<!-- 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,7245002OOPBG04092E43,GB,CORP,,RATINGS
E02,Northwind Holdings plc,213800PHEIYNJMHTDV74,GB,CORP,,RATINGS
E03,NORTHWIND HLDGS,213800PHEIYNJMHTDV74,GB,CORP,,RESEARCH
E04,Northwind Finance BV,213800LA5RYJLGXV2T85,NL,FINSUB,E02,RATINGS
E05,Valdoria Telecom SA,391200LESH03LMOY2U61,VD,CORP,,RATINGS
E06,Orrin Bank AG,549300AMVE3VRVG7HK43,DE,BANK,,RATINGS
E07,Pellam Retail Ltd,969500B6IUACELPI2291,GB,CORP,,RATINGS
E08,Saxby Shipping SA,969500KOTZ1JFIZSG796,GR,CORP,,RATINGS
VD,Republic of Valdoria,,VD,SOV,,RATINGS
E09,Halden Group plc,815600ASM9EHDG931T89,GB,CORP,,RATINGS
E10,Halden Bank AG,391200QYPVFF2O9K2039,DE,BANK,E09,RATINGS
E11,Halden Leasing SA,549300XBZH4ULO9MQV55,FR,FINSUB,E10,RATINGS
E12,Halden Foods Ltd,213800IJDL4OJ4DG5T19,GB,CORP,,RATINGS
E13,Orrin Bancorp Inc,815600O8X8K2F154N214,US,BANK,,RATINGS
E14,Marlow Utilities plc,3912005AH2C1I9YF8106,GB,CORP,,RATINGS
CV,Republic of Corvenia,,CV,SOV,,RATINGS
E15,Corvenia Power SA,213800PBQVHVBBH6GV02,CV,CORP,,RATINGS
E16,Brindle Capital Ltd,5493003Z3PXXR7KNFM81,GB,CORP,,QA
E17,HALDEN BANK,391200QYPVFF2O9K2039,LU,BANK,,RESEARCH
```

### 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
I05,Halden Leasing 2.90% notes due 2028,E11,E10,SU,EUR,2028-06-30
I06,Corvenia Power 7.10% notes due 2032,E15,,SUB,USD,2032-02-15
I07,Valdoria Telecom 4.25% notes due 2027,E05,,SU,XVD,2027-08-31
I08,Corvenia Power 6.00% notes due 2034,E15,,SU,USD,2034-09-01
```

### 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,,,
A24,2023-05-01,E09,LTIDR,FC,AS,A,STA,,
A25,2026-03-01,E09,LTIDR,FC,AF,A,NEG,,
A26,2023-05-01,E10,LTIDR,FC,AS,A-,STA,,support from parent
A27,2026-04-15,E10,LTIDR,FC,DG,BBB+,STA,,
A28,2023-06-01,I05,INST,,AS,A-,,,
A29,2026-04-15,I05,INST,,DG,BBB+,,,
A30,2024-02-01,E12,LTIDR,FC,AS,BB-,STA,,
A31,2025-08-01,E12,LTIDR,FC,UG,BB,STA,,
A32,2024-07-01,E13,LTIDR,FC,AS,BBB,STA,,
A33,2026-05-01,E14,LTIDR,FC,AF,BBB+,STA,,
A34,2023-01-15,E14,LTIDR,FC,AS,A-,STA,,
A35,2025-11-20,E14,LTIDR,FC,RW,BBB+,,RWN,
A36,2024-09-30,E14,LTIDR,FC,DG,BBB+,STA,,
A37,2024-01-01,CV,CC,,AS,A,,,
A38,2024-01-01,CV,LTIDR,FC,AS,BBB+,STA,,
A39,2024-01-01,CV,LTIDR,LC,AS,A-,STA,,
A40,2024-03-01,E15,LTIDR,LC,AS,A+,STA,,
A41,2024-03-01,E15,LTIDR,FC,AS,A,STA,,
A42,2024-03-01,I06,INST,,AS,A-,,,
A43,2024-04-01,E16,LTIDR,FC,AS,BBB-,STA,,
A44,2026-06-01,E16,LTIDR,FC,DG,BB+,STA,,
A45,2025-04-01,I07,INST,,AS,BBB-,,,
A46,2025-02-01,E11,CO,,AS,BBB,,,
A47,2026-09-01,I08,INST,,EX,A,,,
```

## 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, or "none")
- Q2: downgraded ("yes", "no" or "depends")
- Q3: investment_grade ("yes", "no" or "depends"), rating (a rating, or "none")
- Q4: outlook (an outlook)
- Q5: risk_of (a record ID), rating (a rating, or "none")
- 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")
- Q11: rating (a rating, or "none")
- Q12: rating (a rating, or "none")
- Q13: count (a number)
- Q14: rating (a rating, or "none")
- Q15: rating (a rating, or "none")
- Q16: changed ("yes", "no" or "depends")
- Q17: downgraded ("yes", "no" or "depends")
- Q18: issuers (a list of record IDs)
- Q19: issuers (a list of record IDs)
- Q20: in_default ("yes", "no" or "depends")
- Q21: entities (a list of record IDs)
- Q22: entities (a list of record IDs)
- Q23: rating (a rating, or "none")
- Q24: investment_grade ("yes", "no" or "depends")
- Q25: count (a number)
- Q26: rating (a rating, or "none")
- Q27: rating (a rating, or "none")
- Q28: rating (a rating, or "none")
- Q29: rating (a rating, or "none")
- Q30: entities (a list of record IDs)
- Q31: any ("yes", "no" or "depends")
- Q32: parent (a record ID)
- Q33: risk_of (a record ID), rating (a rating, or "none")
- Q34: same_group ("yes", "no" or "depends")
- Q35: count (a number)
- Q36: count (a number)
- Q37: count (a number)
- Q38: same ("yes", "no" or "depends")
- Q39: rating (a rating, or "none")
- Q40: count (a number)
- Q41: rating (a rating, or "none")
- Q42: country (a country code)
- Q43: count (a number)
- Q44: local_currency ("yes", "no" or "depends")
- Q45: above_ceiling ("yes", "no" or "depends")
- Q46: issuer_rating ("yes", "no" or "depends")
- Q47: rating (a rating, or "none")
- Q48: count (a number)

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?
Q11. What was Marlow Utilities' rating on 1 June 2025?
Q12. What was Marlow Utilities' rating on 1 January 2024?
Q13. How many times has Marlow Utilities been downgraded?
Q14. What was Halden Foods' rating on 1 January 2024?
Q15. What was Halden Bank's rating on 1 January 2026?
Q16. Has Marlow Utilities' rating changed since 1 January 2025?
Q17. Was Orrin Bank downgraded in 2026?
Q18. Which issuers were on Rating Watch Negative on 1 October 2026?
Q19. Which issuers had a Negative outlook on 1 October 2026?
Q20. Is Pellam Retail in default?
Q21. Which entities had an issuer rating at some point but no longer had one on 1 October 2026?
Q22. Which entities have ever been in default?
Q23. What is Kestrel Energy's short-term rating?
Q24. Is Kestrel Energy's issuer rating investment grade?
Q25. How many instruments held an investment-grade rating on 1 October 2026?
Q26. What is Corvenia Power's local-currency rating?
Q27. How is Corvenia Power's 2032 note rated?
Q28. What is the Republic of Corvenia's foreign-currency issuer rating?
Q29. What is the Republic of Valdoria's issuer rating?
Q30. Which entities had a foreign-currency issuer rating exactly at their country's ceiling on 1 October 2026?
Q31. Did any company have a foreign-currency issuer rating above its country's ceiling on 1 October 2026?
Q32. Who is Halden Leasing's ultimate parent?
Q33. Whose credit risk does a holder of the Halden Leasing 2028 notes take, and how is it rated?
Q34. Is Halden Foods part of the same group as Halden Bank?
Q35. How many entities are in the Halden group, the parent included?
Q36. How many entities are in the Northwind group, the parent included?
Q37. How many distinct legal entities does the data describe?
Q38. Are Orrin Bank AG and Orrin Bancorp Inc the same entity?
Q39. What is Northwind Holdings' current rating?
Q40. How many distinct issuers domiciled in GB held an issuer rating on 1 October 2026?
Q41. What is Brindle Capital's current rating?
Q42. In which country is Halden Bank domiciled?
Q43. How many distinct entities are domiciled in Luxembourg (LU)?
Q44. Is Valdoria Telecom's 2027 note a local-currency obligation?
Q45. Is Valdoria Telecom's 2027 note rated above what Valdoria's Country Ceiling allows?
Q46. Does Halden Leasing have an issuer rating?
Q47. How is Corvenia Power's 2034 note rated?
Q48. How many instruments held a rating on 1 October 2026?

<!-- 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:A24 a lad:RatingAction ;
    rdfs:label "E09 AS A 2023-05-01" ;
    lad:action lad:action-AS ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2023-05-01"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E09 ;
    lad:rating "A" ;
    lad:ratingType lad:type-LTIDR .

lad:A25 a lad:RatingAction ;
    rdfs:label "E09 AF A 2026-03-01" ;
    lad:action lad:action-AF ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2026-03-01"^^xsd:date ;
    lad:outlook lad:outlook-NEG ;
    lad:ratedThing lad:E09 ;
    lad:rating "A" ;
    lad:ratingType lad:type-LTIDR .

lad:A26 a lad:RatingAction ;
    rdfs:label "E10 AS A- 2023-05-01" ;
    lad:action lad:action-AS ;
    lad:ccyBasis lad:basis-FC ;
    lad:comment "support from parent" ;
    lad:date "2023-05-01"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E10 ;
    lad:rating "A-" ;
    lad:ratingType lad:type-LTIDR .

lad:A27 a lad:RatingAction ;
    rdfs:label "E10 DG BBB+ 2026-04-15" ;
    lad:action lad:action-DG ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2026-04-15"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E10 ;
    lad:rating "BBB+" ;
    lad:ratingType lad:type-LTIDR .

lad:A28 a lad:RatingAction ;
    rdfs:label "I05 AS A- 2023-06-01" ;
    lad:action lad:action-AS ;
    lad:date "2023-06-01"^^xsd:date ;
    lad:ratedThing lad:I05 ;
    lad:rating "A-" ;
    lad:ratingType lad:type-INST .

lad:A29 a lad:RatingAction ;
    rdfs:label "I05 DG BBB+ 2026-04-15" ;
    lad:action lad:action-DG ;
    lad:date "2026-04-15"^^xsd:date ;
    lad:ratedThing lad:I05 ;
    lad:rating "BBB+" ;
    lad:ratingType lad:type-INST .

lad:A30 a lad:RatingAction ;
    rdfs:label "E12 AS BB- 2024-02-01" ;
    lad:action lad:action-AS ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2024-02-01"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E12 ;
    lad:rating "BB-" ;
    lad:ratingType lad:type-LTIDR .

lad:A31 a lad:RatingAction ;
    rdfs:label "E12 UG BB 2025-08-01" ;
    lad:action lad:action-UG ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2025-08-01"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E12 ;
    lad:rating "BB" ;
    lad:ratingType lad:type-LTIDR .

lad:A32 a lad:RatingAction ;
    rdfs:label "E13 AS BBB 2024-07-01" ;
    lad:action lad:action-AS ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2024-07-01"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E13 ;
    lad:rating "BBB" ;
    lad:ratingType lad:type-LTIDR .

lad:A33 a lad:RatingAction ;
    rdfs:label "E14 AF BBB+ 2026-05-01" ;
    lad:action lad:action-AF ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2026-05-01"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E14 ;
    lad:rating "BBB+" ;
    lad:ratingType lad:type-LTIDR .

lad:A34 a lad:RatingAction ;
    rdfs:label "E14 AS A- 2023-01-15" ;
    lad:action lad:action-AS ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2023-01-15"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E14 ;
    lad:rating "A-" ;
    lad:ratingType lad:type-LTIDR .

lad:A35 a lad:RatingAction ;
    rdfs:label "E14 RW BBB+ 2025-11-20" ;
    lad:action lad:action-RW ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2025-11-20"^^xsd:date ;
    lad:ratedThing lad:E14 ;
    lad:rating "BBB+" ;
    lad:ratingType lad:type-LTIDR ;
    lad:watch lad:watch-RWN .

lad:A36 a lad:RatingAction ;
    rdfs:label "E14 DG BBB+ 2024-09-30" ;
    lad:action lad:action-DG ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2024-09-30"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E14 ;
    lad:rating "BBB+" ;
    lad:ratingType lad:type-LTIDR .

lad:A37 a lad:RatingAction ;
    rdfs:label "CV AS A 2024-01-01" ;
    lad:action lad:action-AS ;
    lad:date "2024-01-01"^^xsd:date ;
    lad:ratedThing lad:CV ;
    lad:rating "A" ;
    lad:ratingType lad:type-CC .

lad:A38 a lad:RatingAction ;
    rdfs:label "CV AS BBB+ 2024-01-01" ;
    lad:action lad:action-AS ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2024-01-01"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:CV ;
    lad:rating "BBB+" ;
    lad:ratingType lad:type-LTIDR .

lad:A39 a lad:RatingAction ;
    rdfs:label "CV AS A- 2024-01-01" ;
    lad:action lad:action-AS ;
    lad:ccyBasis lad:basis-LC ;
    lad:date "2024-01-01"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:CV ;
    lad:rating "A-" ;
    lad:ratingType lad:type-LTIDR .

lad:A40 a lad:RatingAction ;
    rdfs:label "E15 AS A+ 2024-03-01" ;
    lad:action lad:action-AS ;
    lad:ccyBasis lad:basis-LC ;
    lad:date "2024-03-01"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E15 ;
    lad:rating "A+" ;
    lad:ratingType lad:type-LTIDR .

lad:A41 a lad:RatingAction ;
    rdfs:label "E15 AS A 2024-03-01" ;
    lad:action lad:action-AS ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2024-03-01"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E15 ;
    lad:rating "A" ;
    lad:ratingType lad:type-LTIDR .

lad:A42 a lad:RatingAction ;
    rdfs:label "I06 AS A- 2024-03-01" ;
    lad:action lad:action-AS ;
    lad:date "2024-03-01"^^xsd:date ;
    lad:ratedThing lad:I06 ;
    lad:rating "A-" ;
    lad:ratingType lad:type-INST .

lad:A43 a lad:RatingAction ;
    rdfs:label "E16 AS BBB- 2024-04-01" ;
    lad:action lad:action-AS ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2024-04-01"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E16 ;
    lad:rating "BBB-" ;
    lad:ratingType lad:type-LTIDR .

lad:A44 a lad:RatingAction ;
    rdfs:label "E16 DG BB+ 2026-06-01" ;
    lad:action lad:action-DG ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2026-06-01"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E16 ;
    lad:rating "BB+" ;
    lad:ratingType lad:type-LTIDR .

lad:A45 a lad:RatingAction ;
    rdfs:label "I07 AS BBB- 2025-04-01" ;
    lad:action lad:action-AS ;
    lad:date "2025-04-01"^^xsd:date ;
    lad:ratedThing lad:I07 ;
    lad:rating "BBB-" ;
    lad:ratingType lad:type-INST .

lad:A46 a lad:RatingAction ;
    rdfs:label "E11 AS BBB 2025-02-01" ;
    lad:action lad:action-AS ;
    lad:date "2025-02-01"^^xsd:date ;
    lad:ratedThing lad:E11 ;
    lad:rating "BBB" ;
    lad:ratingType lad:type-CO .

lad:A47 a lad:RatingAction ;
    rdfs:label "I08 EX A 2026-09-01" ;
    lad:action lad:action-EX ;
    lad:date "2026-09-01"^^xsd:date ;
    lad:ratedThing lad:I08 ;
    lad:rating "A" ;
    lad:ratingType lad:type-INST .

lad:E17 a lad:Entity ;
    rdfs:label "HALDEN BANK" ;
    lad:country "LU" ;
    lad:entityType lad:etype-BANK ;
    lad:lei "391200QYPVFF2O9K2039" ;
    lad:name "HALDEN BANK" ;
    lad:sourceSystem "RESEARCH" .

lad:E03 a lad:Entity ;
    rdfs:label "NORTHWIND HLDGS" ;
    lad:country "GB" ;
    lad:entityType lad:etype-CORP ;
    lad:lei "213800PHEIYNJMHTDV74" ;
    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 "213800LA5RYJLGXV2T85" ;
    lad:name "Northwind Finance BV" ;
    lad:parent lad:E02 ;
    lad:sourceSystem "RATINGS" .

lad:E13 a lad:Entity ;
    rdfs:label "Orrin Bancorp Inc" ;
    lad:country "US" ;
    lad:entityType lad:etype-BANK ;
    lad:lei "815600O8X8K2F154N214" ;
    lad:name "Orrin Bancorp Inc" ;
    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:I06 a lad:Instrument ;
    rdfs:label "Corvenia Power 7.10% 2032" ;
    lad:currency "USD" ;
    lad:description "Corvenia Power 7.10% notes due 2032" ;
    lad:issuer lad:E15 ;
    lad:maturity "2032-02-15"^^xsd:date ;
    lad:seniority lad:seniority-SUB .

lad:I07 a lad:Instrument ;
    rdfs:label "Valdoria Telecom 4.25% 2027" ;
    lad:currency "XVD" ;
    lad:description "Valdoria Telecom 4.25% notes due 2027" ;
    lad:issuer lad:E05 ;
    lad:maturity "2027-08-31"^^xsd:date ;
    lad:seniority lad:seniority-SU .

lad:I08 a lad:Instrument ;
    rdfs:label "Corvenia Power 6.00% 2034" ;
    lad:currency "USD" ;
    lad:description "Corvenia Power 6.00% notes due 2034" ;
    lad:issuer lad:E15 ;
    lad:maturity "2034-09-01"^^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 "549300AMVE3VRVG7HK43" ;
    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 "969500B6IUACELPI2291" ;
    lad:name "Pellam Retail Ltd" ;
    lad:sourceSystem "RATINGS" .

lad:E11 a lad:Entity ;
    rdfs:label "Halden Leasing SA" ;
    lad:country "FR" ;
    lad:entityType lad:etype-FINSUB ;
    lad:lei "549300XBZH4ULO9MQV55" ;
    lad:name "Halden Leasing SA" ;
    lad:parent lad:E10 ;
    lad:sourceSystem "RATINGS" .

lad:E12 a lad:Entity ;
    rdfs:label "Halden Foods Ltd" ;
    lad:country "GB" ;
    lad:entityType lad:etype-CORP ;
    lad:lei "213800IJDL4OJ4DG5T19" ;
    lad:name "Halden Foods Ltd" ;
    lad:sourceSystem "RATINGS" .

lad:E16 a lad:Entity ;
    rdfs:label "Brindle Capital Ltd" ;
    lad:country "GB" ;
    lad:entityType lad:etype-CORP ;
    lad:lei "5493003Z3PXXR7KNFM81" ;
    lad:name "Brindle Capital Ltd" ;
    lad:sourceSystem "QA" .

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:I05 a lad:Instrument ;
    rdfs:label "Halden Leasing 2.90% 2028" ;
    lad:currency "EUR" ;
    lad:description "Halden Leasing 2.90% notes due 2028" ;
    lad:guarantor lad:E10 ;
    lad:issuer lad:E11 ;
    lad:maturity "2028-06-30"^^xsd:date ;
    lad:seniority lad:seniority-SU .

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

lad:E02 a lad:Entity ;
    rdfs:label "Northwind Holdings plc" ;
    lad:country "GB" ;
    lad:entityType lad:etype-CORP ;
    lad:lei "213800PHEIYNJMHTDV74" ;
    lad:name "Northwind Holdings plc" ;
    lad:sourceSystem "RATINGS" .

lad:E08 a lad:Entity ;
    rdfs:label "Saxby Shipping SA" ;
    lad:country "GR" ;
    lad:entityType lad:etype-CORP ;
    lad:lei "969500KOTZ1JFIZSG796" ;
    lad:name "Saxby Shipping SA" ;
    lad:sourceSystem "RATINGS" .

lad:E09 a lad:Entity ;
    rdfs:label "Halden Group plc" ;
    lad:country "GB" ;
    lad:entityType lad:etype-CORP ;
    lad:lei "815600ASM9EHDG931T89" ;
    lad:name "Halden Group plc" ;
    lad:sourceSystem "RATINGS" .

lad:E05 a lad:Entity ;
    rdfs:label "Valdoria Telecom SA" ;
    lad:country "VD" ;
    lad:entityType lad:etype-CORP ;
    lad:lei "391200LESH03LMOY2U61" ;
    lad:name "Valdoria Telecom SA" ;
    lad:sourceSystem "RATINGS" .

lad:E10 a lad:Entity ;
    rdfs:label "Halden Bank AG" ;
    lad:country "DE" ;
    lad:entityType lad:etype-BANK ;
    lad:lei "391200QYPVFF2O9K2039" ;
    lad:name "Halden Bank AG" ;
    lad:parent lad:E09 ;
    lad:sourceSystem "RATINGS" .

lad:E14 a lad:Entity ;
    rdfs:label "Marlow Utilities plc" ;
    lad:country "GB" ;
    lad:entityType lad:etype-CORP ;
    lad:lei "3912005AH2C1I9YF8106" ;
    lad:name "Marlow Utilities plc" ;
    lad:sourceSystem "RATINGS" .

lad:E15 a lad:Entity ;
    rdfs:label "Corvenia Power SA" ;
    lad:country "CV" ;
    lad:entityType lad:etype-CORP ;
    lad:lei "213800PBQVHVBBH6GV02" ;
    lad:name "Corvenia Power SA" ;
    lad:sourceSystem "RATINGS" .

lad:E01 a lad:Entity ;
    rdfs:label "Kestrel Energy plc" ;
    lad:country "GB" ;
    lad:entityType lad:etype-CORP ;
    lad:lei "7245002OOPBG04092E43" ;
    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, or "none")
- Q2: downgraded ("yes", "no" or "depends")
- Q3: investment_grade ("yes", "no" or "depends"), rating (a rating, or "none")
- Q4: outlook (an outlook)
- Q5: risk_of (a record ID), rating (a rating, or "none")
- 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")
- Q11: rating (a rating, or "none")
- Q12: rating (a rating, or "none")
- Q13: count (a number)
- Q14: rating (a rating, or "none")
- Q15: rating (a rating, or "none")
- Q16: changed ("yes", "no" or "depends")
- Q17: downgraded ("yes", "no" or "depends")
- Q18: issuers (a list of record IDs)
- Q19: issuers (a list of record IDs)
- Q20: in_default ("yes", "no" or "depends")
- Q21: entities (a list of record IDs)
- Q22: entities (a list of record IDs)
- Q23: rating (a rating, or "none")
- Q24: investment_grade ("yes", "no" or "depends")
- Q25: count (a number)
- Q26: rating (a rating, or "none")
- Q27: rating (a rating, or "none")
- Q28: rating (a rating, or "none")
- Q29: rating (a rating, or "none")
- Q30: entities (a list of record IDs)
- Q31: any ("yes", "no" or "depends")
- Q32: parent (a record ID)
- Q33: risk_of (a record ID), rating (a rating, or "none")
- Q34: same_group ("yes", "no" or "depends")
- Q35: count (a number)
- Q36: count (a number)
- Q37: count (a number)
- Q38: same ("yes", "no" or "depends")
- Q39: rating (a rating, or "none")
- Q40: count (a number)
- Q41: rating (a rating, or "none")
- Q42: country (a country code)
- Q43: count (a number)
- Q44: local_currency ("yes", "no" or "depends")
- Q45: above_ceiling ("yes", "no" or "depends")
- Q46: issuer_rating ("yes", "no" or "depends")
- Q47: rating (a rating, or "none")
- Q48: count (a number)

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?
Q11. What was Marlow Utilities' rating on 1 June 2025?
Q12. What was Marlow Utilities' rating on 1 January 2024?
Q13. How many times has Marlow Utilities been downgraded?
Q14. What was Halden Foods' rating on 1 January 2024?
Q15. What was Halden Bank's rating on 1 January 2026?
Q16. Has Marlow Utilities' rating changed since 1 January 2025?
Q17. Was Orrin Bank downgraded in 2026?
Q18. Which issuers were on Rating Watch Negative on 1 October 2026?
Q19. Which issuers had a Negative outlook on 1 October 2026?
Q20. Is Pellam Retail in default?
Q21. Which entities had an issuer rating at some point but no longer had one on 1 October 2026?
Q22. Which entities have ever been in default?
Q23. What is Kestrel Energy's short-term rating?
Q24. Is Kestrel Energy's issuer rating investment grade?
Q25. How many instruments held an investment-grade rating on 1 October 2026?
Q26. What is Corvenia Power's local-currency rating?
Q27. How is Corvenia Power's 2032 note rated?
Q28. What is the Republic of Corvenia's foreign-currency issuer rating?
Q29. What is the Republic of Valdoria's issuer rating?
Q30. Which entities had a foreign-currency issuer rating exactly at their country's ceiling on 1 October 2026?
Q31. Did any company have a foreign-currency issuer rating above its country's ceiling on 1 October 2026?
Q32. Who is Halden Leasing's ultimate parent?
Q33. Whose credit risk does a holder of the Halden Leasing 2028 notes take, and how is it rated?
Q34. Is Halden Foods part of the same group as Halden Bank?
Q35. How many entities are in the Halden group, the parent included?
Q36. How many entities are in the Northwind group, the parent included?
Q37. How many distinct legal entities does the data describe?
Q38. Are Orrin Bank AG and Orrin Bancorp Inc the same entity?
Q39. What is Northwind Holdings' current rating?
Q40. How many distinct issuers domiciled in GB held an issuer rating on 1 October 2026?
Q41. What is Brindle Capital's current rating?
Q42. In which country is Halden Bank domiciled?
Q43. How many distinct entities are domiciled in Luxembourg (LU)?
Q44. Is Valdoria Telecom's 2027 note a local-currency obligation?
Q45. Is Valdoria Telecom's 2027 note rated above what Valdoria's Country Ceiling allows?
Q46. Does Halden Leasing have an issuer rating?
Q47. How is Corvenia Power's 2034 note rated?
Q48. How many instruments held a rating on 1 October 2026?

<!-- 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,7245002OOPBG04092E43,GB,CORP,,RATINGS
E02,Northwind Holdings plc,213800PHEIYNJMHTDV74,GB,CORP,,RATINGS
E03,NORTHWIND HLDGS,213800PHEIYNJMHTDV74,GB,CORP,,RESEARCH
E04,Northwind Finance BV,213800LA5RYJLGXV2T85,NL,FINSUB,E02,RATINGS
E05,Valdoria Telecom SA,391200LESH03LMOY2U61,VD,CORP,,RATINGS
E06,Orrin Bank AG,549300AMVE3VRVG7HK43,DE,BANK,,RATINGS
E07,Pellam Retail Ltd,969500B6IUACELPI2291,GB,CORP,,RATINGS
E08,Saxby Shipping SA,969500KOTZ1JFIZSG796,GR,CORP,,RATINGS
VD,Republic of Valdoria,,VD,SOV,,RATINGS
E09,Halden Group plc,815600ASM9EHDG931T89,GB,CORP,,RATINGS
E10,Halden Bank AG,391200QYPVFF2O9K2039,DE,BANK,E09,RATINGS
E11,Halden Leasing SA,549300XBZH4ULO9MQV55,FR,FINSUB,E10,RATINGS
E12,Halden Foods Ltd,213800IJDL4OJ4DG5T19,GB,CORP,,RATINGS
E13,Orrin Bancorp Inc,815600O8X8K2F154N214,US,BANK,,RATINGS
E14,Marlow Utilities plc,3912005AH2C1I9YF8106,GB,CORP,,RATINGS
CV,Republic of Corvenia,,CV,SOV,,RATINGS
E15,Corvenia Power SA,213800PBQVHVBBH6GV02,CV,CORP,,RATINGS
E16,Brindle Capital Ltd,5493003Z3PXXR7KNFM81,GB,CORP,,QA
E17,HALDEN BANK,391200QYPVFF2O9K2039,LU,BANK,,RESEARCH
```

### 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
I05,Halden Leasing 2.90% notes due 2028,E11,E10,SU,EUR,2028-06-30
I06,Corvenia Power 7.10% notes due 2032,E15,,SUB,USD,2032-02-15
I07,Valdoria Telecom 4.25% notes due 2027,E05,,SU,XVD,2027-08-31
I08,Corvenia Power 6.00% notes due 2034,E15,,SU,USD,2034-09-01
```

### 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,,,
A24,2023-05-01,E09,LTIDR,FC,AS,A,STA,,
A25,2026-03-01,E09,LTIDR,FC,AF,A,NEG,,
A26,2023-05-01,E10,LTIDR,FC,AS,A-,STA,,support from parent
A27,2026-04-15,E10,LTIDR,FC,DG,BBB+,STA,,
A28,2023-06-01,I05,INST,,AS,A-,,,
A29,2026-04-15,I05,INST,,DG,BBB+,,,
A30,2024-02-01,E12,LTIDR,FC,AS,BB-,STA,,
A31,2025-08-01,E12,LTIDR,FC,UG,BB,STA,,
A32,2024-07-01,E13,LTIDR,FC,AS,BBB,STA,,
A33,2026-05-01,E14,LTIDR,FC,AF,BBB+,STA,,
A34,2023-01-15,E14,LTIDR,FC,AS,A-,STA,,
A35,2025-11-20,E14,LTIDR,FC,RW,BBB+,,RWN,
A36,2024-09-30,E14,LTIDR,FC,DG,BBB+,STA,,
A37,2024-01-01,CV,CC,,AS,A,,,
A38,2024-01-01,CV,LTIDR,FC,AS,BBB+,STA,,
A39,2024-01-01,CV,LTIDR,LC,AS,A-,STA,,
A40,2024-03-01,E15,LTIDR,LC,AS,A+,STA,,
A41,2024-03-01,E15,LTIDR,FC,AS,A,STA,,
A42,2024-03-01,I06,INST,,AS,A-,,,
A43,2024-04-01,E16,LTIDR,FC,AS,BBB-,STA,,
A44,2026-06-01,E16,LTIDR,FC,DG,BB+,STA,,
A45,2025-04-01,I07,INST,,AS,BBB-,,,
A46,2025-02-01,E11,CO,,AS,BBB,,,
A47,2026-09-01,I08,INST,,EX,A,,,
```

### background.md

# Bond market mechanics: a short glossary

How bonds are priced, quoted, settled and traded. General background on fixed-income markets.

## Prices and yields

### Clean price

The price of a bond without the interest that has built up since the last coupon. Bonds are usually quoted this way, as a percentage of face value, so that the quote does not jump on each coupon date.

### Dirty price

The clean price plus accrued interest: what the buyer actually pays. It rises steadily between coupon dates and drops back when a coupon is paid.

### Accrued interest

The share of the next coupon that the seller has earned by holding the bond since the last coupon date. The buyer pays it to the seller at settlement and receives the full coupon later.

### Yield to maturity

The single discount rate that makes the present value of a bond's remaining payments equal to its dirty price, assuming every payment is made on time and each coupon is reinvested at that same rate.

### Current yield

The annual coupon divided by the clean price. Simple to compute, but it ignores the gain or loss as the price moves to par by maturity.

### Par, premium and discount

A bond trades at par when its price equals its face value, at a premium above it and at a discount below it. A bond whose coupon is above market yields trades at a premium.

## Coupons and schedules

### Coupon

The interest a bond pays, stated as an annual percentage of face value and usually paid annually, semi-annually or quarterly.

### Fixed and floating coupons

A fixed coupon stays the same for the life of the bond. A floating coupon resets each period to a reference rate plus a fixed margin, so its payments follow market rates.

### Zero-coupon bond

A bond that pays no coupons and is sold at a discount to face value. The investor's return is the difference between the purchase price and the amount repaid at maturity.

### Day-count convention

The rule for counting days when computing accrued interest. Common conventions are actual/actual, actual/360 and 30/360, and the choice changes the amount accrued over a period.

### Business-day convention

The rule for moving a payment date that falls on a weekend or holiday: to the following business day, to the preceding one, or to the following one unless that crosses into the next month.

### Record date

The date on which the holder must be registered to receive the next coupon. A bond bought after the record date but before the payment date trades without that coupon.

## Risk and sensitivity

### Duration

The weighted average time until a bond's cash flows are received, weighted by their present values. Longer duration means the price moves more when yields change.

### Modified duration

Duration adjusted for the yield, giving the approximate percentage change in price for a one-percentage-point change in yield.

### Convexity

How much duration itself changes as yields move. Two bonds with the same duration can react differently to large yield changes if their convexity differs.

### Basis point

One hundredth of a percentage point. Yields, spreads and rate changes are usually quoted in basis points.

### DV01

The change in a bond's price for a one-basis-point change in yield, in currency terms. Traders use it to compare and hedge positions of different sizes.

### Spread

The difference between a bond's yield and the yield of a benchmark, such as a government bond of similar maturity or a swap rate. It is quoted in basis points.

### Yield curve

The yields of comparable bonds plotted against their maturities. It usually slopes upward, because investors ask for more to lend for longer; when short yields are above long ones it is called inverted.

## Structures

### Bullet bond

A bond that repays all of its face value in one payment at maturity.

### Amortising bond

A bond that repays part of its face value with each payment, so the amount outstanding falls over time.

### Callable bond

A bond the issuer may repay before maturity, on set dates and at set prices. Investors usually receive a higher coupon in return for this option.

### Puttable bond

A bond the investor may sell back to the issuer before maturity, at set prices on set dates.

### Convertible bond

A bond the holder may exchange for a set number of the issuer's shares. Its price reflects both the bond and the value of that option.

### Sinking fund

A provision that requires the issuer to retire part of an issue each year, by buying bonds in the market or by calling them at par.

### Make-whole call

A call at a price equal to the present value of the remaining payments, discounted at a benchmark yield plus a small spread, so that the investor is compensated for early repayment.

## Issuance

### Primary market

Where new bonds are sold to investors for the first time, usually through a group of banks that arrange and distribute the issue.

### Bookbuilding

The process of collecting investor orders before pricing a new issue. The size of the order book guides the final coupon and the amount sold.

### Reopening

Selling more of an existing bond, with the same coupon and maturity, so that the new bonds trade as one line with the old ones.

### Denomination

The smallest face amount in which a bond can be bought and traded. Large minimum denominations keep an issue to professional investors.

### Prospectus

The document that describes a new issue: the terms of the bonds, the issuer's business and the risks. Investors rely on it when deciding whether to buy.

### Trustee

A party appointed to act for bondholders and to check that the issuer keeps to the terms of the bonds.

### Paying agent

The bank that receives payments from the issuer and passes them to bondholders.

## Trading and settlement

### Secondary market

Where bonds are bought and sold after issue. Most bond trading happens between dealers and investors rather than on an exchange.

### Bid and offer

The prices at which a dealer will buy (bid) and sell (offer) a bond. The difference between them, the bid-offer spread, is a measure of how easy the bond is to trade.

### Settlement date

The date on which the bond and the cash change hands, usually one or two business days after the trade date.

### Clearing system

A central system that holds bonds in electronic form and moves them between accounts on settlement, so that no paper changes hands.

### Repo

A sale of a bond with an agreement to buy it back later at a set price. In effect it is a short-term loan secured on the bond, and the difference between the two prices is the interest.

### Haircut

The amount by which the value of a bond used as collateral is reduced, to protect the lender if the price falls.

### Benchmark bond

A large, frequently traded issue, usually from a government, whose yield is used as a reference for pricing other bonds of similar maturity.

### Index

A basket of bonds chosen by set rules, used to measure the performance of a market and as a target for funds that track it.

## Money and rates

### Reference rate

A published short-term interest rate, such as an overnight rate, that floating coupons, loans and derivatives are set against.

### Swap rate

The fixed rate exchanged for a floating rate in an interest-rate swap of a given maturity. Swap rates form a curve that is widely used to price bonds.

### Real yield

The yield after taking out expected inflation, as shown by bonds whose payments are linked to an inflation index.

### Break-even inflation

The difference between the yield on a conventional bond and on an inflation-linked bond of the same maturity: the inflation rate at which the two would return the same.

### Total return

What an investor earns over a period: coupons received, plus or minus the change in the bond's price, plus any interest earned on reinvesting the coupons.

## Quotes and conventions

### Thirty-seconds

Some government bond prices are quoted in thirty-seconds of a point rather than decimals, so a quote of 99-16 means 99 and a half percent of face value.

### Odd first coupon

A first coupon period that is longer or shorter than the regular ones, because the bond was issued between two regular coupon dates. The first payment is adjusted to match.

### Ex-coupon period

A short period before a coupon date during which a bond trades without the right to the next coupon. In some markets the accrued interest is negative during this period.

### When-issued trading

Trading in a new bond after it has been announced but before it has been issued, with settlement on the issue date.

### Stripping

Separating a bond's coupons and its final repayment into individual zero-coupon securities, each traded on its own.

### Fungible

Interchangeable: bonds of the same line are fungible, so any one can be delivered in place of another.

### Settlement fail

When one side does not deliver the bond or the cash on the settlement date. The trade stays open, and the late party may owe a penalty.

## Funds and portfolios

### Portfolio turnover

The share of a portfolio bought and sold over a year. High turnover raises trading costs, which come out of the fund's return.

### Tracking error

How far a fund's return differs from its benchmark's, measured as the spread of the differences over time.

### Weighted average maturity

The average time to maturity of a portfolio's bonds, each weighted by its share of the portfolio's value.

### Laddering

Buying bonds that mature at regular intervals, so that money comes back steadily and can be reinvested at the rates then available.

### Barbell

A portfolio concentrated in short and long maturities, with little in between.

### Immunisation

Matching the duration of a portfolio to the timing of a future payment, so that changes in yields affect the portfolio and the payment by about the same amount.

### Mark to market

Valuing holdings at current market prices rather than at their purchase price, so that the portfolio's reported value moves with the market.

## 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, or "none")
- Q2: downgraded ("yes", "no" or "depends")
- Q3: investment_grade ("yes", "no" or "depends"), rating (a rating, or "none")
- Q4: outlook (an outlook)
- Q5: risk_of (a record ID), rating (a rating, or "none")
- 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")
- Q11: rating (a rating, or "none")
- Q12: rating (a rating, or "none")
- Q13: count (a number)
- Q14: rating (a rating, or "none")
- Q15: rating (a rating, or "none")
- Q16: changed ("yes", "no" or "depends")
- Q17: downgraded ("yes", "no" or "depends")
- Q18: issuers (a list of record IDs)
- Q19: issuers (a list of record IDs)
- Q20: in_default ("yes", "no" or "depends")
- Q21: entities (a list of record IDs)
- Q22: entities (a list of record IDs)
- Q23: rating (a rating, or "none")
- Q24: investment_grade ("yes", "no" or "depends")
- Q25: count (a number)
- Q26: rating (a rating, or "none")
- Q27: rating (a rating, or "none")
- Q28: rating (a rating, or "none")
- Q29: rating (a rating, or "none")
- Q30: entities (a list of record IDs)
- Q31: any ("yes", "no" or "depends")
- Q32: parent (a record ID)
- Q33: risk_of (a record ID), rating (a rating, or "none")
- Q34: same_group ("yes", "no" or "depends")
- Q35: count (a number)
- Q36: count (a number)
- Q37: count (a number)
- Q38: same ("yes", "no" or "depends")
- Q39: rating (a rating, or "none")
- Q40: count (a number)
- Q41: rating (a rating, or "none")
- Q42: country (a country code)
- Q43: count (a number)
- Q44: local_currency ("yes", "no" or "depends")
- Q45: above_ceiling ("yes", "no" or "depends")
- Q46: issuer_rating ("yes", "no" or "depends")
- Q47: rating (a rating, or "none")
- Q48: count (a number)

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?
Q11. What was Marlow Utilities' rating on 1 June 2025?
Q12. What was Marlow Utilities' rating on 1 January 2024?
Q13. How many times has Marlow Utilities been downgraded?
Q14. What was Halden Foods' rating on 1 January 2024?
Q15. What was Halden Bank's rating on 1 January 2026?
Q16. Has Marlow Utilities' rating changed since 1 January 2025?
Q17. Was Orrin Bank downgraded in 2026?
Q18. Which issuers were on Rating Watch Negative on 1 October 2026?
Q19. Which issuers had a Negative outlook on 1 October 2026?
Q20. Is Pellam Retail in default?
Q21. Which entities had an issuer rating at some point but no longer had one on 1 October 2026?
Q22. Which entities have ever been in default?
Q23. What is Kestrel Energy's short-term rating?
Q24. Is Kestrel Energy's issuer rating investment grade?
Q25. How many instruments held an investment-grade rating on 1 October 2026?
Q26. What is Corvenia Power's local-currency rating?
Q27. How is Corvenia Power's 2032 note rated?
Q28. What is the Republic of Corvenia's foreign-currency issuer rating?
Q29. What is the Republic of Valdoria's issuer rating?
Q30. Which entities had a foreign-currency issuer rating exactly at their country's ceiling on 1 October 2026?
Q31. Did any company have a foreign-currency issuer rating above its country's ceiling on 1 October 2026?
Q32. Who is Halden Leasing's ultimate parent?
Q33. Whose credit risk does a holder of the Halden Leasing 2028 notes take, and how is it rated?
Q34. Is Halden Foods part of the same group as Halden Bank?
Q35. How many entities are in the Halden group, the parent included?
Q36. How many entities are in the Northwind group, the parent included?
Q37. How many distinct legal entities does the data describe?
Q38. Are Orrin Bank AG and Orrin Bancorp Inc the same entity?
Q39. What is Northwind Holdings' current rating?
Q40. How many distinct issuers domiciled in GB held an issuer rating on 1 October 2026?
Q41. What is Brindle Capital's current rating?
Q42. In which country is Halden Bank domiciled?
Q43. How many distinct entities are domiciled in Luxembourg (LU)?
Q44. Is Valdoria Telecom's 2027 note a local-currency obligation?
Q45. Is Valdoria Telecom's 2027 note rated above what Valdoria's Country Ceiling allows?
Q46. Does Halden Leasing have an issuer rating?
Q47. How is Corvenia Power's 2034 note rated?
Q48. How many instruments held a rating on 1 October 2026?

<!-- 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,7245002OOPBG04092E43,GB,CORP,,RATINGS
E02,Northwind Holdings plc,213800PHEIYNJMHTDV74,GB,CORP,,RATINGS
E03,NORTHWIND HLDGS,213800PHEIYNJMHTDV74,GB,CORP,,RESEARCH
E04,Northwind Finance BV,213800LA5RYJLGXV2T85,NL,FINSUB,E02,RATINGS
E05,Valdoria Telecom SA,391200LESH03LMOY2U61,VD,CORP,,RATINGS
E06,Orrin Bank AG,549300AMVE3VRVG7HK43,DE,BANK,,RATINGS
E07,Pellam Retail Ltd,969500B6IUACELPI2291,GB,CORP,,RATINGS
E08,Saxby Shipping SA,969500KOTZ1JFIZSG796,GR,CORP,,RATINGS
VD,Republic of Valdoria,,VD,SOV,,RATINGS
E09,Halden Group plc,815600ASM9EHDG931T89,GB,CORP,,RATINGS
E10,Halden Bank AG,391200QYPVFF2O9K2039,DE,BANK,E09,RATINGS
E11,Halden Leasing SA,549300XBZH4ULO9MQV55,FR,FINSUB,E10,RATINGS
E12,Halden Foods Ltd,213800IJDL4OJ4DG5T19,GB,CORP,,RATINGS
E13,Orrin Bancorp Inc,815600O8X8K2F154N214,US,BANK,,RATINGS
E14,Marlow Utilities plc,3912005AH2C1I9YF8106,GB,CORP,,RATINGS
CV,Republic of Corvenia,,CV,SOV,,RATINGS
E15,Corvenia Power SA,213800PBQVHVBBH6GV02,CV,CORP,,RATINGS
E16,Brindle Capital Ltd,5493003Z3PXXR7KNFM81,GB,CORP,,QA
E17,HALDEN BANK,391200QYPVFF2O9K2039,LU,BANK,,RESEARCH
```

### 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
I05,Halden Leasing 2.90% notes due 2028,E11,E10,SU,EUR,2028-06-30
I06,Corvenia Power 7.10% notes due 2032,E15,,SUB,USD,2032-02-15
I07,Valdoria Telecom 4.25% notes due 2027,E05,,SU,XVD,2027-08-31
I08,Corvenia Power 6.00% notes due 2034,E15,,SU,USD,2034-09-01
```

### 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,,,
A24,2023-05-01,E09,LTIDR,FC,AS,A,STA,,
A25,2026-03-01,E09,LTIDR,FC,AF,A,NEG,,
A26,2023-05-01,E10,LTIDR,FC,AS,A-,STA,,support from parent
A27,2026-04-15,E10,LTIDR,FC,DG,BBB+,STA,,
A28,2023-06-01,I05,INST,,AS,A-,,,
A29,2026-04-15,I05,INST,,DG,BBB+,,,
A30,2024-02-01,E12,LTIDR,FC,AS,BB-,STA,,
A31,2025-08-01,E12,LTIDR,FC,UG,BB,STA,,
A32,2024-07-01,E13,LTIDR,FC,AS,BBB,STA,,
A33,2026-05-01,E14,LTIDR,FC,AF,BBB+,STA,,
A34,2023-01-15,E14,LTIDR,FC,AS,A-,STA,,
A35,2025-11-20,E14,LTIDR,FC,RW,BBB+,,RWN,
A36,2024-09-30,E14,LTIDR,FC,DG,BBB+,STA,,
A37,2024-01-01,CV,CC,,AS,A,,,
A38,2024-01-01,CV,LTIDR,FC,AS,BBB+,STA,,
A39,2024-01-01,CV,LTIDR,LC,AS,A-,STA,,
A40,2024-03-01,E15,LTIDR,LC,AS,A+,STA,,
A41,2024-03-01,E15,LTIDR,FC,AS,A,STA,,
A42,2024-03-01,I06,INST,,AS,A-,,,
A43,2024-04-01,E16,LTIDR,FC,AS,BBB-,STA,,
A44,2026-06-01,E16,LTIDR,FC,DG,BB+,STA,,
A45,2025-04-01,I07,INST,,AS,BBB-,,,
A46,2025-02-01,E11,CO,,AS,BBB,,,
A47,2026-09-01,I08,INST,,EX,A,,,
```

### ontology.md (the vocabulary the data uses)

# Credit ratings: a teaching ontology

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.

## Classes

### Entity

A legal entity: a company, bank, finance subsidiary or sovereign. An entity is identified by its LEI (LEI), not by its name or record ID. The data holds records from more than one source system (source system), 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.

### Instrument

A debt instrument, such as a bond or note, issued by an entity (issuer). An instrument's rating is not the issuer's rating: it can sit above or below it depending on seniority (seniority) and on any guarantee (guarantor).

### Rating action

Something a rating agency did to a rating on a date (date): assigned, affirmed, upgraded, downgraded, placed on Watch or withdrawn it. Each action applies to one rated thing (rated thing), one rating type (rating type) and, for issuer ratings, one currency basis (currency basis). 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. rating always holds the rating as it stands after the action, including when it did not change.

## Properties

### name (CSV column `name`)

The name as the source system spells it. Names are not identifiers: the same entity can be spelled differently in different systems.

### LEI (CSV column `lei`)

Legal Entity Identifier: the identifier that says which legal entity a record describes. Same LEI, same entity. Sovereigns have none.

### country (CSV column `country`)

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 and CV the Republic of Corvenia (both invented).

### entity type (CSV column `entity_type`)

What kind of entity it is: a concept of the scheme Entity types.

### parent (CSV column `parent_id`)

The entity that owns and controls this one.

### source system (CSV column `source_system`)

The internal system the record comes from (RATINGS, RESEARCH, QA). Each system keeps its own records of the same entities; see Entity. RATINGS is the system of record: where records of the same entity disagree on name, country or parent, the RATINGS record holds. QA records are test data, created to check the systems: they describe no real entity, so a QA record, and every action recorded against it, must be ignored.

### description (CSV column `description`)

The instrument's name: issuer, coupon and maturity year.

### issuer (CSV column `issuer_id`)

The entity that issued the instrument and owes the payments. Not necessarily the entity whose credit risk the investor takes: see guarantor.

### guarantor (CSV column `guarantor_id`)

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.

### seniority (CSV column `seniority`)

Where the instrument ranks in repayment if the issuer fails: a concept of the scheme Seniorities.

### currency (CSV column `currency`)

The currency the instrument pays in, as an ISO 4217 code, or one of two local codes: XVD, the Valdorian dollar, the domestic currency of VD; and CVK, the Corvenian krone, the domestic currency of CV. 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 Country Ceiling (CC). Debt in the domestic currency is local-currency debt and is not capped by the ceiling.

### maturity (CSV column `maturity`)

The date the instrument is due to be repaid.

### date (CSV column `date`)

The date the action took effect.

### rated thing (CSV column `rated_id`)

What the action is about: an entity (for issuer ratings and Country Ceilings) or an instrument (for instrument ratings).

### rating type (CSV column `rating_type`)

Which kind of rating the action concerns: a concept of the scheme Rating types. Different types are different ratings and are never compared or combined with each other.

### currency basis (CSV column `ccy_basis`)

For issuer ratings, whether the rating covers foreign-currency (FC) or local-currency (LC) obligations: a concept of the scheme Currency bases. An entity can have both, with different values.

### action (CSV column `action`)

What was done: a concept of the scheme Action types. Only upgrades and downgrades change a rating.

### rating (CSV column `rating`)

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 Withdrawn (WD)): it is not a point on either scale.

### outlook (CSV column `outlook`)

The likely direction of a long-term rating over the next one to two years: a concept of the scheme Outlooks. An outlook is not a rating: revising it does not change the rating.

### rating watch (CSV column `watch`)

Set when the rating is on Rating Watch: a concept of the scheme Rating Watches. A Watch is not a rating change.

### comment (CSV column `comment`)

The analyst's note on the action, such as the reason for a withdrawal.

## Codes

The codes as they appear in the data, grouped by list.

### Rating types

- **LTIDR**, Long-term Issuer Default Rating: 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.
- **STIDR**, Short-term Issuer Default Rating: 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.
- **INST**, Instrument rating: 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.
- **CC**, Country Ceiling: 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.
- **CO**, Credit opinion: A private, point-in-time view of an entity's credit, given to one client. It is not a published rating and not an issuer rating: never count it as a rating, and never report its value as the entity's rating.

### Currency bases

- **FC**, Foreign currency: Covers obligations in foreign currency, so it is subject to the Country Ceiling.
- **LC**, Local currency: Covers obligations in the currency of the entity's own country; not subject to the Country Ceiling.

### Action types

- **AS**, Assigned: A first rating is given.
- **AF**, Affirmed: 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.
- **UG**, Upgraded: The rating is raised.
- **DG**, Downgraded: The rating is lowered. The only action that counts as a downgrade.
- **RW**, Placed on Rating Watch: The rating is flagged as likely to change soon, usually within about six months, in the direction rating watch gives. The rating itself is unchanged: not a downgrade.
- **WD**, Withdrawn: 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.
- **EX**, Expected rating: A rating signalled before an instrument's final documents are signed. It is not yet a rating: the instrument stays unrated until an Assigned (AS) action confirms it.

### Outlooks

- **STA**, Stable: No direction expected.
- **POS**, Positive: The rating may go up over one to two years.
- **NEG**, Negative: The rating may go down over one to two years. Not a downgrade.

### Rating Watches

- **RWN**, Rating Watch Negative: A downgrade is likely in the near term. Not a downgrade yet.

### Seniorities

- **SU**, Senior unsecured: Ranks with the issuer's ordinary debts; usually rated at the level of the issuer's long-term rating.
- **SUB**, Subordinated: 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.

### Entity types

- **CORP**, Corporate: A non-financial company.
- **BANK**, Bank: A bank.
- **FINSUB**, Finance subsidiary: 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.
- **SOV**, Sovereign: A national government. A sovereign record can carry a Country Ceiling, issuer ratings, or both: they are different things, and the ceiling is not the sovereign's 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, or "none")
- Q2: downgraded ("yes", "no" or "depends")
- Q3: investment_grade ("yes", "no" or "depends"), rating (a rating, or "none")
- Q4: outlook (an outlook)
- Q5: risk_of (a record ID), rating (a rating, or "none")
- 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")
- Q11: rating (a rating, or "none")
- Q12: rating (a rating, or "none")
- Q13: count (a number)
- Q14: rating (a rating, or "none")
- Q15: rating (a rating, or "none")
- Q16: changed ("yes", "no" or "depends")
- Q17: downgraded ("yes", "no" or "depends")
- Q18: issuers (a list of record IDs)
- Q19: issuers (a list of record IDs)
- Q20: in_default ("yes", "no" or "depends")
- Q21: entities (a list of record IDs)
- Q22: entities (a list of record IDs)
- Q23: rating (a rating, or "none")
- Q24: investment_grade ("yes", "no" or "depends")
- Q25: count (a number)
- Q26: rating (a rating, or "none")
- Q27: rating (a rating, or "none")
- Q28: rating (a rating, or "none")
- Q29: rating (a rating, or "none")
- Q30: entities (a list of record IDs)
- Q31: any ("yes", "no" or "depends")
- Q32: parent (a record ID)
- Q33: risk_of (a record ID), rating (a rating, or "none")
- Q34: same_group ("yes", "no" or "depends")
- Q35: count (a number)
- Q36: count (a number)
- Q37: count (a number)
- Q38: same ("yes", "no" or "depends")
- Q39: rating (a rating, or "none")
- Q40: count (a number)
- Q41: rating (a rating, or "none")
- Q42: country (a country code)
- Q43: count (a number)
- Q44: local_currency ("yes", "no" or "depends")
- Q45: above_ceiling ("yes", "no" or "depends")
- Q46: issuer_rating ("yes", "no" or "depends")
- Q47: rating (a rating, or "none")
- Q48: count (a number)

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?
Q11. What was Marlow Utilities' rating on 1 June 2025?
Q12. What was Marlow Utilities' rating on 1 January 2024?
Q13. How many times has Marlow Utilities been downgraded?
Q14. What was Halden Foods' rating on 1 January 2024?
Q15. What was Halden Bank's rating on 1 January 2026?
Q16. Has Marlow Utilities' rating changed since 1 January 2025?
Q17. Was Orrin Bank downgraded in 2026?
Q18. Which issuers were on Rating Watch Negative on 1 October 2026?
Q19. Which issuers had a Negative outlook on 1 October 2026?
Q20. Is Pellam Retail in default?
Q21. Which entities had an issuer rating at some point but no longer had one on 1 October 2026?
Q22. Which entities have ever been in default?
Q23. What is Kestrel Energy's short-term rating?
Q24. Is Kestrel Energy's issuer rating investment grade?
Q25. How many instruments held an investment-grade rating on 1 October 2026?
Q26. What is Corvenia Power's local-currency rating?
Q27. How is Corvenia Power's 2032 note rated?
Q28. What is the Republic of Corvenia's foreign-currency issuer rating?
Q29. What is the Republic of Valdoria's issuer rating?
Q30. Which entities had a foreign-currency issuer rating exactly at their country's ceiling on 1 October 2026?
Q31. Did any company have a foreign-currency issuer rating above its country's ceiling on 1 October 2026?
Q32. Who is Halden Leasing's ultimate parent?
Q33. Whose credit risk does a holder of the Halden Leasing 2028 notes take, and how is it rated?
Q34. Is Halden Foods part of the same group as Halden Bank?
Q35. How many entities are in the Halden group, the parent included?
Q36. How many entities are in the Northwind group, the parent included?
Q37. How many distinct legal entities does the data describe?
Q38. Are Orrin Bank AG and Orrin Bancorp Inc the same entity?
Q39. What is Northwind Holdings' current rating?
Q40. How many distinct issuers domiciled in GB held an issuer rating on 1 October 2026?
Q41. What is Brindle Capital's current rating?
Q42. In which country is Halden Bank domiciled?
Q43. How many distinct entities are domiciled in Luxembourg (LU)?
Q44. Is Valdoria Telecom's 2027 note a local-currency obligation?
Q45. Is Valdoria Telecom's 2027 note rated above what Valdoria's Country Ceiling allows?
Q46. Does Halden Leasing have an issuer rating?
Q47. How is Corvenia Power's 2034 note rated?
Q48. How many instruments held a rating on 1 October 2026?

<!-- 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,7245002OOPBG04092E43,GB,CORP,,RATINGS
E02,Northwind Holdings plc,213800PHEIYNJMHTDV74,GB,CORP,,RATINGS
E03,NORTHWIND HLDGS,213800PHEIYNJMHTDV74,GB,CORP,,RESEARCH
E04,Northwind Finance BV,213800LA5RYJLGXV2T85,NL,FINSUB,E02,RATINGS
E05,Valdoria Telecom SA,391200LESH03LMOY2U61,VD,CORP,,RATINGS
E06,Orrin Bank AG,549300AMVE3VRVG7HK43,DE,BANK,,RATINGS
E07,Pellam Retail Ltd,969500B6IUACELPI2291,GB,CORP,,RATINGS
E08,Saxby Shipping SA,969500KOTZ1JFIZSG796,GR,CORP,,RATINGS
VD,Republic of Valdoria,,VD,SOV,,RATINGS
E09,Halden Group plc,815600ASM9EHDG931T89,GB,CORP,,RATINGS
E10,Halden Bank AG,391200QYPVFF2O9K2039,DE,BANK,E09,RATINGS
E11,Halden Leasing SA,549300XBZH4ULO9MQV55,FR,FINSUB,E10,RATINGS
E12,Halden Foods Ltd,213800IJDL4OJ4DG5T19,GB,CORP,,RATINGS
E13,Orrin Bancorp Inc,815600O8X8K2F154N214,US,BANK,,RATINGS
E14,Marlow Utilities plc,3912005AH2C1I9YF8106,GB,CORP,,RATINGS
CV,Republic of Corvenia,,CV,SOV,,RATINGS
E15,Corvenia Power SA,213800PBQVHVBBH6GV02,CV,CORP,,RATINGS
E16,Brindle Capital Ltd,5493003Z3PXXR7KNFM81,GB,CORP,,QA
E17,HALDEN BANK,391200QYPVFF2O9K2039,LU,BANK,,RESEARCH
```

### 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
I05,Halden Leasing 2.90% notes due 2028,E11,E10,SU,EUR,2028-06-30
I06,Corvenia Power 7.10% notes due 2032,E15,,SUB,USD,2032-02-15
I07,Valdoria Telecom 4.25% notes due 2027,E05,,SU,XVD,2027-08-31
I08,Corvenia Power 6.00% notes due 2034,E15,,SU,USD,2034-09-01
```

### 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,,,
A24,2023-05-01,E09,LTIDR,FC,AS,A,STA,,
A25,2026-03-01,E09,LTIDR,FC,AF,A,NEG,,
A26,2023-05-01,E10,LTIDR,FC,AS,A-,STA,,support from parent
A27,2026-04-15,E10,LTIDR,FC,DG,BBB+,STA,,
A28,2023-06-01,I05,INST,,AS,A-,,,
A29,2026-04-15,I05,INST,,DG,BBB+,,,
A30,2024-02-01,E12,LTIDR,FC,AS,BB-,STA,,
A31,2025-08-01,E12,LTIDR,FC,UG,BB,STA,,
A32,2024-07-01,E13,LTIDR,FC,AS,BBB,STA,,
A33,2026-05-01,E14,LTIDR,FC,AF,BBB+,STA,,
A34,2023-01-15,E14,LTIDR,FC,AS,A-,STA,,
A35,2025-11-20,E14,LTIDR,FC,RW,BBB+,,RWN,
A36,2024-09-30,E14,LTIDR,FC,DG,BBB+,STA,,
A37,2024-01-01,CV,CC,,AS,A,,,
A38,2024-01-01,CV,LTIDR,FC,AS,BBB+,STA,,
A39,2024-01-01,CV,LTIDR,LC,AS,A-,STA,,
A40,2024-03-01,E15,LTIDR,LC,AS,A+,STA,,
A41,2024-03-01,E15,LTIDR,FC,AS,A,STA,,
A42,2024-03-01,I06,INST,,AS,A-,,,
A43,2024-04-01,E16,LTIDR,FC,AS,BBB-,STA,,
A44,2026-06-01,E16,LTIDR,FC,DG,BB+,STA,,
A45,2025-04-01,I07,INST,,AS,BBB-,,,
A46,2025-02-01,E11,CO,,AS,BBB,,,
A47,2026-09-01,I08,INST,,EX,A,,,
```

### 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 and CV the Republic of Corvenia (both 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, QA). Each system keeps its own records of the same entities; see lad:Entity. RATINGS is the system of record: where records of the same entity disagree on name, country or parent, the RATINGS record holds. QA records are test data, created to check the systems: they describe no real entity, so a QA record, and every action recorded against it, must be ignored." .


# === 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, as an ISO 4217 code, or one of two local codes: XVD, the Valdorian dollar, the domestic currency of VD; and CVK, the Corvenian krone, the domestic currency of CV. 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. Debt in the domestic currency is local-currency debt and is not capped by the ceiling." .

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:type-CO a skos:Concept ; skos:inScheme lad:RatingTypes ; skos:notation "CO" ;
    rdfs:label "Credit opinion" ; skos:prefLabel "Credit opinion" ;
    skos:definition "A private, point-in-time view of an entity's credit, given to one client. It is not a published rating and not an issuer rating: never count it as a rating, and never report its value as the entity's 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:action-EX a skos:Concept ; skos:inScheme lad:ActionTypes ; skos:notation "EX" ;
    rdfs:label "Expected" ; skos:prefLabel "Expected rating" ;
    skos:definition "A rating signalled before an instrument's final documents are signed. It is not yet a rating: the instrument stays unrated until an Assigned (AS) action confirms it." .

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. A sovereign record can carry a Country Ceiling, issuer ratings, or both: they are different things, and the ceiling is not the sovereign's 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, or "none")
- Q2: downgraded ("yes", "no" or "depends")
- Q3: investment_grade ("yes", "no" or "depends"), rating (a rating, or "none")
- Q4: outlook (an outlook)
- Q5: risk_of (a record ID), rating (a rating, or "none")
- 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")
- Q11: rating (a rating, or "none")
- Q12: rating (a rating, or "none")
- Q13: count (a number)
- Q14: rating (a rating, or "none")
- Q15: rating (a rating, or "none")
- Q16: changed ("yes", "no" or "depends")
- Q17: downgraded ("yes", "no" or "depends")
- Q18: issuers (a list of record IDs)
- Q19: issuers (a list of record IDs)
- Q20: in_default ("yes", "no" or "depends")
- Q21: entities (a list of record IDs)
- Q22: entities (a list of record IDs)
- Q23: rating (a rating, or "none")
- Q24: investment_grade ("yes", "no" or "depends")
- Q25: count (a number)
- Q26: rating (a rating, or "none")
- Q27: rating (a rating, or "none")
- Q28: rating (a rating, or "none")
- Q29: rating (a rating, or "none")
- Q30: entities (a list of record IDs)
- Q31: any ("yes", "no" or "depends")
- Q32: parent (a record ID)
- Q33: risk_of (a record ID), rating (a rating, or "none")
- Q34: same_group ("yes", "no" or "depends")
- Q35: count (a number)
- Q36: count (a number)
- Q37: count (a number)
- Q38: same ("yes", "no" or "depends")
- Q39: rating (a rating, or "none")
- Q40: count (a number)
- Q41: rating (a rating, or "none")
- Q42: country (a country code)
- Q43: count (a number)
- Q44: local_currency ("yes", "no" or "depends")
- Q45: above_ceiling ("yes", "no" or "depends")
- Q46: issuer_rating ("yes", "no" or "depends")
- Q47: rating (a rating, or "none")
- Q48: count (a number)

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?
Q11. What was Marlow Utilities' rating on 1 June 2025?
Q12. What was Marlow Utilities' rating on 1 January 2024?
Q13. How many times has Marlow Utilities been downgraded?
Q14. What was Halden Foods' rating on 1 January 2024?
Q15. What was Halden Bank's rating on 1 January 2026?
Q16. Has Marlow Utilities' rating changed since 1 January 2025?
Q17. Was Orrin Bank downgraded in 2026?
Q18. Which issuers were on Rating Watch Negative on 1 October 2026?
Q19. Which issuers had a Negative outlook on 1 October 2026?
Q20. Is Pellam Retail in default?
Q21. Which entities had an issuer rating at some point but no longer had one on 1 October 2026?
Q22. Which entities have ever been in default?
Q23. What is Kestrel Energy's short-term rating?
Q24. Is Kestrel Energy's issuer rating investment grade?
Q25. How many instruments held an investment-grade rating on 1 October 2026?
Q26. What is Corvenia Power's local-currency rating?
Q27. How is Corvenia Power's 2032 note rated?
Q28. What is the Republic of Corvenia's foreign-currency issuer rating?
Q29. What is the Republic of Valdoria's issuer rating?
Q30. Which entities had a foreign-currency issuer rating exactly at their country's ceiling on 1 October 2026?
Q31. Did any company have a foreign-currency issuer rating above its country's ceiling on 1 October 2026?
Q32. Who is Halden Leasing's ultimate parent?
Q33. Whose credit risk does a holder of the Halden Leasing 2028 notes take, and how is it rated?
Q34. Is Halden Foods part of the same group as Halden Bank?
Q35. How many entities are in the Halden group, the parent included?
Q36. How many entities are in the Northwind group, the parent included?
Q37. How many distinct legal entities does the data describe?
Q38. Are Orrin Bank AG and Orrin Bancorp Inc the same entity?
Q39. What is Northwind Holdings' current rating?
Q40. How many distinct issuers domiciled in GB held an issuer rating on 1 October 2026?
Q41. What is Brindle Capital's current rating?
Q42. In which country is Halden Bank domiciled?
Q43. How many distinct entities are domiciled in Luxembourg (LU)?
Q44. Is Valdoria Telecom's 2027 note a local-currency obligation?
Q45. Is Valdoria Telecom's 2027 note rated above what Valdoria's Country Ceiling allows?
Q46. Does Halden Leasing have an issuer rating?
Q47. How is Corvenia Power's 2034 note rated?
Q48. How many instruments held a rating on 1 October 2026?

<!-- 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:A24 a lad:RatingAction ;
    rdfs:label "E09 AS A 2023-05-01" ;
    lad:action lad:action-AS ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2023-05-01"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E09 ;
    lad:rating "A" ;
    lad:ratingType lad:type-LTIDR .

lad:A25 a lad:RatingAction ;
    rdfs:label "E09 AF A 2026-03-01" ;
    lad:action lad:action-AF ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2026-03-01"^^xsd:date ;
    lad:outlook lad:outlook-NEG ;
    lad:ratedThing lad:E09 ;
    lad:rating "A" ;
    lad:ratingType lad:type-LTIDR .

lad:A26 a lad:RatingAction ;
    rdfs:label "E10 AS A- 2023-05-01" ;
    lad:action lad:action-AS ;
    lad:ccyBasis lad:basis-FC ;
    lad:comment "support from parent" ;
    lad:date "2023-05-01"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E10 ;
    lad:rating "A-" ;
    lad:ratingType lad:type-LTIDR .

lad:A27 a lad:RatingAction ;
    rdfs:label "E10 DG BBB+ 2026-04-15" ;
    lad:action lad:action-DG ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2026-04-15"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E10 ;
    lad:rating "BBB+" ;
    lad:ratingType lad:type-LTIDR .

lad:A28 a lad:RatingAction ;
    rdfs:label "I05 AS A- 2023-06-01" ;
    lad:action lad:action-AS ;
    lad:date "2023-06-01"^^xsd:date ;
    lad:ratedThing lad:I05 ;
    lad:rating "A-" ;
    lad:ratingType lad:type-INST .

lad:A29 a lad:RatingAction ;
    rdfs:label "I05 DG BBB+ 2026-04-15" ;
    lad:action lad:action-DG ;
    lad:date "2026-04-15"^^xsd:date ;
    lad:ratedThing lad:I05 ;
    lad:rating "BBB+" ;
    lad:ratingType lad:type-INST .

lad:A30 a lad:RatingAction ;
    rdfs:label "E12 AS BB- 2024-02-01" ;
    lad:action lad:action-AS ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2024-02-01"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E12 ;
    lad:rating "BB-" ;
    lad:ratingType lad:type-LTIDR .

lad:A31 a lad:RatingAction ;
    rdfs:label "E12 UG BB 2025-08-01" ;
    lad:action lad:action-UG ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2025-08-01"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E12 ;
    lad:rating "BB" ;
    lad:ratingType lad:type-LTIDR .

lad:A32 a lad:RatingAction ;
    rdfs:label "E13 AS BBB 2024-07-01" ;
    lad:action lad:action-AS ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2024-07-01"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E13 ;
    lad:rating "BBB" ;
    lad:ratingType lad:type-LTIDR .

lad:A33 a lad:RatingAction ;
    rdfs:label "E14 AF BBB+ 2026-05-01" ;
    lad:action lad:action-AF ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2026-05-01"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E14 ;
    lad:rating "BBB+" ;
    lad:ratingType lad:type-LTIDR .

lad:A34 a lad:RatingAction ;
    rdfs:label "E14 AS A- 2023-01-15" ;
    lad:action lad:action-AS ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2023-01-15"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E14 ;
    lad:rating "A-" ;
    lad:ratingType lad:type-LTIDR .

lad:A35 a lad:RatingAction ;
    rdfs:label "E14 RW BBB+ 2025-11-20" ;
    lad:action lad:action-RW ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2025-11-20"^^xsd:date ;
    lad:ratedThing lad:E14 ;
    lad:rating "BBB+" ;
    lad:ratingType lad:type-LTIDR ;
    lad:watch lad:watch-RWN .

lad:A36 a lad:RatingAction ;
    rdfs:label "E14 DG BBB+ 2024-09-30" ;
    lad:action lad:action-DG ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2024-09-30"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E14 ;
    lad:rating "BBB+" ;
    lad:ratingType lad:type-LTIDR .

lad:A37 a lad:RatingAction ;
    rdfs:label "CV AS A 2024-01-01" ;
    lad:action lad:action-AS ;
    lad:date "2024-01-01"^^xsd:date ;
    lad:ratedThing lad:CV ;
    lad:rating "A" ;
    lad:ratingType lad:type-CC .

lad:A38 a lad:RatingAction ;
    rdfs:label "CV AS BBB+ 2024-01-01" ;
    lad:action lad:action-AS ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2024-01-01"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:CV ;
    lad:rating "BBB+" ;
    lad:ratingType lad:type-LTIDR .

lad:A39 a lad:RatingAction ;
    rdfs:label "CV AS A- 2024-01-01" ;
    lad:action lad:action-AS ;
    lad:ccyBasis lad:basis-LC ;
    lad:date "2024-01-01"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:CV ;
    lad:rating "A-" ;
    lad:ratingType lad:type-LTIDR .

lad:A40 a lad:RatingAction ;
    rdfs:label "E15 AS A+ 2024-03-01" ;
    lad:action lad:action-AS ;
    lad:ccyBasis lad:basis-LC ;
    lad:date "2024-03-01"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E15 ;
    lad:rating "A+" ;
    lad:ratingType lad:type-LTIDR .

lad:A41 a lad:RatingAction ;
    rdfs:label "E15 AS A 2024-03-01" ;
    lad:action lad:action-AS ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2024-03-01"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E15 ;
    lad:rating "A" ;
    lad:ratingType lad:type-LTIDR .

lad:A42 a lad:RatingAction ;
    rdfs:label "I06 AS A- 2024-03-01" ;
    lad:action lad:action-AS ;
    lad:date "2024-03-01"^^xsd:date ;
    lad:ratedThing lad:I06 ;
    lad:rating "A-" ;
    lad:ratingType lad:type-INST .

lad:A43 a lad:RatingAction ;
    rdfs:label "E16 AS BBB- 2024-04-01" ;
    lad:action lad:action-AS ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2024-04-01"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E16 ;
    lad:rating "BBB-" ;
    lad:ratingType lad:type-LTIDR .

lad:A44 a lad:RatingAction ;
    rdfs:label "E16 DG BB+ 2026-06-01" ;
    lad:action lad:action-DG ;
    lad:ccyBasis lad:basis-FC ;
    lad:date "2026-06-01"^^xsd:date ;
    lad:outlook lad:outlook-STA ;
    lad:ratedThing lad:E16 ;
    lad:rating "BB+" ;
    lad:ratingType lad:type-LTIDR .

lad:A45 a lad:RatingAction ;
    rdfs:label "I07 AS BBB- 2025-04-01" ;
    lad:action lad:action-AS ;
    lad:date "2025-04-01"^^xsd:date ;
    lad:ratedThing lad:I07 ;
    lad:rating "BBB-" ;
    lad:ratingType lad:type-INST .

lad:A46 a lad:RatingAction ;
    rdfs:label "E11 AS BBB 2025-02-01" ;
    lad:action lad:action-AS ;
    lad:date "2025-02-01"^^xsd:date ;
    lad:ratedThing lad:E11 ;
    lad:rating "BBB" ;
    lad:ratingType lad:type-CO .

lad:A47 a lad:RatingAction ;
    rdfs:label "I08 EX A 2026-09-01" ;
    lad:action lad:action-EX ;
    lad:date "2026-09-01"^^xsd:date ;
    lad:ratedThing lad:I08 ;
    lad:rating "A" ;
    lad:ratingType lad:type-INST .

lad:E17 a lad:Entity ;
    rdfs:label "HALDEN BANK" ;
    lad:country "LU" ;
    lad:entityType lad:etype-BANK ;
    lad:lei "391200QYPVFF2O9K2039" ;
    lad:name "HALDEN BANK" ;
    lad:sourceSystem "RESEARCH" .

lad:E03 a lad:Entity ;
    rdfs:label "NORTHWIND HLDGS" ;
    lad:country "GB" ;
    lad:entityType lad:etype-CORP ;
    lad:lei "213800PHEIYNJMHTDV74" ;
    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 "213800LA5RYJLGXV2T85" ;
    lad:name "Northwind Finance BV" ;
    lad:parent lad:E02 ;
    lad:sourceSystem "RATINGS" .

lad:E13 a lad:Entity ;
    rdfs:label "Orrin Bancorp Inc" ;
    lad:country "US" ;
    lad:entityType lad:etype-BANK ;
    lad:lei "815600O8X8K2F154N214" ;
    lad:name "Orrin Bancorp Inc" ;
    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:I06 a lad:Instrument ;
    rdfs:label "Corvenia Power 7.10% 2032" ;
    lad:currency "USD" ;
    lad:description "Corvenia Power 7.10% notes due 2032" ;
    lad:issuer lad:E15 ;
    lad:maturity "2032-02-15"^^xsd:date ;
    lad:seniority lad:seniority-SUB .

lad:I07 a lad:Instrument ;
    rdfs:label "Valdoria Telecom 4.25% 2027" ;
    lad:currency "XVD" ;
    lad:description "Valdoria Telecom 4.25% notes due 2027" ;
    lad:issuer lad:E05 ;
    lad:maturity "2027-08-31"^^xsd:date ;
    lad:seniority lad:seniority-SU .

lad:I08 a lad:Instrument ;
    rdfs:label "Corvenia Power 6.00% 2034" ;
    lad:currency "USD" ;
    lad:description "Corvenia Power 6.00% notes due 2034" ;
    lad:issuer lad:E15 ;
    lad:maturity "2034-09-01"^^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 "549300AMVE3VRVG7HK43" ;
    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 "969500B6IUACELPI2291" ;
    lad:name "Pellam Retail Ltd" ;
    lad:sourceSystem "RATINGS" .

lad:E11 a lad:Entity ;
    rdfs:label "Halden Leasing SA" ;
    lad:country "FR" ;
    lad:entityType lad:etype-FINSUB ;
    lad:lei "549300XBZH4ULO9MQV55" ;
    lad:name "Halden Leasing SA" ;
    lad:parent lad:E10 ;
    lad:sourceSystem "RATINGS" .

lad:E12 a lad:Entity ;
    rdfs:label "Halden Foods Ltd" ;
    lad:country "GB" ;
    lad:entityType lad:etype-CORP ;
    lad:lei "213800IJDL4OJ4DG5T19" ;
    lad:name "Halden Foods Ltd" ;
    lad:sourceSystem "RATINGS" .

lad:E16 a lad:Entity ;
    rdfs:label "Brindle Capital Ltd" ;
    lad:country "GB" ;
    lad:entityType lad:etype-CORP ;
    lad:lei "5493003Z3PXXR7KNFM81" ;
    lad:name "Brindle Capital Ltd" ;
    lad:sourceSystem "QA" .

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:I05 a lad:Instrument ;
    rdfs:label "Halden Leasing 2.90% 2028" ;
    lad:currency "EUR" ;
    lad:description "Halden Leasing 2.90% notes due 2028" ;
    lad:guarantor lad:E10 ;
    lad:issuer lad:E11 ;
    lad:maturity "2028-06-30"^^xsd:date ;
    lad:seniority lad:seniority-SU .

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

lad:E02 a lad:Entity ;
    rdfs:label "Northwind Holdings plc" ;
    lad:country "GB" ;
    lad:entityType lad:etype-CORP ;
    lad:lei "213800PHEIYNJMHTDV74" ;
    lad:name "Northwind Holdings plc" ;
    lad:sourceSystem "RATINGS" .

lad:E08 a lad:Entity ;
    rdfs:label "Saxby Shipping SA" ;
    lad:country "GR" ;
    lad:entityType lad:etype-CORP ;
    lad:lei "969500KOTZ1JFIZSG796" ;
    lad:name "Saxby Shipping SA" ;
    lad:sourceSystem "RATINGS" .

lad:E09 a lad:Entity ;
    rdfs:label "Halden Group plc" ;
    lad:country "GB" ;
    lad:entityType lad:etype-CORP ;
    lad:lei "815600ASM9EHDG931T89" ;
    lad:name "Halden Group plc" ;
    lad:sourceSystem "RATINGS" .

lad:E05 a lad:Entity ;
    rdfs:label "Valdoria Telecom SA" ;
    lad:country "VD" ;
    lad:entityType lad:etype-CORP ;
    lad:lei "391200LESH03LMOY2U61" ;
    lad:name "Valdoria Telecom SA" ;
    lad:sourceSystem "RATINGS" .

lad:E10 a lad:Entity ;
    rdfs:label "Halden Bank AG" ;
    lad:country "DE" ;
    lad:entityType lad:etype-BANK ;
    lad:lei "391200QYPVFF2O9K2039" ;
    lad:name "Halden Bank AG" ;
    lad:parent lad:E09 ;
    lad:sourceSystem "RATINGS" .

lad:E14 a lad:Entity ;
    rdfs:label "Marlow Utilities plc" ;
    lad:country "GB" ;
    lad:entityType lad:etype-CORP ;
    lad:lei "3912005AH2C1I9YF8106" ;
    lad:name "Marlow Utilities plc" ;
    lad:sourceSystem "RATINGS" .

lad:E15 a lad:Entity ;
    rdfs:label "Corvenia Power SA" ;
    lad:country "CV" ;
    lad:entityType lad:etype-CORP ;
    lad:lei "213800PBQVHVBBH6GV02" ;
    lad:name "Corvenia Power SA" ;
    lad:sourceSystem "RATINGS" .

lad:E01 a lad:Entity ;
    rdfs:label "Kestrel Energy plc" ;
    lad:country "GB" ;
    lad:entityType lad:etype-CORP ;
    lad:lei "7245002OOPBG04092E43" ;
    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 and CV the Republic of Corvenia (both 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, QA). Each system keeps its own records of the same entities; see lad:Entity. RATINGS is the system of record: where records of the same entity disagree on name, country or parent, the RATINGS record holds. QA records are test data, created to check the systems: they describe no real entity, so a QA record, and every action recorded against it, must be ignored." .


# === 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, as an ISO 4217 code, or one of two local codes: XVD, the Valdorian dollar, the domestic currency of VD; and CVK, the Corvenian krone, the domestic currency of CV. 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. Debt in the domestic currency is local-currency debt and is not capped by the ceiling." .

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:type-CO a skos:Concept ; skos:inScheme lad:RatingTypes ; skos:notation "CO" ;
    rdfs:label "Credit opinion" ; skos:prefLabel "Credit opinion" ;
    skos:definition "A private, point-in-time view of an entity's credit, given to one client. It is not a published rating and not an issuer rating: never count it as a rating, and never report its value as the entity's 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:action-EX a skos:Concept ; skos:inScheme lad:ActionTypes ; skos:notation "EX" ;
    rdfs:label "Expected" ; skos:prefLabel "Expected rating" ;
    skos:definition "A rating signalled before an instrument's final documents are signed. It is not yet a rating: the instrument stays unrated until an Assigned (AS) action confirms it." .

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. A sovereign record can carry a Country Ceiling, issuer ratings, or both: they are different things, and the ceiling is not the sovereign's 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, or "none")
- Q2: downgraded ("yes", "no" or "depends")
- Q3: investment_grade ("yes", "no" or "depends"), rating (a rating, or "none")
- Q4: outlook (an outlook)
- Q5: risk_of (a record ID), rating (a rating, or "none")
- 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")
- Q11: rating (a rating, or "none")
- Q12: rating (a rating, or "none")
- Q13: count (a number)
- Q14: rating (a rating, or "none")
- Q15: rating (a rating, or "none")
- Q16: changed ("yes", "no" or "depends")
- Q17: downgraded ("yes", "no" or "depends")
- Q18: issuers (a list of record IDs)
- Q19: issuers (a list of record IDs)
- Q20: in_default ("yes", "no" or "depends")
- Q21: entities (a list of record IDs)
- Q22: entities (a list of record IDs)
- Q23: rating (a rating, or "none")
- Q24: investment_grade ("yes", "no" or "depends")
- Q25: count (a number)
- Q26: rating (a rating, or "none")
- Q27: rating (a rating, or "none")
- Q28: rating (a rating, or "none")
- Q29: rating (a rating, or "none")
- Q30: entities (a list of record IDs)
- Q31: any ("yes", "no" or "depends")
- Q32: parent (a record ID)
- Q33: risk_of (a record ID), rating (a rating, or "none")
- Q34: same_group ("yes", "no" or "depends")
- Q35: count (a number)
- Q36: count (a number)
- Q37: count (a number)
- Q38: same ("yes", "no" or "depends")
- Q39: rating (a rating, or "none")
- Q40: count (a number)
- Q41: rating (a rating, or "none")
- Q42: country (a country code)
- Q43: count (a number)
- Q44: local_currency ("yes", "no" or "depends")
- Q45: above_ceiling ("yes", "no" or "depends")
- Q46: issuer_rating ("yes", "no" or "depends")
- Q47: rating (a rating, or "none")
- Q48: count (a number)

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?
Q11. What was Marlow Utilities' rating on 1 June 2025?
Q12. What was Marlow Utilities' rating on 1 January 2024?
Q13. How many times has Marlow Utilities been downgraded?
Q14. What was Halden Foods' rating on 1 January 2024?
Q15. What was Halden Bank's rating on 1 January 2026?
Q16. Has Marlow Utilities' rating changed since 1 January 2025?
Q17. Was Orrin Bank downgraded in 2026?
Q18. Which issuers were on Rating Watch Negative on 1 October 2026?
Q19. Which issuers had a Negative outlook on 1 October 2026?
Q20. Is Pellam Retail in default?
Q21. Which entities had an issuer rating at some point but no longer had one on 1 October 2026?
Q22. Which entities have ever been in default?
Q23. What is Kestrel Energy's short-term rating?
Q24. Is Kestrel Energy's issuer rating investment grade?
Q25. How many instruments held an investment-grade rating on 1 October 2026?
Q26. What is Corvenia Power's local-currency rating?
Q27. How is Corvenia Power's 2032 note rated?
Q28. What is the Republic of Corvenia's foreign-currency issuer rating?
Q29. What is the Republic of Valdoria's issuer rating?
Q30. Which entities had a foreign-currency issuer rating exactly at their country's ceiling on 1 October 2026?
Q31. Did any company have a foreign-currency issuer rating above its country's ceiling on 1 October 2026?
Q32. Who is Halden Leasing's ultimate parent?
Q33. Whose credit risk does a holder of the Halden Leasing 2028 notes take, and how is it rated?
Q34. Is Halden Foods part of the same group as Halden Bank?
Q35. How many entities are in the Halden group, the parent included?
Q36. How many entities are in the Northwind group, the parent included?
Q37. How many distinct legal entities does the data describe?
Q38. Are Orrin Bank AG and Orrin Bancorp Inc the same entity?
Q39. What is Northwind Holdings' current rating?
Q40. How many distinct issuers domiciled in GB held an issuer rating on 1 October 2026?
Q41. What is Brindle Capital's current rating?
Q42. In which country is Halden Bank domiciled?
Q43. How many distinct entities are domiciled in Luxembourg (LU)?
Q44. Is Valdoria Telecom's 2027 note a local-currency obligation?
Q45. Is Valdoria Telecom's 2027 note rated above what Valdoria's Country Ceiling allows?
Q46. Does Halden Leasing have an issuer rating?
Q47. How is Corvenia Power's 2034 note rated?
Q48. How many instruments held a rating on 1 October 2026?