Q5, run 2026-11-04-1711-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 and guaranteed by E02, and A09 gives E02's latest rating as A.

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

✅ R1 csv run 2 graded by code

E02, rated A. I03 is issued by E04 but guaranteed by E02, and E02's rating is A (A08, A09 on the duplicate record E03).

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

✅ R1 csv run 3 graded by code

E02 (Northwind Holdings), rated A. The notes (I03) are guaranteed by E02, whose rating is A (A08, A09), and I03 itself is also A (A11).

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

✅ R1 csv run 4 graded by code

The guarantor, Northwind Holdings (E02), rated A. I03 is issued by E04 but guaranteed by E02 (A08, and A09 on E03 as the duplicate record); I03 itself is rated A (A11).

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

✅ R1 csv run 5 graded by code

The guarantor, Northwind Holdings (E02), rated A. I03 is issued by E04 but guaranteed by E02, and E02's latest rating is A (A09 on the duplicate record E03).

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

✅ R2 rdf run 1 graded by code

E02, rated A. I03 is issued by E04 but guaranteed by E02, so the holder takes the guarantor's risk. I03 is A (A11) and E02's issuer rating is A (A08, A09).

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

✅ R2 rdf run 2 graded by code

The guarantor E02, rated A. I03 is issued by E04 and guaranteed by E02, and A09 gives E02 an A rating.

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

✅ R2 rdf run 3 graded by code

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

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

✅ R2 rdf run 4 graded by code

E02, rated A. I03 is issued by E04 and guaranteed by E02, so the holder relies on the guarantor. I03 is rated A (A11), the same as E02 (A08, A09).

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

✅ R2 rdf run 5 graded by code

E02, rated A. I03 is issued by E04 but guaranteed by E02, so the holder takes E02's risk. E02 has an A issuer rating (A08, A09), and I03 itself is rated A (A11).

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

✅ R6 rdf+ontology run 1 graded by code

E02, rated A. I03 is guaranteed by E02, so the holder takes E02's credit risk (A09, A).

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

✅ R6 rdf+ontology run 2 graded by code

The holder takes E02's credit risk, rated A. I03 is guaranteed by E02, whose latest action is A09.

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

✅ R6 rdf+ontology run 3 graded by code

The holder takes E02's credit risk, which is rated A. I03 is guaranteed by E02, and E02/E03's issuer rating is A (A08, A09).

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

✅ R6 rdf+ontology run 4 graded by code

The holder takes Northwind Holdings' credit risk (E02, same entity as E03), rated A. I03 is guaranteed by E02, and A09 is the latest long-term action at A.

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

✅ R6 rdf+ontology run 5 graded by code

The holder takes E02's credit risk (Northwind Holdings), rated A. I03 is guaranteed by E02, and the combined E02/E03 record has latest LTIDR A (A09).

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

✅ R5 csv+ontology run 1 graded by code

The holder takes the credit risk of E02 (Northwind Holdings), rated A. I03 is guaranteed by E02, and E02's latest long-term rating is A (A08, A09 on E03).

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

✅ R5 csv+ontology run 2 graded by code

The holder takes the credit risk of E02, rated A. I03 is guaranteed by E02, and its latest instrument rating (A11) is A.

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

✅ R5 csv+ontology run 3 graded by code

The holder takes the credit risk of Northwind Holdings (E02), the guarantor of I03. Its issuer rating is A (A08, A09).

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

✅ R5 csv+ontology run 4 graded by code

The holder takes E02's credit risk, rated A. I03 is guaranteed by E02, whose latest LTIDR is A (A09).

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

✅ R5 csv+ontology run 5 graded by code

The holder takes Northwind Holdings' credit risk (E02, guarantor of I03), rated A. The latest action is A09, recorded under E03, the same entity as E02.

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

✅ R4 csv+markdown run 1 graded by code

A holder takes the credit risk of E02, rated A. I03 is guaranteed by E02, whose current rating comes from A09.

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

✅ R4 csv+markdown run 2 graded by code

The holder takes the credit risk of E02, rated A. I03 is guaranteed by E02, whose latest rating is A (A09 on E03, the same LEI).

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

✅ R4 csv+markdown run 3 graded by code

The holder takes the risk of E02, the guarantor of I03, rated A. The latest action on that entity is A09, which affirms A.

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

✅ R4 csv+markdown run 4 graded by code

E02 (Northwind Holdings), rated A. I03 is guaranteed by E02, so the holder takes the guarantor's risk, and A09 affirmed E02 at A.

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

✅ R4 csv+markdown run 5 graded by code

The holder takes the credit risk of E02 (Northwind Holdings), rated A. I03 is guaranteed by E02, and E02/E03's latest LTIDR is A (A09).

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

✅ R3 csv+padding run 1 graded by code

E02, rated A. I03 is issued by E04 but guaranteed by E02, and both I03 (A11) and E02 (A09) are rated A.

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

✅ R3 csv+padding run 2 graded by code

The holder takes the risk of the guarantor, E02 (Northwind Holdings), which is rated A. I03 is issued by E04 and guaranteed by E02 (A08, affirmed by A09 on the duplicate record).

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

✅ R3 csv+padding run 3 graded by code

The holder takes the risk of the guarantor, Northwind Holdings (E02), not the issuer E04 (I03 lists E02 as guarantor). E02/E03 is currently rated A (A09).

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

✅ R3 csv+padding run 4 graded by code

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

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

✅ R3 csv+padding run 5 graded by code

The holder takes the credit risk of E02, the guarantor of I03, which is rated A (A08, A09).

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