Q5, run 2026-11-04-1712-sonnet

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

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

Expected: risk_of = E02 rating = A

✅ R1 csv run 1 graded by code

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

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

✅ R1 csv run 2 graded by code

Northwind Holdings (E02), rated A. I03 is guaranteed by E02, and A09/A11 affirm A.

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

✅ R1 csv run 3 graded by code

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

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

✅ R1 csv run 4 graded by code

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

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

✅ R1 csv run 5 graded by code

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

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

✅ R10 executed run 1 graded by code

The holder takes E02's credit risk (Northwind Holdings, the guarantor), rated A. I03 has credit_risk_of E02, and both I03 (A11) and E02 (A09) are at A.

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

✅ R10 executed run 2 graded by code

The credit risk is Northwind Holdings (E02), the guarantor of I03, rated A (A09). The instrument rating is also A (A11).

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

✅ R10 executed run 3 graded by code

The credit risk of E02 (Northwind Holdings), the guarantor (I03 has credit_risk_of E02). E02 is rated A (A09), and I03 is also rated A (A11).

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

✅ R10 executed run 4 graded by code

E02, Northwind Holdings, rated A. I03 is guaranteed by E02, which is the entity whose credit risk it takes (credit_risk_of = E02), and I03 is rated A (A11).

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

✅ R10 executed run 5 graded by code

Northwind Holdings (E02), via the guarantee. The note I03 is rated A (A11), and E02's LTIDR is also A (A09).

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