Q33, run 2026-11-04-1824-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+

🟡 R1 csv run 1 graded by code

Halden Leasing (E11), guaranteed by Halden Bank AG (E10). The note is rated BBB+ after the 2026-04-15 downgrade (I05: A28, A29).

JSON: {"risk_of": "E11", "rating": "BBB+"}

Why: risk_of: expected E10, got E11

✅ R1 csv run 2 graded by code

E10, BBB+. I05 is guaranteed by E10, and the I05 rating was cut to BBB+ (A29), which matches E10's BBB+ (A27).

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

✅ R1 csv run 3 graded by code

E10 (Halden Bank AG), as guarantor, rated BBB+. I05 is issued by E11 and guaranteed by E10; A29 (2026-04-15) downgraded I05 to BBB+.

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

✅ R1 csv run 4 graded by code

E10 (Halden Bank AG). The 2028 notes (I05) are guaranteed by E10, and the rating is BBB+ after the downgrade in A29.

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

✅ R1 csv run 5 graded by code

E10 (Halden Bank AG), rated BBB+. I05 is guaranteed by E10, whose rating was downgraded to BBB+ by A27 (2026-04-15).

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

✅ R5 csv+ontology run 1 graded by code

The holder takes Halden Bank AG's (E10) credit risk, rated BBB+. I05 is guaranteed by E10, so it is rated on E10, and both E10 and I05 are BBB+ (A27, A29).

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

✅ R5 csv+ontology run 2 graded by code

The holder takes the credit risk of guarantor E10, and the instrument is rated BBB+. I05 is guaranteed by E10, so it is rated in line with E10's BBB+ (A27, A29).

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

✅ R5 csv+ontology run 3 graded by code

The guarantor, E10 (Halden Bank AG). I05 is guaranteed by E10, so it follows E10's BBB+ rating (A27), and the instrument rating is also BBB+ (A29).

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

✅ R5 csv+ontology run 4 graded by code

E10 (Halden Bank), rated BBB+.
I05 is guaranteed by E10, and the guarantor's rating is BBB+ (A27), which is the rating of I05 (A29).

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

✅ R5 csv+ontology run 5 graded by code

Halden Bank AG (E10). I05 is guaranteed by E10, so the holder takes E10's risk, and the instrument is rated BBB+ (A29).

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

✅ R8 csv+axioms run 1 graded by code

E10, rated BBB+. The 2028 notes (I05) are guaranteed by Halden Bank AG (E10), and the latest rating is BBB+ (A29, 2026-04-15).

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

✅ R8 csv+axioms run 2 graded by code

E10; BBB+
I05 is guaranteed by E10, so the holder takes E10's risk. I05 is rated BBB+ (A29).

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

✅ R8 csv+axioms run 3 graded by code

E10 (Halden Bank AG), rated BBB+. I05 is guaranteed by E10, so E10 carries the risk, and the notes were downgraded to BBB+ (A29).

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

✅ R8 csv+axioms run 4 graded by code

E10, BBB+
Holders of I05 bear risk of the guarantor E10, and I05's latest rating is BBB+ (A29, 2026-04-15).

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

✅ R8 csv+axioms run 5 graded by code

Halden Bank (E10), rated BBB+. The Halden Leasing 2028 notes (I05) have guarantor E10, and the notes were downgraded to BBB+ on 2026-04-15 (A29).

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

✅ R9 csv+axioms+markdown run 1 graded by code

E10, rated BBB+. The 2028 notes (I05) are guaranteed by Halden Bank, so its credit risk is the holder's exposure. The instrument was downgraded to BBB+ on 2026-04-15 (A29).

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

✅ R9 csv+axioms+markdown run 2 graded by code

E10 (Halden Bank). I05 is guaranteed by E10, so the holder takes E10's risk; I05 is rated BBB+ (A29).

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

✅ R9 csv+axioms+markdown run 3 graded by code

Holders take E10's risk (Halden Bank AG), and the rating is BBB+. I05 is guaranteed by E10 (A29, 2026-04-15), so it is rated in line with the guarantor.

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

✅ R9 csv+axioms+markdown run 4 graded by code

E10, rated BBB+. I05 is guaranteed by E10 (E11 is the issuer), and A29 (DG to BBB+, 2026-04-15) is the current rating.

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

✅ R9 csv+axioms+markdown run 5 graded by code

E10, BBB+
I05 is guaranteed by E10, so the holder takes E10's risk. The latest action on I05 is the 2026-04-15 downgrade to BBB+ (A29).

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