Q5, run 2026-11-04-1616-sonnet

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Whose credit risk does a holder of the Northwind Finance 2030 notes take, and how is it rated?

Tests: Roles: issuer versus guarantor; a finance subsidiary's guaranteed debt carries the guarantor's risk.

Expected: risk_of = E02 rating = A

✅ R1 csv run 1 graded by code

The guarantor, Northwind Holdings (E02), rated A. I03 is issued by E04 but guaranteed by E02 (A10, A11), and E02/E03 is rated A (A08, A09).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R1 csv run 2 graded by code

The holder takes E02's credit risk, rated A. I03 is guaranteed by E02, and A11 affirmed I03 at A.

JSON: {"risk_of": "E02", "rating": "A"}

✅ R1 csv run 3 graded by code

The holder takes the risk of Northwind Holdings (E02), the guarantor of I03, rated A. A08 and A09 (via the duplicate E03) show A.

JSON: {"risk_of": "E02", "rating": "A"}

✅ R1 csv run 4 graded by code

The holder takes the credit risk of E02, the guarantor of I03, rated A. The issuer E04 is a finance subsidiary, and A11 affirms the instrument at A.

JSON: {"risk_of": "E02", "rating": "A"}

✅ R1 csv run 5 graded by code

Northwind Holdings (E02), rated A. I03 is guaranteed by E02, and A09/A11 give A for the guarantor and the notes.

JSON: {"risk_of": "E02", "rating": "A"}

✅ R2 rdf run 1 graded by code

The guarantor, Northwind Holdings (E02, the same entity as E03), rated A. I03 is issued by E04 but guaranteed by E02, and A09 gives E02 an A rating.

JSON: {"risk_of": "E02", "rating": "A"}

✅ R2 rdf run 2 graded by code

E02, rated A. I03 is issued by E04 but guaranteed by E02, so the holder takes E02's risk. I03 and E02/E03 are both A (A10, A11, A09).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R2 rdf run 3 graded by code

The holder takes the guarantor's risk, E02, which is rated A. I03 is issued by E04 and guaranteed by E02, and the latest rating is A (A09, A11).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R2 rdf run 4 graded by code

The guarantor, E02 (Northwind Holdings), rated A. I03 is issued by E04 but guaranteed by E02 (A08/A09), so the holder takes E02's credit risk. I03 itself is rated A (A11).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R2 rdf run 5 graded by code

The holder takes the credit risk of E02, the guarantor of the I03 notes. E02 is rated A (A09). The issuer E04 has no rating of its own.

JSON: {"risk_of": "E02", "rating": "A"}

✅ R6 rdf+ontology run 1 graded by code

The holder takes the credit risk of Northwind Holdings (E02, the same entity as E03), rated A. I03 is guaranteed by E02, so it carries the guarantor's risk. E02's latest rating is A (A09).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R6 rdf+ontology run 2 graded by code

The guarantor, Northwind Holdings (E02, same entity as E03), rated A. I03 is guaranteed by E02 (issuer E04), and A11 rates I03 at A.

JSON: {"risk_of": "E02", "rating": "A"}

✅ R6 rdf+ontology run 3 graded by code

The holder takes E02's (Northwind Holdings) credit risk, rated A. The notes are I03, guaranteed by E02, and A11 rates them A.

JSON: {"risk_of": "E02", "rating": "A"}

✅ R6 rdf+ontology run 4 graded by code

The holder takes the credit risk of E02 (Northwind Holdings, which is the same entity as E03), rated A. I03 is guaranteed by E02, and its latest rating is A (A11).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R6 rdf+ontology run 5 graded by code

The holder takes E02's credit risk (E02 is the same entity as E03), rated A. I03 is guaranteed by E02 (guarantor, not the issuer E04), and I03's rating is A (A10, A11).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R5 csv+ontology run 1 graded by code

The guarantor, Northwind Holdings (E02), rated A. I03 is guaranteed by E02, and A11 affirmed it at A.

JSON: {"risk_of": "E02", "rating": "A"}

✅ R5 csv+ontology run 2 graded by code

The holder takes Northwind Holdings' credit risk (E02, the guarantor of I03), rated A. E02's current rating is A per A09, which was recorded under the duplicate record E03.

JSON: {"risk_of": "E02", "rating": "A"}

✅ R5 csv+ontology run 3 graded by code

E02, rated A. I03 is guaranteed by E02, so the holder takes the guarantor's risk, and E02/E03's latest LTIDR (A09) is A.

JSON: {"risk_of": "E02", "rating": "A"}

✅ R5 csv+ontology run 4 graded by code

A holder takes the credit risk of E02, rated A. I03 is guaranteed by E02, so it is rated on the guarantor's rating (A11: A).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R5 csv+ontology run 5 graded by code

The holder takes E02's credit risk, rated A. I03 is guaranteed by E02, and E02's rating is A (A08, A09). I03 itself is also rated A (A11).

JSON: {"risk_of": "E02", "rating": "A"}