Q5, run 2026-11-04-1723-haiku

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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

✅ R5 csv+ontology run 1 graded by code

Northwind Holdings (E02), rated A. I03 is guaranteed by E02, so holders take E02's risk, and E02's rating is A (A08; A09 affirmed it).

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

✅ R5 csv+ontology run 2 graded by code

Northwind Holdings (E02). I03 is guaranteed by E02, so its holders carry E02's credit risk, and it is rated A (A11).

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

✅ R5 csv+ontology run 3 graded by code

Holders take E02's credit risk, rated A. I03 is guaranteed by E02 (not its issuer E04), and A11 (2025-09-15) rates it A, matching E02's current rating under A09.

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

✅ R5 csv+ontology run 4 graded by code

E02 (Northwind Holdings). The notes (I03) are issued by E04 but guaranteed by E02, so holders take E02's risk. The rating is A (A11, AF, 2025-09-15).

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

✅ R5 csv+ontology run 5 graded by code

Northwind Holdings (E02), rated A. I03 is guaranteed by E02, so the holder takes E02's risk, and I03 is rated A (A10, A11) in line with E02's A.

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

✅ R7 csv+neutral run 1 graded by code

The holder takes Northwind Holdings' (E02) credit risk, and the notes are rated A. I03 is guaranteed by E02, so it is rated on the guarantor, and A11 (2025-09-15) gives A.

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

✅ R7 csv+neutral run 2 graded by code

Holders take the credit risk of Northwind Holdings (E02), and the notes are rated A. I03 is guaranteed by E02, so it is rated on the guarantor, and A11 (affirmed A, 2025-09-15) is its current rating.

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

✅ R7 csv+neutral run 3 graded by code

Northwind Holdings (E02). I03 is guaranteed by E02, so the holder takes E02's credit risk, and E02's rating is A (A09).

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

✅ R7 csv+neutral run 4 graded by code

Northwind Holdings (E02), rated A. I03 is guaranteed by E02, so the holder takes E02's credit risk, and A11 rates the note at A, in line with the guarantor.

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

✅ R7 csv+neutral run 5 graded by code

Northwind Holdings (E02), rated A.
I03 is guaranteed by E02, so holders carry E02's credit risk, and A11 (2025-09-15) rates the notes A.

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