Q33, run 2026-11-04-1723-haiku

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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+

✅ R5 csv+ontology run 1 graded by code

E10 (Halden Bank), rated BBB+. I05 is guaranteed by E10, so its holders take E10's credit risk, and A29 rates I05 at BBB+, matching E10's A27 rating.

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

✅ R5 csv+ontology run 2 graded by code

E10, Halden Bank AG, at BBB+. I05 is guaranteed by E10 (A28), so its holders carry E10's risk, and E10's rating is BBB+ (A27).

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

✅ R5 csv+ontology run 3 graded by code

Holders take E10's credit risk, rated BBB+. I05 is guaranteed by E10 (not its issuer E11), and A29 (2026-04-15) rates it BBB+, which matches E10's current LTIDR under A27.

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

✅ R5 csv+ontology run 4 graded by code

E10 (Halden Bank). I05 is guaranteed by E10, so holders take its risk. The instrument is rated BBB+ (A29), in line with E10's issuer rating.

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

✅ R5 csv+ontology run 5 graded by code

Halden Bank AG (E10), rated BBB+ (A27, A29). I05 is guaranteed by E10, so the holder takes E10's credit risk and I05 is rated in line with E10's issuer rating.

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

✅ R7 csv+neutral run 1 graded by code

The holder takes Halden Bank AG's (E10) credit risk, and the notes are rated BBB+. I05 is guaranteed by E10, so it is rated on the guarantor's issuer rating (A27, BBB+).

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

✅ R7 csv+neutral run 2 graded by code

Holders take the credit risk of Halden Bank AG (E10), and the notes are rated BBB+. I05 is guaranteed by E10 and rated in line with it; A29 sets the instrument at BBB+ and A27 sets E10 at BBB+.

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

✅ R7 csv+neutral run 3 graded by code

Halden Bank AG (E10). I05 is guaranteed by E10, so its holders take E10's risk, and it is rated BBB+ (A29), in line with E10's issuer rating.

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

✅ R7 csv+neutral run 4 graded by code

Halden Bank AG (E10), rated BBB+. I05 is guaranteed by E10, and A29 rates the note at BBB+, in line with the guarantor.

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

✅ R7 csv+neutral run 5 graded by code

E10, rated BBB+.
I05 is guaranteed by E10, so holders carry E10's risk, and A29 (2026-04-15) rates the notes BBB+.

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