Q33, run 2026-11-04-1712-sonnet

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

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

Expected: risk_of = E10 rating = BBB+

✅ R1 csv run 1 graded by code

The guarantor, Halden Bank (E10), rated BBB+. I05 is issued by E11 and guaranteed by E10, whose rating is BBB+ after A27.

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

✅ R1 csv run 2 graded by code

Halden Bank (E10), rated BBB+. I05 is guaranteed by E10, which was downgraded to BBB+ in A27.

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

✅ R1 csv run 3 graded by code

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

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

✅ R1 csv run 4 graded by code

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

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

✅ R1 csv run 5 graded by code

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

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

✅ R10 executed run 1 graded by code

The holder takes E10's credit risk (Halden Bank, the guarantor), rated BBB+ (A27, A29).

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

✅ R10 executed run 2 graded by code

The credit risk is Halden Bank (E10), the guarantor of I05, rated BBB+ (A27). The instrument rating is also BBB+ (A29).

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

✅ R10 executed run 3 graded by code

The credit risk of E10 (Halden Bank), the guarantor of I05. E10 is rated BBB+ (A27), and I05 is also BBB+ (A29).

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

✅ R10 executed run 4 graded by code

E10, Halden Bank, rated BBB+. E10 guarantees I05 and is the entity whose credit risk it takes, and its rating is BBB+ (A27, A29).

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

✅ R10 executed run 5 graded by code

Halden Bank (E10), the guarantor. The note is rated BBB+ (A29), matching E10's BBB+ (A27).

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