Q5, run 2026-11-04-1824-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

🟡 R1 csv run 1 graded by code

Northwind Finance BV (E04), with Northwind Holdings (E02) as guarantor; the note is rated A (I03: A10, A11). The guarantee means E02 also backs the notes.

JSON: {"risk_of": "E04", "rating": "A"}

Why: risk_of: expected E02, got E04

✅ R1 csv run 2 graded by code

Northwind Holdings (E02), rated A. I03 is guaranteed by E02, E04 has no rating of its own in the data, and I03's A rating (A11) matches E02's A.

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

✅ R1 csv run 3 graded by code

Northwind Holdings (E02), as guarantor, rated A. I03 is issued by E04, which has no rating of its own, and is guaranteed by E02; I03 is rated A (A11).

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

✅ R1 csv run 4 graded by code

E02 (Northwind Holdings). The 2030 notes (I03) are guaranteed by E02, and E04 has no rating of its own. I03 is rated A (A10, A11).

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

✅ R1 csv run 5 graded by code

The guarantor, E02 (Northwind Holdings), rated A. I03 is guaranteed by E02 and is itself rated A (A11), and E02's LTIDR is A (A08).

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

✅ R5 csv+ontology run 1 graded by code

The holder takes Northwind Holdings' (E02) credit risk, rated A. I03 is guaranteed by E02, so it is rated on E02, and its latest action (A11) is an affirmation at A.

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

✅ R5 csv+ontology run 2 graded by code

The holder takes the credit risk of guarantor E02, and the instrument is rated A. I03 is guaranteed by E02, so it is rated on E02's issuer rating of A (A08, A09), and its instrument rating is A (A11).

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

✅ R5 csv+ontology run 3 graded by code

The guarantor, E02 (Northwind Holdings). I03 is guaranteed by E02, so it is rated in line with E02's issuer rating of A (A09), and the instrument itself is rated A (A11).

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

✅ R5 csv+ontology run 4 graded by code

Northwind Holdings (E02), rated A.
I03 is guaranteed by E02, so the holder takes E02's credit risk, and the note's rating is A (A11).

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's instrument rating is A (A11).

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

✅ R8 csv+axioms run 1 graded by code

E02, rated A. I03 is guaranteed by E02, so the guarantor is the credit risk, and its latest rating is A (A11, affirmed 2025-09-15).

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

✅ R8 csv+axioms run 2 graded by code

Northwind Holdings (E02); A
I03 is guaranteed by E02, so the holder's credit risk is E02's. I03 is rated A (A11), and E02's issuer rating is also A (A09).

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

✅ R8 csv+axioms run 3 graded by code

E02 (Northwind Holdings), rated A. I03 is guaranteed by E02, so E02 carries the credit risk, and the notes were affirmed at A (A11).

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

✅ R8 csv+axioms run 4 graded by code

E02, A
Holders of I03 bear risk of the guarantor E02, and I03's latest rating is A (A11, 2025-09-15).

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

✅ R8 csv+axioms run 5 graded by code

Northwind Holdings (E02), rated A. The Northwind Finance 2030 notes (I03) have guarantor E02, and the notes are rated A (A11).

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

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

E02, rated A. The Northwind Finance 2030 notes (I03) are guaranteed by Northwind Holdings, so the holder takes its credit risk. The instrument was affirmed at A (A11).

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

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

E02 (Northwind Holdings). I03 is guaranteed by E02, so the holder takes E02's risk; I03 is rated A (A11).

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

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

The risk is E02's (Northwind Holdings), and the rating is A. I03's guarantor is E02, so the risk is E02's, and I03's latest action (A11) is A.

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

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

Northwind Holdings (E02), rated A. I03 is guaranteed by E02, so the holder takes E02's credit risk, and I03's latest action is A11 (AF, A).

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

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

Northwind Holdings (E02), rated A
I03 is guaranteed by E02, so the holder takes E02's risk, and the latest instrument action (A11, 2025-09-15) is A.

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