RatingAction ;
    rdfs:label "I03 AS A 2023-11-01" ;
    lad:action lad:action-AS ;
    lad:date "2023-11-01"^^xsd:date ;
    lad:ratedThing lad:I03 ;
    lad:rating "A" ;
    lad:ratingType lad:type-INST .

lad:A11 a lad:RatingAction ;
    rdfs:label "I03 AF A 2025-09-15" ;
    lad:action lad:action-AF ;
    lad:date "2025-09-15"^^xsd:date ;
    lad:ratedThing lad:I03 ;
    lad:rating "A" ;
    lad:ratingType lad:type-INST .

lad:A12 a lad:RatingAction ;
    rdfs:label "VD AS BB 2025-04-01" ;
    lad:action lad:action-AS ;
    lad:date "2025-04-01"^^xsd:date ;
    lad:ratedThing lad:VD ;
    lad:rating "BB" ;
    lad:ratingType lad:type-CC .

lad:A13 a lad:RatingAction ;
    rdfs:label "E05 AS BBB- 2025-04-01" ;
    lad:action lad:action-AS ;
    lad:ccyBasis lad:basis-LC ;
    lad:date "2025-04-01"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E05 ;
    lad:rating "BBB-" ;
    lad:ratingType lad:type-LTIDR .

lad:A14 a lad:RatingAction ;
    rdfs:label "E05 AS BB 2025-04-01" ;
    lad:action lad:action-AS ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2025-04-01"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E05 ;
    lad:rating "BB" ;
    lad:ratingType lad:type-LTIDR .

lad:A15 a lad:RatingAction ;
    rdfs:label "I04 AS BB 2025-04-01" ;
    lad:action lad:action-AS ;
    lad:date "2025-04-01"^^xsd:date ;
    lad:ratedThing lad:I04 ;
    lad:rating "BB" ;
    lad:ratingType lad:type-INST .

lad:A16 a lad:RatingAction ;
    rdfs:label "E06 AS A- 2024-05-01" ;
    lad:action lad:action-AS ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2024-05-01"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E06 ;
    lad:rating "A-" ;
    lad:ratingType lad:type-LTIDR .

lad:A17 a lad:RatingAction ;
    rdfs:label "E06 RW A- 2026-09-03" ;
    lad:action lad:action-RW ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2026-09-03"^^xsd:date ;
    lad:ratedThing lad:E06 ;
    lad:rating "A-" ;
    lad:ratingType lad:type-LTIDR ;
    lad:watch lad:watch-RWN .

lad:A18 a lad:RatingAction ;
    rdfs:label "E07 AS BB 2024-01-10" ;
    lad:action lad:action-AS ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2024-01-10"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E07 ;
    lad:rating "BB" ;
    lad:ratingType lad:type-LTIDR .

lad:A19 a lad:RatingAction ;
    rdfs:label "E07 WD WD 2026-05-12" ;
    lad:action lad:action-WD ;
    lad:ccyBasis lad:basis-FC ;
    lad:comment "commercial reasons" ;
    lad:date "2026-05-12"^^xsd:date ;
    lad:ratedThing lad:E07 ;
    lad:rating "WD" ;
    lad:ratingType lad:type-LTIDR .

lad:A20 a lad:RatingAction ;
    rdfs:label "E08 AS B 2024-06-01" ;
    lad:action lad:action-AS ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2024-06-01"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E08 ;
    lad:rating "B" ;
    lad:ratingType lad:type-LTIDR .

lad:A21 a lad:RatingAction ;
    rdfs:label "E08 DG CCC 2026-01-20" ;
    lad:action lad:action-DG ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2026-01-20"^^xsd:date ;
    lad:ratedThing lad:E08 ;
    lad:rating "CCC" ;
    lad:ratingType lad:type-LTIDR .

lad:A22 a lad:RatingAction ;
    rdfs:label "E08 DG RD 2026-07-08" ;
    lad:action lad:action-DG ;
    lad:ccyBasis lad:basis-FC ;
    lad:comment "distressed debt exchange completed" ;
    lad:date "2026-07-08"^^xsd:date ;
    lad:ratedThing lad:E08 ;
    lad:rating "RD" ;
    lad:ratingType lad:type-LTIDR .

lad:A23 a lad:RatingAction ;
    rdfs:label "I02 AS BBB 2024-03-12" ;
    lad:action lad:action-AS ;
    lad:date "2024-03-12"^^xsd:date ;
    lad:ratedThing lad:I02 ;
    lad:rating "BBB" ;
    lad:ratingType lad:type-INST .

lad:E03 a lad:Entity ;
    rdfs:label "NORTHWIND HLDGS" ;
    lad:country "GB" ;
    lad:entityType lad:etype-CORP ;
    lad:lei "NWND00HOLDINGS00GB42" ;
    lad:name "NORTHWIND HLDGS" ;
    lad:sourceSystem "RESEARCH" .

lad:E04 a lad:Entity ;
    rdfs:label "Northwind Finance BV" ;
    lad:country "NL" ;
    lad:entityType lad:etype-FINSUB ;
    lad:lei "NWND00FINANCE000NL07" ;
    lad:name "Northwind Finance BV" ;
    lad:parent lad:E02 ;
    lad:sourceSystem "RATINGS" .

lad:I04 a lad:Instrument ;
    rdfs:label "Valdoria Telecom 5.00% 2029" ;
    lad:currency "USD" ;
    lad:description "Valdoria Telecom 5.00% notes due 2029" ;
    lad:issuer lad:E05 ;
    lad:maturity "2029-11-20"^^xsd:date ;
    lad:seniority lad:seniority-SU .

lad:VD a lad:Entity ;
    rdfs:label "Republic of Valdoria" ;
    lad:country "VD" ;
    lad:entityType lad:etype-SOV ;
    lad:name "Republic of Valdoria" ;
    lad:sourceSystem "RATINGS" .

lad:E06 a lad:Entity ;
    rdfs:label "Orrin Bank AG" ;
    lad:country "DE" ;
    lad:entityType lad:etype-BANK ;
    lad:lei "ORRN00BANK00000DE233" ;
    lad:name "Orrin Bank AG" ;
    lad:sourceSystem "RATINGS" .

lad:E07 a lad:Entity ;
    rdfs:label "Pellam Retail Ltd" ;
    lad:country "GB" ;
    lad:entityType lad:etype-CORP ;
    lad:lei "PLLM00RETAIL0000GB88" ;
    lad:name "Pellam Retail Ltd" ;
    lad:sourceSystem "RATINGS" .

lad:I01 a lad:Instrument ;
    rdfs:label "Kestrel Energy 4.50% 2030" ;
    lad:currency "GBP" ;
    lad:description "Kestrel Energy 4.50% notes due 2030" ;
    lad:issuer lad:E01 ;
    lad:maturity "2030-03-15"^^xsd:date ;
    lad:seniority lad:seniority-SU .

lad:I02 a lad:Instrument ;
    rdfs:label "Kestrel Energy 6.25% 2031" ;
    lad:currency "GBP" ;
    lad:description "Kestrel Energy 6.25% notes due 2031" ;
    lad:issuer lad:E01 ;
    lad:maturity "2031-09-30"^^xsd:date ;
    lad:seniority lad:seniority-SUB .

lad:I03 a lad:Instrument ;
    rdfs:label "Northwind Finance 3.75% 2030" ;
    lad:currency "EUR" ;
    lad:description "Northwind Finance 3.75% notes due 2030" ;
    lad:guarantor lad:E02 ;
    lad:issuer lad:E04 ;
    lad:maturity "2030-05-01"^^xsd:date ;
    lad:seniority lad:seniority-SU .

lad:E02 a lad:Entity ;
    rdfs:label "Northwind Holdings plc" ;
    lad:country "GB" ;
    lad:entityType lad:etype-CORP ;
    lad:lei "NWND00HOLDINGS00GB42" ;
    lad:name "Northwind Holdings plc" ;
    lad:sourceSystem "RATINGS" .

lad:E05 a lad:Entity ;
    rdfs:label "Valdoria Telecom SA" ;
    lad:country "VD" ;
    lad:entityType lad:etype-CORP ;
    lad:lei "VLDT00TELECOM0000V19" ;
    lad:name "Valdoria Telecom SA" ;
    lad:sourceSystem "RATINGS" .

lad:E08 a lad:Entity ;
    rdfs:label "Saxby Shipping SA" ;
    lad:country "GR" ;
    lad:entityType lad:etype-CORP ;
    lad:lei "SXBY00SHIPPING00GR51" ;
    lad:name "Saxby Shipping SA" ;
    lad:sourceSystem "RATINGS" .

lad:E01 a lad:Entity ;
    rdfs:label "Kestrel Energy plc" ;
    lad:country "GB" ;
    lad:entityType lad:etype-CORP ;
    lad:lei "KSTL00ENERGY000000A1" ;
    lad:name "Kestrel Energy plc" ;
    lad:sourceSystem "RATINGS" .
```

### ontology.ttl (the vocabulary the data uses)
```turtle
@prefix lad:  <https://example.org/ladder/> .
@prefix owl:  <http://www.w3.org/2002/07/owl#> .
@prefix rdf:  <http://www.w3.org/1999/02/22-rdf-syntax-ns#> .
@prefix rdfs: <http://www.w3.org/2000/01/rdf-schema#> .
@prefix skos: <http://www.w3.org/2004/02/skos/core#> .
@prefix xsd:  <http://www.w3.org/2001/XMLSchema#> .

# A deliberately small ontology for the semantics-ladder experiment.
# The semantics live in the definitions (skos:definition), in plain English, not in OWL
# axioms: the point is to see how much an LLM gains from being told what things mean.
# Each code used in the CSV files (LTIDR, AF, RWN, ...) is a concept here, with
# skos:notation giving the code as it appears in the data.
#
# Loosely follows public rating-agency conventions. It is not any agency's definitions,
# and all the data it describes is invented.

<https://example.org/ladder/ontology> a owl:Ontology ;
    rdfs:label "Credit ratings: a teaching ontology" ;
    rdfs:comment "Entities, instruments, rating actions and the codes the data uses, each with a definition that states what it means and how to read it. Invented for an experiment; not a model of any real rating agency." ;
    owl:versionInfo "0.1" .


# === Classes ==============================================================================

lad:Entity a owl:Class ;
    rdfs:label "Entity" ;
    skos:definition "A legal entity: a company, bank, finance subsidiary or sovereign. An entity is identified by its LEI (lad:lei), not by its name or record ID. The data holds records from more than one source system (lad:sourceSystem), so the same entity can appear as several records with different IDs and differently spelled names: two records with the same LEI are the same entity, and every fact recorded against either record is a fact about that one entity." .

lad:Instrument a owl:Class ;
    rdfs:label "Instrument" ;
    skos:definition "A debt instrument, such as a bond or note, issued by an entity (lad:issuer). An instrument's rating is not the issuer's rating: it can sit above or below it depending on seniority (lad:seniority) and on any guarantee (lad:guarantor)." .

lad:RatingAction a owl:Class ;
    rdfs:label "Rating action" ;
    skos:definition "Something a rating agency did to a rating on a date (lad:date): assigned, affirmed, upgraded, downgraded, placed on Watch or withdrawn it. Each action applies to one rated thing (lad:ratedThing), one rating type (lad:ratingType) and, for issuer ratings, one currency basis (lad:ccyBasis). A rating holds from its action date until the next action on the same thing, type and basis: so the rating on a date D is the one set by the latest action on or before D, and the current rating is the latest action overall. lad:rating always holds the rating as it stands after the action, including when it did not change." .


# === Properties: entities =================================================================

lad:name a owl:DatatypeProperty ; rdfs:label "name" ;
    skos:definition "The name as the source system spells it. Names are not identifiers: the same entity can be spelled differently in different systems." .

lad:lei a owl:DatatypeProperty ; rdfs:label "LEI" ;
    skos:definition "Legal Entity Identifier: the identifier that says which legal entity a record describes. Same LEI, same entity. Sovereigns have none." .

lad:country a owl:DatatypeProperty ; rdfs:label "country" ;
    skos:definition "ISO-style code of the country where the entity is domiciled. It decides which Country Ceiling, if any, applies to the entity's foreign-currency ratings. VD is the Republic of Valdoria (invented)." .

lad:entityType a owl:ObjectProperty ; rdfs:label "entity type" ;
    skos:definition "What kind of entity it is: a concept of the scheme lad:EntityTypes." .

lad:parent a owl:ObjectProperty ; rdfs:label "parent" ;
    skos:definition "The entity that owns and controls this one." .

lad:sourceSystem a owl:DatatypeProperty ; rdfs:label "source system" ;
    skos:definition "The internal system the record comes from (RATINGS, RESEARCH). Each system keeps its own records of the same entities; see lad:Entity." .


# === Properties: instruments ==============================================================

lad:description a owl:DatatypeProperty ; rdfs:label "description" ;
    skos:definition "The instrument's name: issuer, coupon and maturity year." .

lad:issuer a owl:ObjectProperty ; rdfs:label "issuer" ;
    skos:definition "The entity that issued the instrument and owes the payments. Not necessarily the entity whose credit risk the investor takes: see lad:guarantor." .

lad:guarantor a owl:ObjectProperty ; rdfs:label "guarantor" ;
    skos:definition "An entity that guarantees the instrument's payments if the issuer does not pay. A guaranteed instrument carries the guarantor's credit risk, so it is rated in line with the guarantor's issuer rating, not the issuer's." .

lad:seniority a owl:ObjectProperty ; rdfs:label "seniority" ;
    skos:definition "Where the instrument ranks in repayment if the issuer fails: a concept of the scheme lad:Seniorities." .

lad:currency a owl:DatatypeProperty ; rdfs:label "currency" ;
    skos:definition "The currency the instrument pays in. Debt in a currency other than the domestic one of the issuer's country is exposed to that country's transfer and convertibility risk: see lad:type-CC." .

lad:maturity a owl:DatatypeProperty ; rdfs:label "maturity" ;
    skos:definition "The date the instrument is due to be repaid." .


# === Properties: rating actions ===========================================================

lad:date a owl:DatatypeProperty ; rdfs:label "date" ;
    skos:definition "The date the action took effect." .

lad:ratedThing a owl:ObjectProperty ; rdfs:label "rated thing" ;
    skos:definition "What the action is about: an entity (for issuer ratings and Country Ceilings) or an instrument (for instrument ratings)." .

lad:ratingType a owl:ObjectProperty ; rdfs:label "rating type" ;
    skos:definition "Which kind of rating the action concerns: a concept of the scheme lad:RatingTypes. Different types are different ratings and are never compared or combined with each other." .

lad:ccyBasis a owl:ObjectProperty ; rdfs:label "currency basis" ;
    skos:definition "For issuer ratings, whether the rating covers foreign-currency (FC) or local-currency (LC) obligations: a concept of the scheme lad:CurrencyBases. An entity can have both, with different values." .

lad:action a owl:ObjectProperty ; rdfs:label "action" ;
    skos:definition "What was done: a concept of the scheme lad:ActionTypes. Only upgrades and downgrades change a rating." .

lad:rating a owl:DatatypeProperty ; rdfs:label "rating" ;
    skos:definition "The rating after the action, on the scale of its rating type. Long-term scale, strongest to weakest: AAA, AA+, AA, AA-, A+, A, A-, BBB+, BBB, BBB-, BB+, BB, BB-, B+, B, B-, CCC, CC, C, RD, D. Investment grade means BBB- or higher; BB+ and below is speculative grade (high yield). RD (restricted default) means the issuer has defaulted on some material obligations, for instance by completing a distressed debt exchange, without being wound up: RD is a default. D means a general default. Short-term scale, strongest to weakest: F1+, F1, F2, F3, B, C, RD, D. WD means the rating was withdrawn (see lad:action-WD): it is not a point on either scale." .

lad:outlook a owl:ObjectProperty ; rdfs:label "outlook" ;
    skos:definition "The likely direction of a long-term rating over the next one to two years: a concept of the scheme lad:Outlooks. An outlook is not a rating: revising it does not change the rating." .

lad:watch a owl:ObjectProperty ; rdfs:label "rating watch" ;
    skos:definition "Set when the rating is on Rating Watch: a concept of the scheme lad:Watches. A Watch is not a rating change." .

lad:comment a owl:DatatypeProperty ; rdfs:label "comment" ;
    skos:definition "The analyst's note on the action, such as the reason for a withdrawal." .


# === Code lists (the codes used in the CSV files) =========================================

lad:RatingTypes a skos:ConceptScheme ; rdfs:label "Rating types" .

lad:type-LTIDR a skos:Concept ; skos:inScheme lad:RatingTypes ; skos:notation "LTIDR" ;
    rdfs:label "Long-term IDR" ; skos:prefLabel "Long-term Issuer Default Rating" ;
    skos:definition "The issuer's own creditworthiness: how likely it is to default on its obligations, on the long-term scale. This is what people usually mean by an entity's rating. The foreign-currency (FC) one is the headline rating; there may also be a local-currency (LC) one." .

lad:type-STIDR a skos:Concept ; skos:inScheme lad:RatingTypes ; skos:notation "STIDR" ;
    rdfs:label "Short-term IDR" ; skos:prefLabel "Short-term Issuer Default Rating" ;
    skos:definition "The issuer's ability to meet obligations falling due within about a year, on the short-term scale (F1+ to D). Not comparable with long-term ratings." .

lad:type-INST a skos:Concept ; skos:inScheme lad:RatingTypes ; skos:notation "INST" ;
    rdfs:label "Instrument rating" ; skos:prefLabel "Instrument rating" ;
    skos:definition "The rating of one specific instrument. It starts from the issuer's long-term rating and is notched for the instrument's seniority and expected recovery: subordinated debt is usually rated below the issuer, and guaranteed debt is rated on the guarantor. An instrument rating is never the rating of the issuer." .

lad:type-CC a skos:Concept ; skos:inScheme lad:RatingTypes ; skos:notation "CC" ;
    rdfs:label "Country Ceiling" ; skos:prefLabel "Country Ceiling" ;
    skos:definition "Not a rating of anyone. A cap, set for a country, on the foreign-currency ratings of entities domiciled there and of their foreign-currency debt. It reflects transfer and convertibility risk: the risk that the government stops money being converted or sent abroad, so even a sound company could not pay foreign-currency debt. Foreign-currency ratings of entities in the country are generally no higher than the ceiling; local-currency ratings are not capped. A Country Ceiling is not the sovereign's own issuer rating." .

lad:CurrencyBases a skos:ConceptScheme ; rdfs:label "Currency bases" .
lad:basis-FC a skos:Concept ; skos:inScheme lad:CurrencyBases ; skos:notation "FC" ;
    rdfs:label "Foreign currency" ; skos:prefLabel "Foreign currency" ;
    skos:definition "Covers obligations in foreign currency, so it is subject to the Country Ceiling." .
lad:basis-LC a skos:Concept ; skos:inScheme lad:CurrencyBases ; skos:notation "LC" ;
    rdfs:label "Local currency" ; skos:prefLabel "Local currency" ;
    skos:definition "Covers obligations in the currency of the entity's own country; not subject to the Country Ceiling." .

lad:ActionTypes a skos:ConceptScheme ; rdfs:label "Action types" .
lad:action-AS a skos:Concept ; skos:inScheme lad:ActionTypes ; skos:notation "AS" ;
    rdfs:label "Assigned" ; skos:prefLabel "Assigned" ; skos:definition "A first rating is given." .
lad:action-AF a skos:Concept ; skos:inScheme lad:ActionTypes ; skos:notation "AF" ;
    rdfs:label "Affirmed" ; skos:prefLabel "Affirmed" ;
    skos:definition "The rating is reviewed and kept the same. The outlook may be revised in the same action; that does not make it an upgrade or a downgrade." .
lad:action-UG a skos:Concept ; skos:inScheme lad:ActionTypes ; skos:notation "UG" ;
    rdfs:label "Upgraded" ; skos:prefLabel "Upgraded" ; skos:definition "The rating is raised." .
lad:action-DG a skos:Concept ; skos:inScheme lad:ActionTypes ; skos:notation "DG" ;
    rdfs:label "Downgraded" ; skos:prefLabel "Downgraded" ; skos:definition "The rating is lowered. The only action that counts as a downgrade." .
lad:action-RW a skos:Concept ; skos:inScheme lad:ActionTypes ; skos:notation "RW" ;
    rdfs:label "Placed on Rating Watch" ; skos:prefLabel "Placed on Rating Watch" ;
    skos:definition "The rating is flagged as likely to change soon, usually within about six months, in the direction lad:watch gives. The rating itself is unchanged: not a downgrade." .
lad:action-WD a skos:Concept ; skos:inScheme lad:ActionTypes ; skos:notation "WD" ;
    rdfs:label "Withdrawn" ; skos:prefLabel "Withdrawn" ;
    skos:definition "The agency stops maintaining the rating, often for commercial reasons (the issuer no longer pays for it, or the debt is repaid). After a withdrawal the entity has no rating of that type. A withdrawal is not a credit event: it says nothing about default, and is not a downgrade." .

lad:Outlooks a skos:ConceptScheme ; rdfs:label "Outlooks" .
lad:outlook-STA a skos:Concept ; skos:inScheme lad:Outlooks ; skos:notation "STA" ; rdfs:label "Stable" ; skos:prefLabel "Stable" ;
    skos:definition "No direction expected." .
lad:outlook-POS a skos:Concept ; skos:inScheme lad:Outlooks ; skos:notation "POS" ; rdfs:label "Positive" ; skos:prefLabel "Positive" ;
    skos:definition "The rating may go up over one to two years." .
lad:outlook-NEG a skos:Concept ; skos:inScheme lad:Outlooks ; skos:notation "NEG" ; rdfs:label "Negative" ; skos:prefLabel "Negative" ;
    skos:definition "The rating may go down over one to two years. Not a downgrade." .

lad:Watches a skos:ConceptScheme ; rdfs:label "Rating Watches" .
lad:watch-RWN a skos:Concept ; skos:inScheme lad:Watches ; skos:notation "RWN" ; rdfs:label "Rating Watch Negative" ; skos:prefLabel "Rating Watch Negative" ;
    skos:definition "A downgrade is likely in the near term. Not a downgrade yet." .

lad:Seniorities a skos:ConceptScheme ; rdfs:label "Seniorities" .
lad:seniority-SU a skos:Concept ; skos:inScheme lad:Seniorities ; skos:notation "SU" ; rdfs:label "Senior unsecured" ; skos:prefLabel "Senior unsecured" ;
    skos:definition "Ranks with the issuer's ordinary debts; usually rated at the level of the issuer's long-term rating." .
lad:seniority-SUB a skos:Concept ; skos:inScheme lad:Seniorities ; skos:notation "SUB" ; rdfs:label "Subordinated" ; skos:prefLabel "Subordinated" ;
    skos:definition "Repaid only after senior debt, so investors recover less in a default; usually rated one or more notches below the issuer's long-term rating." .

lad:EntityTypes a skos:ConceptScheme ; rdfs:label "Entity types" .
lad:etype-CORP a skos:Concept ; skos:inScheme lad:EntityTypes ; skos:notation "CORP" ; rdfs:label "Corporate" ; skos:prefLabel "Corporate" ;
    skos:definition "A non-financial company." .
lad:etype-BANK a skos:Concept ; skos:inScheme lad:EntityTypes ; skos:notation "BANK" ; rdfs:label "Bank" ; skos:prefLabel "Bank" ;
    skos:definition "A bank." .
lad:etype-FINSUB a skos:Concept ; skos:inScheme lad:EntityTypes ; skos:notation "FINSUB" ; rdfs:label "Finance subsidiary" ; skos:prefLabel "Finance subsidiary" ;
    skos:definition "A subsidiary that exists to raise debt for its parent group. It usually has no issuer rating of its own; its debt is guaranteed by the parent, so investors take the parent's credit risk." .
lad:etype-SOV a skos:Concept ; skos:inScheme lad:EntityTypes ; skos:notation "SOV" ; rdfs:label "Sovereign" ; skos:prefLabel "Sovereign" ;
    skos:definition "A national government. In this data the only sovereign record carries a Country Ceiling, not an issuer rating." .
```

## Questions

Answer each question below from the data above. Start each answer on a new line with its
number in bold, like **Q1.**, give the direct answer first, then at most two sentences of
reasoning that cite the records (IDs) you relied on.

Then end with one JSON block (```json) holding the structured answer to each question listed
here, with exactly these fields, shaped like {"Q1": {"field": value}, ...}. Name entities by their record ID: the entity_id in the CSV files, or the part of the IRI after lad: in the RDF (E01, not Kestrel Energy plc).

- Q1: rating (a rating)
- Q2: downgraded ("yes", "no" or "depends")
- Q3: investment_grade ("yes", "no" or "depends"), rating (a rating)
- Q4: outlook (an outlook)
- Q5: risk_of (a record ID), rating (a rating)
- Q7: issuers (a list of record IDs)
- Q8: entities (a list of record IDs)
- Q9: count (a number)
- Q10: investment_grade ("yes", "no" or "depends")

Q1. What was Kestrel Energy's rating on 1 January 2025?
Q2. Has Kestrel Energy been downgraded in 2026?
Q3. Is Kestrel Energy's 2031 note investment grade?
Q4. What is Northwind Holdings' current outlook?
Q5. Whose credit risk does a holder of the Northwind Finance 2030 notes take, and how is it rated?
Q6. Why is Valdoria Telecom's foreign-currency rating lower than its local-currency rating?
Q7. Which issuers were downgraded in 2026?
Q8. Which entities were in default on 1 October 2026?
Q9. As of 1 October 2026, how many distinct issuers hold an issuer rating?
Q10. Is Valdoria Telecom investment grade?