Q33, run 2026-11-04-1711-sonnet

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Whose credit risk does a holder of the Halden Leasing 2028 notes take, and how is it rated?

Tests: Roles: the guarantor is the parent, not the ultimate parent.

Expected: risk_of = E10 rating = BBB+

✅ R1 csv run 1 graded by code

The guarantor, Halden Bank (E10), rated BBB+. I05 is guaranteed by E10, and A27 gives its current rating.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R1 csv run 2 graded by code

E10, rated BBB+. E10 guarantees I05, and A27 downgraded it to BBB+.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R1 csv run 3 graded by code

E10 (the guarantor, Halden Bank), rated BBB+ (A27). The notes I05 are also BBB+ (A29).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R1 csv run 4 graded by code

The guarantor, Halden Bank (E10), rated BBB+. I05 is guaranteed by E10, which was downgraded to BBB+ (A27). I05 is also BBB+ (A29).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R1 csv run 5 graded by code

The guarantor, Halden Bank (E10), currently rated BBB+ (A27). I05 is guaranteed by E10.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R2 rdf run 1 graded by code

E10, rated BBB+. I05 is guaranteed by E10, whose current rating is BBB+ (A27). I05 itself is also BBB+ (A29).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R2 rdf run 2 graded by code

The guarantor E10, rated BBB+. I05 is guaranteed by E10, and A27 downgraded E10 to BBB+.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R2 rdf run 3 graded by code

The guarantor, E10, rated BBB+. I05 is issued by E11 but guaranteed by E10, which was downgraded to BBB+ in A27. I05 itself is also BBB+ (A29).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R2 rdf run 4 graded by code

E10, rated BBB+. E10 guarantees I05, and E10 is BBB+ after A27. I05 is also BBB+ (A29).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R2 rdf run 5 graded by code

E10, rated BBB+. I05 is guaranteed by E10, whose current rating is BBB+ after A27. I05 itself is also BBB+ (A29).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R6 rdf+ontology run 1 graded by code

E10, rated BBB+. I05 is guaranteed by E10, so it carries E10's credit risk. E10's rating is BBB+ after A27, and I05 is also BBB+ (A29).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R6 rdf+ontology run 2 graded by code

The holder takes E10's credit risk, rated BBB+. I05 is guaranteed by E10, which was downgraded on 2026-04-15 (A27).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R6 rdf+ontology run 3 graded by code

The holder takes E10's credit risk, rated BBB+. I05 is guaranteed by E10, and E10's rating after A27 is BBB+.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R6 rdf+ontology run 4 graded by code

The holder takes Halden Bank's credit risk (E10, same entity as E17), rated BBB+. I05 is guaranteed by E10, and A27 downgraded E10 to BBB+.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R6 rdf+ontology run 5 graded by code

The holder takes E10's credit risk (Halden Bank), rated BBB+. I05 is guaranteed by E10, whose latest rating is A27 (BBB+).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R5 csv+ontology run 1 graded by code

The holder takes the credit risk of E10 (Halden Bank), rated BBB+. I05 is guaranteed by E10, whose latest rating is BBB+ (A27).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R5 csv+ontology run 2 graded by code

The holder takes the credit risk of E10, rated BBB+. E10 guarantees I05 (the issuer is E11), and both E10's rating (A27) and I05's rating (A29) are BBB+.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R5 csv+ontology run 3 graded by code

The holder takes the credit risk of Halden Bank (E10), the guarantor of I05. Its rating is BBB+ (A27).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R5 csv+ontology run 4 graded by code

The holder takes E10's credit risk, rated BBB+. I05 is guaranteed by E10, which A27 downgraded to BBB+.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R5 csv+ontology run 5 graded by code

The holder takes Halden Bank's credit risk (E10, guarantor of I05), rated BBB+ (A27).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R4 csv+markdown run 1 graded by code

A holder takes the credit risk of E10, rated BBB+. I05 is guaranteed by E10, whose rating is BBB+ after A27.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R4 csv+markdown run 2 graded by code

The holder takes the credit risk of E10, rated BBB+. I05 is guaranteed by E10, which was downgraded to BBB+ in A27.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R4 csv+markdown run 3 graded by code

The holder takes the risk of E10, the guarantor of I05, rated BBB+ (A27).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R4 csv+markdown run 4 graded by code

E10 (Halden Bank), rated BBB+. I05 is guaranteed by E10, whose current rating is BBB+ after A27.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R4 csv+markdown run 5 graded by code

The holder takes the credit risk of E10 (the guarantor), rated BBB+ (A27). I05 is guaranteed by E10.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R3 csv+padding run 1 graded by code

E10, rated BBB+. I05 is guaranteed by E10, whose rating was cut to BBB+ in A27 (I05 itself is BBB+, A29).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R3 csv+padding run 2 graded by code

The holder takes the risk of the guarantor, E10 (Halden Bank), which is rated BBB+ after A27. I05 is guaranteed by E10.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R3 csv+padding run 3 graded by code

The holder takes the risk of the guarantor, Halden Bank (E10), per I05. It is currently rated BBB+ (A27).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R3 csv+padding run 4 graded by code

E10, rated BBB+. E10 guarantees I05 (A29), and its rating was cut to BBB+ in A27.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ R3 csv+padding run 5 graded by code

The holder takes the risk of E10, the guarantor of I05, which is rated BBB+ (A27).

JSON: {"risk_of": "E10", "rating": "BBB+"}