Run 2026-11-04-1824-haiku

Credit ratings: the base data claude:haiku read 48 questions started 2026-11-04 18:24 commit 53d65c2 done

Accuracy

Condition	Repeats	Accuracy	95% interval
R1 `csv`	5	78%	66–87%
R5 `csv+ontology`	5	100%	99–100%
R8 `csv+axioms`	5	98%	93–100%
R9 `csv+axioms+markdown`	5	98%	94–100%

Question by question

One mark per repeat; hover for the grader's reason, click a question for every answer to it.

Question R1 csv R5 csv+ontology R8 csv+axioms R9 csv+axioms+markdown

Q1 What was Kestrel Energy's rating on 1 January 2025? ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q2 Has Kestrel Energy been downgraded in 2026? ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q3 Is Kestrel Energy's 2031 note investment grade? ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q4 What is Northwind Holdings' current outlook? ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q5 Whose credit risk does a holder of the Northwind Finance 2030 notes take, and how is it rated? 🟡✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q6 Why is Valdoria Telecom's foreign-currency rating lower than its local-currency rating? 🟡🟡✅🟡🟡 ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q7 Which issuers were downgraded in 2026? ❌❌❌❌❌ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q8 Which entities were in default on 1 October 2026? ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q9 As of 1 October 2026, how many distinct issuers hold an issuer rating? ❌❌❌❌❌ ✅✅✅✅✅ ❌✅✅✅✅ ✅✅✅✅✅

Q10 Is Valdoria Telecom investment grade? ✅✅✅✅✅ ✅✅✅❌✅ ✅✅✅✅✅ ❌❌❌❌✅

Q11 What was Marlow Utilities' rating on 1 June 2025? ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q12 What was Marlow Utilities' rating on 1 January 2024? ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q13 How many times has Marlow Utilities been downgraded? ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q14 What was Halden Foods' rating on 1 January 2024? ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q15 What was Halden Bank's rating on 1 January 2026? ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q16 Has Marlow Utilities' rating changed since 1 January 2025? ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q17 Was Orrin Bank downgraded in 2026? ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q18 Which issuers were on Rating Watch Negative on 1 October 2026? ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q19 Which issuers had a Negative outlook on 1 October 2026? ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅❌✅

Q20 Is Pellam Retail in default? ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q21 Which entities had an issuer rating at some point but no longer had one on 1 October 2026? ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q22 Which entities have ever been in default? ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q23 What is Kestrel Energy's short-term rating? ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q24 Is Kestrel Energy's issuer rating investment grade? ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q25 How many instruments held an investment-grade rating on 1 October 2026? ❌❌✅❌❌ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q26 What is Corvenia Power's local-currency rating? ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q27 How is Corvenia Power's 2032 note rated? ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q28 What is the Republic of Corvenia's foreign-currency issuer rating? ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q29 What is the Republic of Valdoria's issuer rating? ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q30 Which entities had a foreign-currency issuer rating exactly at their country's ceiling on 1 October 2026? ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q31 Did any company have a foreign-currency issuer rating above its country's ceiling on 1 October 2026? ❌✅✅✅❌ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q32 Who is Halden Leasing's ultimate parent? ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q33 Whose credit risk does a holder of the Halden Leasing 2028 notes take, and how is it rated? 🟡✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q34 Is Halden Foods part of the same group as Halden Bank? ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q35 How many entities are in the Halden group, the parent included? ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q36 How many entities are in the Northwind group, the parent included? ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q37 How many distinct legal entities does the data describe? ❌❌❌❌❌ ✅✅✅✅✅ ❌❌❌❌❌ ✅✅✅✅✅

Q38 Are Orrin Bank AG and Orrin Bancorp Inc the same entity? ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q39 What is Northwind Holdings' current rating? ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q40 How many distinct issuers domiciled in GB held an issuer rating on 1 October 2026? ❌❌❌❌❌ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q41 What is Brindle Capital's current rating? ❌❌❌❌❌ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q42 In which country is Halden Bank domiciled? ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q43 How many distinct entities are domiciled in Luxembourg (LU)? ❌❌✅❌❌ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q44 Is Valdoria Telecom's 2027 note a local-currency obligation? ✅❌✅❌✅ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q45 Is Valdoria Telecom's 2027 note rated above what Valdoria's Country Ceiling allows? ✅❌❌❌✅ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q46 Does Halden Leasing have an issuer rating? ❌✅✅❌❌ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q47 How is Corvenia Power's 2034 note rated? ❌❌✅❌❌ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Q48 How many instruments held a rating on 1 October 2026? ❌❌✅❌❌ ✅✅✅✅✅ ✅✅✅✅✅ ✅✅✅✅✅

Question	R1 `csv`	R5 `csv+ontology`	R8 `csv+axioms`	R9 `csv+axioms+markdown`
Q1 What was Kestrel Energy's rating on 1 January 2025?	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q2 Has Kestrel Energy been downgraded in 2026?	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q3 Is Kestrel Energy's 2031 note investment grade?	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q4 What is Northwind Holdings' current outlook?	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q5 Whose credit risk does a holder of the Northwind Finance 2030 notes take, and how is it rated?	🟡✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q6 Why is Valdoria Telecom's foreign-currency rating lower than its local-currency rating?	🟡🟡✅🟡🟡	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q7 Which issuers were downgraded in 2026?	❌❌❌❌❌	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q8 Which entities were in default on 1 October 2026?	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q9 As of 1 October 2026, how many distinct issuers hold an issuer rating?	❌❌❌❌❌	✅✅✅✅✅	❌✅✅✅✅	✅✅✅✅✅
Q10 Is Valdoria Telecom investment grade?	✅✅✅✅✅	✅✅✅❌✅	✅✅✅✅✅	❌❌❌❌✅
Q11 What was Marlow Utilities' rating on 1 June 2025?	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q12 What was Marlow Utilities' rating on 1 January 2024?	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q13 How many times has Marlow Utilities been downgraded?	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q14 What was Halden Foods' rating on 1 January 2024?	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q15 What was Halden Bank's rating on 1 January 2026?	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q16 Has Marlow Utilities' rating changed since 1 January 2025?	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q17 Was Orrin Bank downgraded in 2026?	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q18 Which issuers were on Rating Watch Negative on 1 October 2026?	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q19 Which issuers had a Negative outlook on 1 October 2026?	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅	✅✅✅❌✅
Q20 Is Pellam Retail in default?	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q21 Which entities had an issuer rating at some point but no longer had one on 1 October 2026?	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q22 Which entities have ever been in default?	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q23 What is Kestrel Energy's short-term rating?	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q24 Is Kestrel Energy's issuer rating investment grade?	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q25 How many instruments held an investment-grade rating on 1 October 2026?	❌❌✅❌❌	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q26 What is Corvenia Power's local-currency rating?	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q27 How is Corvenia Power's 2032 note rated?	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q28 What is the Republic of Corvenia's foreign-currency issuer rating?	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q29 What is the Republic of Valdoria's issuer rating?	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q30 Which entities had a foreign-currency issuer rating exactly at their country's ceiling on 1 October 2026?	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q31 Did any company have a foreign-currency issuer rating above its country's ceiling on 1 October 2026?	❌✅✅✅❌	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q32 Who is Halden Leasing's ultimate parent?	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q33 Whose credit risk does a holder of the Halden Leasing 2028 notes take, and how is it rated?	🟡✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q34 Is Halden Foods part of the same group as Halden Bank?	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q35 How many entities are in the Halden group, the parent included?	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q36 How many entities are in the Northwind group, the parent included?	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q37 How many distinct legal entities does the data describe?	❌❌❌❌❌	✅✅✅✅✅	❌❌❌❌❌	✅✅✅✅✅
Q38 Are Orrin Bank AG and Orrin Bancorp Inc the same entity?	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q39 What is Northwind Holdings' current rating?	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q40 How many distinct issuers domiciled in GB held an issuer rating on 1 October 2026?	❌❌❌❌❌	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q41 What is Brindle Capital's current rating?	❌❌❌❌❌	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q42 In which country is Halden Bank domiciled?	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q43 How many distinct entities are domiciled in Luxembourg (LU)?	❌❌✅❌❌	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q44 Is Valdoria Telecom's 2027 note a local-currency obligation?	✅❌✅❌✅	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q45 Is Valdoria Telecom's 2027 note rated above what Valdoria's Country Ceiling allows?	✅❌❌❌✅	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q46 Does Halden Leasing have an issuer rating?	❌✅✅❌❌	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q47 How is Corvenia Power's 2034 note rated?	❌❌✅❌❌	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅
Q48 How many instruments held a rating on 1 October 2026?	❌❌✅❌❌	✅✅✅✅✅	✅✅✅✅✅	✅✅✅✅✅

The prompts

R1 csv (9416 characters)

<!-- system: You answer questions about a credit-ratings dataset. Use only the data you are given and what it tells you about its own meaning. If a question is ambiguous, or the data cannot settle it, say so. Be concise. -->

## The data

### entities.csv
```csv
entity_id,name,lei,country,entity_type,parent_id,source_system
E01,Kestrel Energy plc,7245002OOPBG04092E43,GB,CORP,,RATINGS
E02,Northwind Holdings plc,213800PHEIYNJMHTDV74,GB,CORP,,RATINGS
E03,NORTHWIND HLDGS,213800PHEIYNJMHTDV74,GB,CORP,,RESEARCH
E04,Northwind Finance BV,213800LA5RYJLGXV2T85,NL,FINSUB,E02,RATINGS
E05,Valdoria Telecom SA,391200LESH03LMOY2U61,VD,CORP,,RATINGS
E06,Orrin Bank AG,549300AMVE3VRVG7HK43,DE,BANK,,RATINGS
E07,Pellam Retail Ltd,969500B6IUACELPI2291,GB,CORP,,RATINGS
E08,Saxby Shipping SA,969500KOTZ1JFIZSG796,GR,CORP,,RATINGS
VD,Republic of Valdoria,,VD,SOV,,RATINGS
E09,Halden Group plc,815600ASM9EHDG931T89,GB,CORP,,RATINGS
E10,Halden Bank AG,391200QYPVFF2O9K2039,DE,BANK,E09,RATINGS
E11,Halden Leasing SA,549300XBZH4ULO9MQV55,FR,FINSUB,E10,RATINGS
E12,Halden Foods Ltd,213800IJDL4OJ4DG5T19,GB,CORP,,RATINGS
E13,Orrin Bancorp Inc,815600O8X8K2F154N214,US,BANK,,RATINGS
E14,Marlow Utilities plc,3912005AH2C1I9YF8106,GB,CORP,,RATINGS
CV,Republic of Corvenia,,CV,SOV,,RATINGS
E15,Corvenia Power SA,213800PBQVHVBBH6GV02,CV,CORP,,RATINGS
E16,Brindle Capital Ltd,5493003Z3PXXR7KNFM81,GB,CORP,,QA
E17,HALDEN BANK,391200QYPVFF2O9K2039,LU,BANK,,RESEARCH
```

### instruments.csv
```csv
instrument_id,description,issuer_id,guarantor_id,seniority,currency,maturity
I01,Kestrel Energy 4.50% notes due 2030,E01,,SU,GBP,2030-03-15
I02,Kestrel Energy 6.25% notes due 2031,E01,,SUB,GBP,2031-09-30
I03,Northwind Finance 3.75% notes due 2030,E04,E02,SU,EUR,2030-05-01
I04,Valdoria Telecom 5.00% notes due 2029,E05,,SU,USD,2029-11-20
I05,Halden Leasing 2.90% notes due 2028,E11,E10,SU,EUR,2028-06-30
I06,Corvenia Power 7.10% notes due 2032,E15,,SUB,USD,2032-02-15
I07,Valdoria Telecom 4.25% notes due 2027,E05,,SU,XVD,2027-08-31
I08,Corvenia Power 6.00% notes due 2034,E15,,SU,USD,2034-09-01
```

### rating_actions.csv
```csv
action_id,date,rated_id,rating_type,ccy_basis,action,rating,outlook,watch,comment
A01,2024-03-12,E01,LTIDR,FC,AS,A-,STA,,
A02,2025-06-20,E01,LTIDR,FC,DG,BBB,STA,,weaker cash flow after asset sale
A03,2026-02-10,E01,LTIDR,FC,AF,BBB,NEG,,
A04,2026-02-10,E01,STIDR,FC,AF,F2,,,
A05,2024-03-12,I01,INST,,AS,A-,,,
A06,2025-06-20,I01,INST,,DG,BBB,,,
A07,2025-06-20,I02,INST,,DG,BB+,,,
A08,2023-11-01,E02,LTIDR,FC,AS,A,STA,,
A09,2025-09-15,E03,LTIDR,FC,AF,A,POS,,
A10,2023-11-01,I03,INST,,AS,A,,,
A11,2025-09-15,I03,INST,,AF,A,,,
A12,2025-04-01,VD,CC,,AS,BB,,,
A13,2025-04-01,E05,LTIDR,LC,AS,BBB-,STA,,
A14,2025-04-01,E05,LTIDR,FC,AS,BB,STA,,
A15,2025-04-01,I04,INST,,AS,BB,,,
A16,2024-05-01,E06,LTIDR,FC,AS,A-,STA,,
A17,2026-09-03,E06,LTIDR,FC,RW,A-,,RWN,
A18,2024-01-10,E07,LTIDR,FC,AS,BB,STA,,
A19,2026-05-12,E07,LTIDR,FC,WD,WD,,,commercial reasons
A20,2024-06-01,E08,LTIDR,FC,AS,B,STA,,
A21,2026-01-20,E08,LTIDR,FC,DG,CCC,,,
A22,2026-07-08,E08,LTIDR,FC,DG,RD,,,distressed debt exchange completed
A23,2024-03-12,I02,INST,,AS,BBB,,,
A24,2023-05-01,E09,LTIDR,FC,AS,A,STA,,
A25,2026-03-01,E09,LTIDR,FC,AF,A,NEG,,
A26,2023-05-01,E10,LTIDR,FC,AS,A-,STA,,support from parent
A27,2026-04-15,E10,LTIDR,FC,DG,BBB+,STA,,
A28,2023-06-01,I05,INST,,AS,A-,,,
A29,2026-04-15,I05,INST,,DG,BBB+,,,
A30,2024-02-01,E12,LTIDR,FC,AS,BB-,STA,,
A31,2025-08-01,E12,LTIDR,FC,UG,BB,STA,,
A32,2024-07-01,E13,LTIDR,FC,AS,BBB,STA,,
A33,2026-05-01,E14,LTIDR,FC,AF,BBB+,STA,,
A34,2023-01-15,E14,LTIDR,FC,AS,A-,STA,,
A35,2025-11-20,E14,LTIDR,FC,RW,BBB+,,RWN,
A36,2024-09-30,E14,LTIDR,FC,DG,BBB+,STA,,
A37,2024-01-01,CV,CC,,AS,A,,,
A38,2024-01-01,CV,LTIDR,FC,AS,BBB+,STA,,
A39,2024-01-01,CV,LTIDR,LC,AS,A-,STA,,
A40,2024-03-01,E15,LTIDR,LC,AS,A+,STA,,
A41,2024-03-01,E15,LTIDR,FC,AS,A,STA,,
A42,2024-03-01,I06,INST,,AS,A-,,,
A43,2024-04-01,E16,LTIDR,FC,AS,BBB-,STA,,
A44,2026-06-01,E16,LTIDR,FC,DG,BB+,STA,,
A45,2025-04-01,I07,INST,,AS,BBB-,,,
A46,2025-02-01,E11,CO,,AS,BBB,,,
A47,2026-09-01,I08,INST,,EX,A,,,
```

## Questions

Answer each question below from the data above. Start each answer on a new line with its
number in bold, like **Q1.**, give the direct answer first, then at most two sentences of
reasoning that cite the records (IDs) you relied on.

Then end with one JSON block (```json) holding the structured answer to each question listed
here, with exactly these fields, shaped like {"Q1": {"field": value}, ...}. Name entities by their record ID: the entity_id in the CSV files, or the part of the IRI after lad: in the RDF (E01, not Kestrel Energy plc).

- Q1: rating (a rating, or "none")
- Q2: downgraded ("yes", "no" or "depends")
- Q3: investment_grade ("yes", "no" or "depends"), rating (a rating, or "none")
- Q4: outlook (an outlook)
- Q5: risk_of (a record ID), rating (a rating, or "none")
- Q7: issuers (a list of record IDs)
- Q8: entities (a list of record IDs)
- Q9: count (a number)
- Q10: investment_grade ("yes", "no" or "depends")
- Q11: rating (a rating, or "none")
- Q12: rating (a rating, or "none")
- Q13: count (a number)
- Q14: rating (a rating, or "none")
- Q15: rating (a rating, or "none")
- Q16: changed ("yes", "no" or "depends")
- Q17: downgraded ("yes", "no" or "depends")
- Q18: issuers (a list of record IDs)
- Q19: issuers (a list of record IDs)
- Q20: in_default ("yes", "no" or "depends")
- Q21: entities (a list of record IDs)
- Q22: entities (a list of record IDs)
- Q23: rating (a rating, or "none")
- Q24: investment_grade ("yes", "no" or "depends")
- Q25: count (a number)
- Q26: rating (a rating, or "none")
- Q27: rating (a rating, or "none")
- Q28: rating (a rating, or "none")
- Q29: rating (a rating, or "none")
- Q30: entities (a list of record IDs)
- Q31: any ("yes", "no" or "depends")
- Q32: parent (a record ID)
- Q33: risk_of (a record ID), rating (a rating, or "none")
- Q34: same_group ("yes", "no" or "depends")
- Q35: count (a number)
- Q36: count (a number)
- Q37: count (a number)
- Q38: same ("yes", "no" or "depends")
- Q39: rating (a rating, or "none")
- Q40: count (a number)
- Q41: rating (a rating, or "none")
- Q42: country (a country code)
- Q43: count (a number)
- Q44: local_currency ("yes", "no" or "depends")
- Q45: above_ceiling ("yes", "no" or "depends")
- Q46: issuer_rating ("yes", "no" or "depends")
- Q47: rating (a rating, or "none")
- Q48: count (a number)

Q1. What was Kestrel Energy's rating on 1 January 2025?
Q2. Has Kestrel Energy been downgraded in 2026?
Q3. Is Kestrel Energy's 2031 note investment grade?
Q4. What is Northwind Holdings' current outlook?
Q5. Whose credit risk does a holder of the Northwind Finance 2030 notes take, and how is it rated?
Q6. Why is Valdoria Telecom's foreign-currency rating lower than its local-currency rating?
Q7. Which issuers were downgraded in 2026?
Q8. Which entities were in default on 1 October 2026?
Q9. As of 1 October 2026, how many distinct issuers hold an issuer rating?
Q10. Is Valdoria Telecom investment grade?
Q11. What was Marlow Utilities' rating on 1 June 2025?
Q12. What was Marlow Utilities' rating on 1 January 2024?
Q13. How many times has Marlow Utilities been downgraded?
Q14. What was Halden Foods' rating on 1 January 2024?
Q15. What was Halden Bank's rating on 1 January 2026?
Q16. Has Marlow Utilities' rating changed since 1 January 2025?
Q17. Was Orrin Bank downgraded in 2026?
Q18. Which issuers were on Rating Watch Negative on 1 October 2026?
Q19. Which issuers had a Negative outlook on 1 October 2026?
Q20. Is Pellam Retail in default?
Q21. Which entities had an issuer rating at some point but no longer had one on 1 October 2026?
Q22. Which entities have ever been in default?
Q23. What is Kestrel Energy's short-term rating?
Q24. Is Kestrel Energy's issuer rating investment grade?
Q25. How many instruments held an investment-grade rating on 1 October 2026?
Q26. What is Corvenia Power's local-currency rating?
Q27. How is Corvenia Power's 2032 note rated?
Q28. What is the Republic of Corvenia's foreign-currency issuer rating?
Q29. What is the Republic of Valdoria's issuer rating?
Q30. Which entities had a foreign-currency issuer rating exactly at their country's ceiling on 1 October 2026?
Q31. Did any company have a foreign-currency issuer rating above its country's ceiling on 1 October 2026?
Q32. Who is Halden Leasing's ultimate parent?
Q33. Whose credit risk does a holder of the Halden Leasing 2028 notes take, and how is it rated?
Q34. Is Halden Foods part of the same group as Halden Bank?
Q35. How many entities are in the Halden group, the parent included?
Q36. How many entities are in the Northwind group, the parent included?
Q37. How many distinct legal entities does the data describe?
Q38. Are Orrin Bank AG and Orrin Bancorp Inc the same entity?
Q39. What is Northwind Holdings' current rating?
Q40. How many distinct issuers domiciled in GB held an issuer rating on 1 October 2026?
Q41. What is Brindle Capital's current rating?
Q42. In which country is Halden Bank domiciled?
Q43. How many distinct entities are domiciled in Luxembourg (LU)?
Q44. Is Valdoria Telecom's 2027 note a local-currency obligation?
Q45. Is Valdoria Telecom's 2027 note rated above what Valdoria's Country Ceiling allows?
Q46. Does Halden Leasing have an issuer rating?
Q47. How is Corvenia Power's 2034 note rated?
Q48. How many instruments held a rating on 1 October 2026?

R5 csv+ontology (26182 characters)

<!-- system: You answer questions about a credit-ratings dataset. Use only the data you are given and what it tells you about its own meaning. If a question is ambiguous, or the data cannot settle it, say so. Be concise. -->

## The data

### entities.csv
```csv
entity_id,name,lei,country,entity_type,parent_id,source_system
E01,Kestrel Energy plc,7245002OOPBG04092E43,GB,CORP,,RATINGS
E02,Northwind Holdings plc,213800PHEIYNJMHTDV74,GB,CORP,,RATINGS
E03,NORTHWIND HLDGS,213800PHEIYNJMHTDV74,GB,CORP,,RESEARCH
E04,Northwind Finance BV,213800LA5RYJLGXV2T85,NL,FINSUB,E02,RATINGS
E05,Valdoria Telecom SA,391200LESH03LMOY2U61,VD,CORP,,RATINGS
E06,Orrin Bank AG,549300AMVE3VRVG7HK43,DE,BANK,,RATINGS
E07,Pellam Retail Ltd,969500B6IUACELPI2291,GB,CORP,,RATINGS
E08,Saxby Shipping SA,969500KOTZ1JFIZSG796,GR,CORP,,RATINGS
VD,Republic of Valdoria,,VD,SOV,,RATINGS
E09,Halden Group plc,815600ASM9EHDG931T89,GB,CORP,,RATINGS
E10,Halden Bank AG,391200QYPVFF2O9K2039,DE,BANK,E09,RATINGS
E11,Halden Leasing SA,549300XBZH4ULO9MQV55,FR,FINSUB,E10,RATINGS
E12,Halden Foods Ltd,213800IJDL4OJ4DG5T19,GB,CORP,,RATINGS
E13,Orrin Bancorp Inc,815600O8X8K2F154N214,US,BANK,,RATINGS
E14,Marlow Utilities plc,3912005AH2C1I9YF8106,GB,CORP,,RATINGS
CV,Republic of Corvenia,,CV,SOV,,RATINGS
E15,Corvenia Power SA,213800PBQVHVBBH6GV02,CV,CORP,,RATINGS
E16,Brindle Capital Ltd,5493003Z3PXXR7KNFM81,GB,CORP,,QA
E17,HALDEN BANK,391200QYPVFF2O9K2039,LU,BANK,,RESEARCH
```

### instruments.csv
```csv
instrument_id,description,issuer_id,guarantor_id,seniority,currency,maturity
I01,Kestrel Energy 4.50% notes due 2030,E01,,SU,GBP,2030-03-15
I02,Kestrel Energy 6.25% notes due 2031,E01,,SUB,GBP,2031-09-30
I03,Northwind Finance 3.75% notes due 2030,E04,E02,SU,EUR,2030-05-01
I04,Valdoria Telecom 5.00% notes due 2029,E05,,SU,USD,2029-11-20
I05,Halden Leasing 2.90% notes due 2028,E11,E10,SU,EUR,2028-06-30
I06,Corvenia Power 7.10% notes due 2032,E15,,SUB,USD,2032-02-15
I07,Valdoria Telecom 4.25% notes due 2027,E05,,SU,XVD,2027-08-31
I08,Corvenia Power 6.00% notes due 2034,E15,,SU,USD,2034-09-01
```

### rating_actions.csv
```csv
action_id,date,rated_id,rating_type,ccy_basis,action,rating,outlook,watch,comment
A01,2024-03-12,E01,LTIDR,FC,AS,A-,STA,,
A02,2025-06-20,E01,LTIDR,FC,DG,BBB,STA,,weaker cash flow after asset sale
A03,2026-02-10,E01,LTIDR,FC,AF,BBB,NEG,,
A04,2026-02-10,E01,STIDR,FC,AF,F2,,,
A05,2024-03-12,I01,INST,,AS,A-,,,
A06,2025-06-20,I01,INST,,DG,BBB,,,
A07,2025-06-20,I02,INST,,DG,BB+,,,
A08,2023-11-01,E02,LTIDR,FC,AS,A,STA,,
A09,2025-09-15,E03,LTIDR,FC,AF,A,POS,,
A10,2023-11-01,I03,INST,,AS,A,,,
A11,2025-09-15,I03,INST,,AF,A,,,
A12,2025-04-01,VD,CC,,AS,BB,,,
A13,2025-04-01,E05,LTIDR,LC,AS,BBB-,STA,,
A14,2025-04-01,E05,LTIDR,FC,AS,BB,STA,,
A15,2025-04-01,I04,INST,,AS,BB,,,
A16,2024-05-01,E06,LTIDR,FC,AS,A-,STA,,
A17,2026-09-03,E06,LTIDR,FC,RW,A-,,RWN,
A18,2024-01-10,E07,LTIDR,FC,AS,BB,STA,,
A19,2026-05-12,E07,LTIDR,FC,WD,WD,,,commercial reasons
A20,2024-06-01,E08,LTIDR,FC,AS,B,STA,,
A21,2026-01-20,E08,LTIDR,FC,DG,CCC,,,
A22,2026-07-08,E08,LTIDR,FC,DG,RD,,,distressed debt exchange completed
A23,2024-03-12,I02,INST,,AS,BBB,,,
A24,2023-05-01,E09,LTIDR,FC,AS,A,STA,,
A25,2026-03-01,E09,LTIDR,FC,AF,A,NEG,,
A26,2023-05-01,E10,LTIDR,FC,AS,A-,STA,,support from parent
A27,2026-04-15,E10,LTIDR,FC,DG,BBB+,STA,,
A28,2023-06-01,I05,INST,,AS,A-,,,
A29,2026-04-15,I05,INST,,DG,BBB+,,,
A30,2024-02-01,E12,LTIDR,FC,AS,BB-,STA,,
A31,2025-08-01,E12,LTIDR,FC,UG,BB,STA,,
A32,2024-07-01,E13,LTIDR,FC,AS,BBB,STA,,
A33,2026-05-01,E14,LTIDR,FC,AF,BBB+,STA,,
A34,2023-01-15,E14,LTIDR,FC,AS,A-,STA,,
A35,2025-11-20,E14,LTIDR,FC,RW,BBB+,,RWN,
A36,2024-09-30,E14,LTIDR,FC,DG,BBB+,STA,,
A37,2024-01-01,CV,CC,,AS,A,,,
A38,2024-01-01,CV,LTIDR,FC,AS,BBB+,STA,,
A39,2024-01-01,CV,LTIDR,LC,AS,A-,STA,,
A40,2024-03-01,E15,LTIDR,LC,AS,A+,STA,,
A41,2024-03-01,E15,LTIDR,FC,AS,A,STA,,
A42,2024-03-01,I06,INST,,AS,A-,,,
A43,2024-04-01,E16,LTIDR,FC,AS,BBB-,STA,,
A44,2026-06-01,E16,LTIDR,FC,DG,BB+,STA,,
A45,2025-04-01,I07,INST,,AS,BBB-,,,
A46,2025-02-01,E11,CO,,AS,BBB,,,
A47,2026-09-01,I08,INST,,EX,A,,,
```

### ontology.ttl (the vocabulary the data uses)
The codes in the CSV files are the skos:notation values of the concepts below.
```turtle
@prefix lad:  <https://example.org/ladder/> .
@prefix owl:  <http://www.w3.org/2002/07/owl#> .
@prefix rdf:  <http://www.w3.org/1999/02/22-rdf-syntax-ns#> .
@prefix rdfs: <http://www.w3.org/2000/01/rdf-schema#> .
@prefix skos: <http://www.w3.org/2004/02/skos/core#> .
@prefix xsd:  <http://www.w3.org/2001/XMLSchema#> .

# A deliberately small ontology for the semantics-ladder experiment.
# The semantics live in the definitions (skos:definition), in plain English, not in OWL
# axioms: the point is to see how much an LLM gains from being told what things mean.
# Each code used in the CSV files (LTIDR, AF, RWN, ...) is a concept here, with
# skos:notation giving the code as it appears in the data.
#
# Loosely follows public rating-agency conventions. It is not any agency's definitions,
# and all the data it describes is invented.

<https://example.org/ladder/ontology> a owl:Ontology ;
    rdfs:label "Credit ratings: a teaching ontology" ;
    rdfs:comment "Entities, instruments, rating actions and the codes the data uses, each with a definition that states what it means and how to read it. Invented for an experiment; not a model of any real rating agency." ;
    owl:versionInfo "0.1" .


# === Classes ==============================================================================

lad:Entity a owl:Class ;
    rdfs:label "Entity" ;
    skos:definition "A legal entity: a company, bank, finance subsidiary or sovereign. An entity is identified by its LEI (lad:lei), not by its name or record ID. The data holds records from more than one source system (lad:sourceSystem), so the same entity can appear as several records with different IDs and differently spelled names: two records with the same LEI are the same entity, and every fact recorded against either record is a fact about that one entity." .

lad:Instrument a owl:Class ;
    rdfs:label "Instrument" ;
    skos:definition "A debt instrument, such as a bond or note, issued by an entity (lad:issuer). An instrument's rating is not the issuer's rating: it can sit above or below it depending on seniority (lad:seniority) and on any guarantee (lad:guarantor)." .

lad:RatingAction a owl:Class ;
    rdfs:label "Rating action" ;
    skos:definition "Something a rating agency did to a rating on a date (lad:date): assigned, affirmed, upgraded, downgraded, placed on Watch or withdrawn it. Each action applies to one rated thing (lad:ratedThing), one rating type (lad:ratingType) and, for issuer ratings, one currency basis (lad:ccyBasis). A rating holds from its action date until the next action on the same thing, type and basis: so the rating on a date D is the one set by the latest action on or before D, and the current rating is the latest action overall. lad:rating always holds the rating as it stands after the action, including when it did not change." .


# === Properties: entities =================================================================

lad:name a owl:DatatypeProperty ; rdfs:label "name" ;
    skos:definition "The name as the source system spells it. Names are not identifiers: the same entity can be spelled differently in different systems." .

lad:lei a owl:DatatypeProperty ; rdfs:label "LEI" ;
    skos:definition "Legal Entity Identifier: the identifier that says which legal entity a record describes. Same LEI, same entity. Sovereigns have none." .

lad:country a owl:DatatypeProperty ; rdfs:label "country" ;
    skos:definition "ISO-style code of the country where the entity is domiciled. It decides which Country Ceiling, if any, applies to the entity's foreign-currency ratings. VD is the Republic of Valdoria and CV the Republic of Corvenia (both invented)." .

lad:entityType a owl:ObjectProperty ; rdfs:label "entity type" ;
    skos:definition "What kind of entity it is: a concept of the scheme lad:EntityTypes." .

lad:parent a owl:ObjectProperty ; rdfs:label "parent" ;
    skos:definition "The entity that owns and controls this one." .

lad:sourceSystem a owl:DatatypeProperty ; rdfs:label "source system" ;
    skos:definition "The internal system the record comes from (RATINGS, RESEARCH, QA). Each system keeps its own records of the same entities; see lad:Entity. RATINGS is the system of record: where records of the same entity disagree on name, country or parent, the RATINGS record holds. QA records are test data, created to check the systems: they describe no real entity, so a QA record, and every action recorded against it, must be ignored." .


# === Properties: instruments ==============================================================

lad:description a owl:DatatypeProperty ; rdfs:label "description" ;
    skos:definition "The instrument's name: issuer, coupon and maturity year." .

lad:issuer a owl:ObjectProperty ; rdfs:label "issuer" ;
    skos:definition "The entity that issued the instrument and owes the payments. Not necessarily the entity whose credit risk the investor takes: see lad:guarantor." .

lad:guarantor a owl:ObjectProperty ; rdfs:label "guarantor" ;
    skos:definition "An entity that guarantees the instrument's payments if the issuer does not pay. A guaranteed instrument carries the guarantor's credit risk, so it is rated in line with the guarantor's issuer rating, not the issuer's." .

lad:seniority a owl:ObjectProperty ; rdfs:label "seniority" ;
    skos:definition "Where the instrument ranks in repayment if the issuer fails: a concept of the scheme lad:Seniorities." .

lad:currency a owl:DatatypeProperty ; rdfs:label "currency" ;
    skos:definition "The currency the instrument pays in, as an ISO 4217 code, or one of two local codes: XVD, the Valdorian dollar, the domestic currency of VD; and CVK, the Corvenian krone, the domestic currency of CV. Debt in a currency other than the domestic one of the issuer's country is exposed to that country's transfer and convertibility risk: see lad:type-CC. Debt in the domestic currency is local-currency debt and is not capped by the ceiling." .

lad:maturity a owl:DatatypeProperty ; rdfs:label "maturity" ;
    skos:definition "The date the instrument is due to be repaid." .


# === Properties: rating actions ===========================================================

lad:date a owl:DatatypeProperty ; rdfs:label "date" ;
    skos:definition "The date the action took effect." .

lad:ratedThing a owl:ObjectProperty ; rdfs:label "rated thing" ;
    skos:definition "What the action is about: an entity (for issuer ratings and Country Ceilings) or an instrument (for instrument ratings)." .

lad:ratingType a owl:ObjectProperty ; rdfs:label "rating type" ;
    skos:definition "Which kind of rating the action concerns: a concept of the scheme lad:RatingTypes. Different types are different ratings and are never compared or combined with each other." .

lad:ccyBasis a owl:ObjectProperty ; rdfs:label "currency basis" ;
    skos:definition "For issuer ratings, whether the rating covers foreign-currency (FC) or local-currency (LC) obligations: a concept of the scheme lad:CurrencyBases. An entity can have both, with different values." .

lad:action a owl:ObjectProperty ; rdfs:label "action" ;
    skos:definition "What was done: a concept of the scheme lad:ActionTypes. Only upgrades and downgrades change a rating." .

lad:rating a owl:DatatypeProperty ; rdfs:label "rating" ;
    skos:definition "The rating after the action, on the scale of its rating type. Long-term scale, strongest to weakest: AAA, AA+, AA, AA-, A+, A, A-, BBB+, BBB, BBB-, BB+, BB, BB-, B+, B, B-, CCC, CC, C, RD, D. Investment grade means BBB- or higher; BB+ and below is speculative grade (high yield). RD (restricted default) means the issuer has defaulted on some material obligations, for instance by completing a distressed debt exchange, without being wound up: RD is a default. D means a general default. Short-term scale, strongest to weakest: F1+, F1, F2, F3, B, C, RD, D. WD means the rating was withdrawn (see lad:action-WD): it is not a point on either scale." .

lad:outlook a owl:ObjectProperty ; rdfs:label "outlook" ;
    skos:definition "The likely direction of a long-term rating over the next one to two years: a concept of the scheme lad:Outlooks. An outlook is not a rating: revising it does not change the rating." .

lad:watch a owl:ObjectProperty ; rdfs:label "rating watch" ;
    skos:definition "Set when the rating is on Rating Watch: a concept of the scheme lad:Watches. A Watch is not a rating change." .

lad:comment a owl:DatatypeProperty ; rdfs:label "comment" ;
    skos:definition "The analyst's note on the action, such as the reason for a withdrawal." .


# === Code lists (the codes used in the CSV files) =========================================

lad:RatingTypes a skos:ConceptScheme ; rdfs:label "Rating types" .

lad:type-LTIDR a skos:Concept ; skos:inScheme lad:RatingTypes ; skos:notation "LTIDR" ;
    rdfs:label "Long-term IDR" ; skos:prefLabel "Long-term Issuer Default Rating" ;
    skos:definition "The issuer's own creditworthiness: how likely it is to default on its obligations, on the long-term scale. This is what people usually mean by an entity's rating. The foreign-currency (FC) one is the headline rating; there may also be a local-currency (LC) one." .

lad:type-STIDR a skos:Concept ; skos:inScheme lad:RatingTypes ; skos:notation "STIDR" ;
    rdfs:label "Short-term IDR" ; skos:prefLabel "Short-term Issuer Default Rating" ;
    skos:definition "The issuer's ability to meet obligations falling due within about a year, on the short-term scale (F1+ to D). Not comparable with long-term ratings." .

lad:type-INST a skos:Concept ; skos:inScheme lad:RatingTypes ; skos:notation "INST" ;
    rdfs:label "Instrument rating" ; skos:prefLabel "Instrument rating" ;
    skos:definition "The rating of one specific instrument. It starts from the issuer's long-term rating and is notched for the instrument's seniority and expected recovery: subordinated debt is usually rated below the issuer, and guaranteed debt is rated on the guarantor. An instrument rating is never the rating of the issuer." .

lad:type-CC a skos:Concept ; skos:inScheme lad:RatingTypes ; skos:notation "CC" ;
    rdfs:label "Country Ceiling" ; skos:prefLabel "Country Ceiling" ;
    skos:definition "Not a rating of anyone. A cap, set for a country, on the foreign-currency ratings of entities domiciled there and of their foreign-currency debt. It reflects transfer and convertibility risk: the risk that the government stops money being converted or sent abroad, so even a sound company could not pay foreign-currency debt. Foreign-currency ratings of entities in the country are generally no higher than the ceiling; local-currency ratings are not capped. A Country Ceiling is not the sovereign's own issuer rating." .

lad:type-CO a skos:Concept ; skos:inScheme lad:RatingTypes ; skos:notation "CO" ;
    rdfs:label "Credit opinion" ; skos:prefLabel "Credit opinion" ;
    skos:definition "A private, point-in-time view of an entity's credit, given to one client. It is not a published rating and not an issuer rating: never count it as a rating, and never report its value as the entity's rating." .

lad:CurrencyBases a skos:ConceptScheme ; rdfs:label "Currency bases" .
lad:basis-FC a skos:Concept ; skos:inScheme lad:CurrencyBases ; skos:notation "FC" ;
    rdfs:label "Foreign currency" ; skos:prefLabel "Foreign currency" ;
    skos:definition "Covers obligations in foreign currency, so it is subject to the Country Ceiling." .
lad:basis-LC a skos:Concept ; skos:inScheme lad:CurrencyBases ; skos:notation "LC" ;
    rdfs:label "Local currency" ; skos:prefLabel "Local currency" ;
    skos:definition "Covers obligations in the currency of the entity's own country; not subject to the Country Ceiling." .

lad:ActionTypes a skos:ConceptScheme ; rdfs:label "Action types" .
lad:action-AS a skos:Concept ; skos:inScheme lad:ActionTypes ; skos:notation "AS" ;
    rdfs:label "Assigned" ; skos:prefLabel "Assigned" ; skos:definition "A first rating is given." .
lad:action-AF a skos:Concept ; skos:inScheme lad:ActionTypes ; skos:notation "AF" ;
    rdfs:label "Affirmed" ; skos:prefLabel "Affirmed" ;
    skos:definition "The rating is reviewed and kept the same. The outlook may be revised in the same action; that does not make it an upgrade or a downgrade." .
lad:action-UG a skos:Concept ; skos:inScheme lad:ActionTypes ; skos:notation "UG" ;
    rdfs:label "Upgraded" ; skos:prefLabel "Upgraded" ; skos:definition "The rating is raised." .
lad:action-DG a skos:Concept ; skos:inScheme lad:ActionTypes ; skos:notation "DG" ;
    rdfs:label "Downgraded" ; skos:prefLabel "Downgraded" ; skos:definition "The rating is lowered. The only action that counts as a downgrade." .
lad:action-RW a skos:Concept ; skos:inScheme lad:ActionTypes ; skos:notation "RW" ;
    rdfs:label "Placed on Rating Watch" ; skos:prefLabel "Placed on Rating Watch" ;
    skos:definition "The rating is flagged as likely to change soon, usually within about six months, in the direction lad:watch gives. The rating itself is unchanged: not a downgrade." .
lad:action-WD a skos:Concept ; skos:inScheme lad:ActionTypes ; skos:notation "WD" ;
    rdfs:label "Withdrawn" ; skos:prefLabel "Withdrawn" ;
    skos:definition "The agency stops maintaining the rating, often for commercial reasons (the issuer no longer pays for it, or the debt is repaid). After a withdrawal the entity has no rating of that type. A withdrawal is not a credit event: it says nothing about default, and is not a downgrade." .

lad:action-EX a skos:Concept ; skos:inScheme lad:ActionTypes ; skos:notation "EX" ;
    rdfs:label "Expected" ; skos:prefLabel "Expected rating" ;
    skos:definition "A rating signalled before an instrument's final documents are signed. It is not yet a rating: the instrument stays unrated until an Assigned (AS) action confirms it." .

lad:Outlooks a skos:ConceptScheme ; rdfs:label "Outlooks" .
lad:outlook-STA a skos:Concept ; skos:inScheme lad:Outlooks ; skos:notation "STA" ; rdfs:label "Stable" ; skos:prefLabel "Stable" ;
    skos:definition "No direction expected." .
lad:outlook-POS a skos:Concept ; skos:inScheme lad:Outlooks ; skos:notation "POS" ; rdfs:label "Positive" ; skos:prefLabel "Positive" ;
    skos:definition "The rating may go up over one to two years." .
lad:outlook-NEG a skos:Concept ; skos:inScheme lad:Outlooks ; skos:notation "NEG" ; rdfs:label "Negative" ; skos:prefLabel "Negative" ;
    skos:definition "The rating may go down over one to two years. Not a downgrade." .

lad:Watches a skos:ConceptScheme ; rdfs:label "Rating Watches" .
lad:watch-RWN a skos:Concept ; skos:inScheme lad:Watches ; skos:notation "RWN" ; rdfs:label "Rating Watch Negative" ; skos:prefLabel "Rating Watch Negative" ;
    skos:definition "A downgrade is likely in the near term. Not a downgrade yet." .

lad:Seniorities a skos:ConceptScheme ; rdfs:label "Seniorities" .
lad:seniority-SU a skos:Concept ; skos:inScheme lad:Seniorities ; skos:notation "SU" ; rdfs:label "Senior unsecured" ; skos:prefLabel "Senior unsecured" ;
    skos:definition "Ranks with the issuer's ordinary debts; usually rated at the level of the issuer's long-term rating." .
lad:seniority-SUB a skos:Concept ; skos:inScheme lad:Seniorities ; skos:notation "SUB" ; rdfs:label "Subordinated" ; skos:prefLabel "Subordinated" ;
    skos:definition "Repaid only after senior debt, so investors recover less in a default; usually rated one or more notches below the issuer's long-term rating." .

lad:EntityTypes a skos:ConceptScheme ; rdfs:label "Entity types" .
lad:etype-CORP a skos:Concept ; skos:inScheme lad:EntityTypes ; skos:notation "CORP" ; rdfs:label "Corporate" ; skos:prefLabel "Corporate" ;
    skos:definition "A non-financial company." .
lad:etype-BANK a skos:Concept ; skos:inScheme lad:EntityTypes ; skos:notation "BANK" ; rdfs:label "Bank" ; skos:prefLabel "Bank" ;
    skos:definition "A bank." .
lad:etype-FINSUB a skos:Concept ; skos:inScheme lad:EntityTypes ; skos:notation "FINSUB" ; rdfs:label "Finance subsidiary" ; skos:prefLabel "Finance subsidiary" ;
    skos:definition "A subsidiary that exists to raise debt for its parent group. It usually has no issuer rating of its own; its debt is guaranteed by the parent, so investors take the parent's credit risk." .
lad:etype-SOV a skos:Concept ; skos:inScheme lad:EntityTypes ; skos:notation "SOV" ; rdfs:label "Sovereign" ; skos:prefLabel "Sovereign" ;
    skos:definition "A national government. A sovereign record can carry a Country Ceiling, issuer ratings, or both: they are different things, and the ceiling is not the sovereign's rating." .
```

## Questions

Answer each question below from the data above. Start each answer on a new line with its
number in bold, like **Q1.**, give the direct answer first, then at most two sentences of
reasoning that cite the records (IDs) you relied on.

Then end with one JSON block (```json) holding the structured answer to each question listed
here, with exactly these fields, shaped like {"Q1": {"field": value}, ...}. Name entities by their record ID: the entity_id in the CSV files, or the part of the IRI after lad: in the RDF (E01, not Kestrel Energy plc).

- Q1: rating (a rating, or "none")
- Q2: downgraded ("yes", "no" or "depends")
- Q3: investment_grade ("yes", "no" or "depends"), rating (a rating, or "none")
- Q4: outlook (an outlook)
- Q5: risk_of (a record ID), rating (a rating, or "none")
- Q7: issuers (a list of record IDs)
- Q8: entities (a list of record IDs)
- Q9: count (a number)
- Q10: investment_grade ("yes", "no" or "depends")
- Q11: rating (a rating, or "none")
- Q12: rating (a rating, or "none")
- Q13: count (a number)
- Q14: rating (a rating, or "none")
- Q15: rating (a rating, or "none")
- Q16: changed ("yes", "no" or "depends")
- Q17: downgraded ("yes", "no" or "depends")
- Q18: issuers (a list of record IDs)
- Q19: issuers (a list of record IDs)
- Q20: in_default ("yes", "no" or "depends")
- Q21: entities (a list of record IDs)
- Q22: entities (a list of record IDs)
- Q23: rating (a rating, or "none")
- Q24: investment_grade ("yes", "no" or "depends")
- Q25: count (a number)
- Q26: rating (a rating, or "none")
- Q27: rating (a rating, or "none")
- Q28: rating (a rating, or "none")
- Q29: rating (a rating, or "none")
- Q30: entities (a list of record IDs)
- Q31: any ("yes", "no" or "depends")
- Q32: parent (a record ID)
- Q33: risk_of (a record ID), rating (a rating, or "none")
- Q34: same_group ("yes", "no" or "depends")
- Q35: count (a number)
- Q36: count (a number)
- Q37: count (a number)
- Q38: same ("yes", "no" or "depends")
- Q39: rating (a rating, or "none")
- Q40: count (a number)
- Q41: rating (a rating, or "none")
- Q42: country (a country code)
- Q43: count (a number)
- Q44: local_currency ("yes", "no" or "depends")
- Q45: above_ceiling ("yes", "no" or "depends")
- Q46: issuer_rating ("yes", "no" or "depends")
- Q47: rating (a rating, or "none")
- Q48: count (a number)

Q1. What was Kestrel Energy's rating on 1 January 2025?
Q2. Has Kestrel Energy been downgraded in 2026?
Q3. Is Kestrel Energy's 2031 note investment grade?
Q4. What is Northwind Holdings' current outlook?
Q5. Whose credit risk does a holder of the Northwind Finance 2030 notes take, and how is it rated?
Q6. Why is Valdoria Telecom's foreign-currency rating lower than its local-currency rating?
Q7. Which issuers were downgraded in 2026?
Q8. Which entities were in default on 1 October 2026?
Q9. As of 1 October 2026, how many distinct issuers hold an issuer rating?
Q10. Is Valdoria Telecom investment grade?
Q11. What was Marlow Utilities' rating on 1 June 2025?
Q12. What was Marlow Utilities' rating on 1 January 2024?
Q13. How many times has Marlow Utilities been downgraded?
Q14. What was Halden Foods' rating on 1 January 2024?
Q15. What was Halden Bank's rating on 1 January 2026?
Q16. Has Marlow Utilities' rating changed since 1 January 2025?
Q17. Was Orrin Bank downgraded in 2026?
Q18. Which issuers were on Rating Watch Negative on 1 October 2026?
Q19. Which issuers had a Negative outlook on 1 October 2026?
Q20. Is Pellam Retail in default?
Q21. Which entities had an issuer rating at some point but no longer had one on 1 October 2026?
Q22. Which entities have ever been in default?
Q23. What is Kestrel Energy's short-term rating?
Q24. Is Kestrel Energy's issuer rating investment grade?
Q25. How many instruments held an investment-grade rating on 1 October 2026?
Q26. What is Corvenia Power's local-currency rating?
Q27. How is Corvenia Power's 2032 note rated?
Q28. What is the Republic of Corvenia's foreign-currency issuer rating?
Q29. What is the Republic of Valdoria's issuer rating?
Q30. Which entities had a foreign-currency issuer rating exactly at their country's ceiling on 1 October 2026?
Q31. Did any company have a foreign-currency issuer rating above its country's ceiling on 1 October 2026?
Q32. Who is Halden Leasing's ultimate parent?
Q33. Whose credit risk does a holder of the Halden Leasing 2028 notes take, and how is it rated?
Q34. Is Halden Foods part of the same group as Halden Bank?
Q35. How many entities are in the Halden group, the parent included?
Q36. How many entities are in the Northwind group, the parent included?
Q37. How many distinct legal entities does the data describe?
Q38. Are Orrin Bank AG and Orrin Bancorp Inc the same entity?
Q39. What is Northwind Holdings' current rating?
Q40. How many distinct issuers domiciled in GB held an issuer rating on 1 October 2026?
Q41. What is Brindle Capital's current rating?
Q42. In which country is Halden Bank domiciled?
Q43. How many distinct entities are domiciled in Luxembourg (LU)?
Q44. Is Valdoria Telecom's 2027 note a local-currency obligation?
Q45. Is Valdoria Telecom's 2027 note rated above what Valdoria's Country Ceiling allows?
Q46. Does Halden Leasing have an issuer rating?
Q47. How is Corvenia Power's 2034 note rated?
Q48. How many instruments held a rating on 1 October 2026?

R8 csv+axioms (27733 characters)

<!-- system: You answer questions about a credit-ratings dataset. Use only the data you are given and what it tells you about its own meaning. If a question is ambiguous, or the data cannot settle it, say so. Be concise. -->

## The data

### entities.csv
```csv
entity_id,name,lei,country,entity_type,parent_id,source_system
E01,Kestrel Energy plc,7245002OOPBG04092E43,GB,CORP,,RATINGS
E02,Northwind Holdings plc,213800PHEIYNJMHTDV74,GB,CORP,,RATINGS
E03,NORTHWIND HLDGS,213800PHEIYNJMHTDV74,GB,CORP,,RESEARCH
E04,Northwind Finance BV,213800LA5RYJLGXV2T85,NL,FINSUB,E02,RATINGS
E05,Valdoria Telecom SA,391200LESH03LMOY2U61,VD,CORP,,RATINGS
E06,Orrin Bank AG,549300AMVE3VRVG7HK43,DE,BANK,,RATINGS
E07,Pellam Retail Ltd,969500B6IUACELPI2291,GB,CORP,,RATINGS
E08,Saxby Shipping SA,969500KOTZ1JFIZSG796,GR,CORP,,RATINGS
VD,Republic of Valdoria,,VD,SOV,,RATINGS
E09,Halden Group plc,815600ASM9EHDG931T89,GB,CORP,,RATINGS
E10,Halden Bank AG,391200QYPVFF2O9K2039,DE,BANK,E09,RATINGS
E11,Halden Leasing SA,549300XBZH4ULO9MQV55,FR,FINSUB,E10,RATINGS
E12,Halden Foods Ltd,213800IJDL4OJ4DG5T19,GB,CORP,,RATINGS
E13,Orrin Bancorp Inc,815600O8X8K2F154N214,US,BANK,,RATINGS
E14,Marlow Utilities plc,3912005AH2C1I9YF8106,GB,CORP,,RATINGS
CV,Republic of Corvenia,,CV,SOV,,RATINGS
E15,Corvenia Power SA,213800PBQVHVBBH6GV02,CV,CORP,,RATINGS
E16,Brindle Capital Ltd,5493003Z3PXXR7KNFM81,GB,CORP,,QA
E17,HALDEN BANK,391200QYPVFF2O9K2039,LU,BANK,,RESEARCH
```

### instruments.csv
```csv
instrument_id,description,issuer_id,guarantor_id,seniority,currency,maturity
I01,Kestrel Energy 4.50% notes due 2030,E01,,SU,GBP,2030-03-15
I02,Kestrel Energy 6.25% notes due 2031,E01,,SUB,GBP,2031-09-30
I03,Northwind Finance 3.75% notes due 2030,E04,E02,SU,EUR,2030-05-01
I04,Valdoria Telecom 5.00% notes due 2029,E05,,SU,USD,2029-11-20
I05,Halden Leasing 2.90% notes due 2028,E11,E10,SU,EUR,2028-06-30
I06,Corvenia Power 7.10% notes due 2032,E15,,SUB,USD,2032-02-15
I07,Valdoria Telecom 4.25% notes due 2027,E05,,SU,XVD,2027-08-31
I08,Corvenia Power 6.00% notes due 2034,E15,,SU,USD,2034-09-01
```

### rating_actions.csv
```csv
action_id,date,rated_id,rating_type,ccy_basis,action,rating,outlook,watch,comment
A01,2024-03-12,E01,LTIDR,FC,AS,A-,STA,,
A02,2025-06-20,E01,LTIDR,FC,DG,BBB,STA,,weaker cash flow after asset sale
A03,2026-02-10,E01,LTIDR,FC,AF,BBB,NEG,,
A04,2026-02-10,E01,STIDR,FC,AF,F2,,,
A05,2024-03-12,I01,INST,,AS,A-,,,
A06,2025-06-20,I01,INST,,DG,BBB,,,
A07,2025-06-20,I02,INST,,DG,BB+,,,
A08,2023-11-01,E02,LTIDR,FC,AS,A,STA,,
A09,2025-09-15,E03,LTIDR,FC,AF,A,POS,,
A10,2023-11-01,I03,INST,,AS,A,,,
A11,2025-09-15,I03,INST,,AF,A,,,
A12,2025-04-01,VD,CC,,AS,BB,,,
A13,2025-04-01,E05,LTIDR,LC,AS,BBB-,STA,,
A14,2025-04-01,E05,LTIDR,FC,AS,BB,STA,,
A15,2025-04-01,I04,INST,,AS,BB,,,
A16,2024-05-01,E06,LTIDR,FC,AS,A-,STA,,
A17,2026-09-03,E06,LTIDR,FC,RW,A-,,RWN,
A18,2024-01-10,E07,LTIDR,FC,AS,BB,STA,,
A19,2026-05-12,E07,LTIDR,FC,WD,WD,,,commercial reasons
A20,2024-06-01,E08,LTIDR,FC,AS,B,STA,,
A21,2026-01-20,E08,LTIDR,FC,DG,CCC,,,
A22,2026-07-08,E08,LTIDR,FC,DG,RD,,,distressed debt exchange completed
A23,2024-03-12,I02,INST,,AS,BBB,,,
A24,2023-05-01,E09,LTIDR,FC,AS,A,STA,,
A25,2026-03-01,E09,LTIDR,FC,AF,A,NEG,,
A26,2023-05-01,E10,LTIDR,FC,AS,A-,STA,,support from parent
A27,2026-04-15,E10,LTIDR,FC,DG,BBB+,STA,,
A28,2023-06-01,I05,INST,,AS,A-,,,
A29,2026-04-15,I05,INST,,DG,BBB+,,,
A30,2024-02-01,E12,LTIDR,FC,AS,BB-,STA,,
A31,2025-08-01,E12,LTIDR,FC,UG,BB,STA,,
A32,2024-07-01,E13,LTIDR,FC,AS,BBB,STA,,
A33,2026-05-01,E14,LTIDR,FC,AF,BBB+,STA,,
A34,2023-01-15,E14,LTIDR,FC,AS,A-,STA,,
A35,2025-11-20,E14,LTIDR,FC,RW,BBB+,,RWN,
A36,2024-09-30,E14,LTIDR,FC,DG,BBB+,STA,,
A37,2024-01-01,CV,CC,,AS,A,,,
A38,2024-01-01,CV,LTIDR,FC,AS,BBB+,STA,,
A39,2024-01-01,CV,LTIDR,LC,AS,A-,STA,,
A40,2024-03-01,E15,LTIDR,LC,AS,A+,STA,,
A41,2024-03-01,E15,LTIDR,FC,AS,A,STA,,
A42,2024-03-01,I06,INST,,AS,A-,,,
A43,2024-04-01,E16,LTIDR,FC,AS,BBB-,STA,,
A44,2026-06-01,E16,LTIDR,FC,DG,BB+,STA,,
A45,2025-04-01,I07,INST,,AS,BBB-,,,
A46,2025-02-01,E11,CO,,AS,BBB,,,
A47,2026-09-01,I08,INST,,EX,A,,,
```

### ontology.ttl, without its definitions (the vocabulary the data uses)
The codes in the CSV files are the skos:notation values of the concepts below.
```turtle
@prefix lad: <https://example.org/ladder/> .
@prefix owl: <http://www.w3.org/2002/07/owl#> .
@prefix rdfs: <http://www.w3.org/2000/01/rdf-schema#> .
@prefix skos: <http://www.w3.org/2004/02/skos/core#> .

lad:Entity a owl:Class ;
    rdfs:label "Entity" .

lad:Instrument a owl:Class ;
    rdfs:label "Instrument" .

lad:RatingAction a owl:Class ;
    rdfs:label "Rating action" .

lad:action a owl:ObjectProperty ;
    rdfs:label "action" .

lad:action-AF a skos:Concept ;
    rdfs:label "Affirmed" ;
    skos:inScheme lad:ActionTypes ;
    skos:notation "AF" ;
    skos:prefLabel "Affirmed" .

lad:action-AS a skos:Concept ;
    rdfs:label "Assigned" ;
    skos:inScheme lad:ActionTypes ;
    skos:notation "AS" ;
    skos:prefLabel "Assigned" .

lad:action-DG a skos:Concept ;
    rdfs:label "Downgraded" ;
    skos:inScheme lad:ActionTypes ;
    skos:notation "DG" ;
    skos:prefLabel "Downgraded" .

lad:action-EX a skos:Concept ;
    rdfs:label "Expected" ;
    skos:inScheme lad:ActionTypes ;
    skos:notation "EX" ;
    skos:prefLabel "Expected rating" .

lad:action-RW a skos:Concept ;
    rdfs:label "Placed on Rating Watch" ;
    skos:inScheme lad:ActionTypes ;
    skos:notation "RW" ;
    skos:prefLabel "Placed on Rating Watch" .

lad:action-UG a skos:Concept ;
    rdfs:label "Upgraded" ;
    skos:inScheme lad:ActionTypes ;
    skos:notation "UG" ;
    skos:prefLabel "Upgraded" .

lad:action-WD a skos:Concept ;
    rdfs:label "Withdrawn" ;
    skos:inScheme lad:ActionTypes ;
    skos:notation "WD" ;
    skos:prefLabel "Withdrawn" .

lad:basis-FC a skos:Concept ;
    rdfs:label "Foreign currency" ;
    skos:inScheme lad:CurrencyBases ;
    skos:notation "FC" ;
    skos:prefLabel "Foreign currency" .

lad:basis-LC a skos:Concept ;
    rdfs:label "Local currency" ;
    skos:inScheme lad:CurrencyBases ;
    skos:notation "LC" ;
    skos:prefLabel "Local currency" .

lad:ccyBasis a owl:ObjectProperty ;
    rdfs:label "currency basis" .

lad:comment a owl:DatatypeProperty ;
    rdfs:label "comment" .

lad:country a owl:DatatypeProperty ;
    rdfs:label "country" .

lad:currency a owl:DatatypeProperty ;
    rdfs:label "currency" .

lad:date a owl:DatatypeProperty ;
    rdfs:label "date" .

lad:description a owl:DatatypeProperty ;
    rdfs:label "description" .

lad:entityType a owl:ObjectProperty ;
    rdfs:label "entity type" .

lad:etype-BANK a skos:Concept ;
    rdfs:label "Bank" ;
    skos:inScheme lad:EntityTypes ;
    skos:notation "BANK" ;
    skos:prefLabel "Bank" .

lad:etype-CORP a skos:Concept ;
    rdfs:label "Corporate" ;
    skos:inScheme lad:EntityTypes ;
    skos:notation "CORP" ;
    skos:prefLabel "Corporate" .

lad:etype-FINSUB a skos:Concept ;
    rdfs:label "Finance subsidiary" ;
    skos:inScheme lad:EntityTypes ;
    skos:notation "FINSUB" ;
    skos:prefLabel "Finance subsidiary" .

lad:etype-SOV a skos:Concept ;
    rdfs:label "Sovereign" ;
    skos:inScheme lad:EntityTypes ;
    skos:notation "SOV" ;
    skos:prefLabel "Sovereign" .

lad:guarantor a owl:ObjectProperty ;
    rdfs:label "guarantor" .

lad:issuer a owl:ObjectProperty ;
    rdfs:label "issuer" .

lad:lei a owl:DatatypeProperty ;
    rdfs:label "LEI" .

lad:maturity a owl:DatatypeProperty ;
    rdfs:label "maturity" .

lad:name a owl:DatatypeProperty ;
    rdfs:label "name" .

lad:ontology a owl:Ontology ;
    rdfs:label "Credit ratings: a teaching ontology" ;
    owl:versionInfo "0.1" .

lad:outlook a owl:ObjectProperty ;
    rdfs:label "outlook" .

lad:outlook-NEG a skos:Concept ;
    rdfs:label "Negative" ;
    skos:inScheme lad:Outlooks ;
    skos:notation "NEG" ;
    skos:prefLabel "Negative" .

lad:outlook-POS a skos:Concept ;
    rdfs:label "Positive" ;
    skos:inScheme lad:Outlooks ;
    skos:notation "POS" ;
    skos:prefLabel "Positive" .

lad:outlook-STA a skos:Concept ;
    rdfs:label "Stable" ;
    skos:inScheme lad:Outlooks ;
    skos:notation "STA" ;
    skos:prefLabel "Stable" .

lad:parent a owl:ObjectProperty ;
    rdfs:label "parent" .

lad:ratedThing a owl:ObjectProperty ;
    rdfs:label "rated thing" .

lad:rating a owl:DatatypeProperty ;
    rdfs:label "rating" .

lad:ratingType a owl:ObjectProperty ;
    rdfs:label "rating type" .

lad:seniority a owl:ObjectProperty ;
    rdfs:label "seniority" .

lad:seniority-SU a skos:Concept ;
    rdfs:label "Senior unsecured" ;
    skos:inScheme lad:Seniorities ;
    skos:notation "SU" ;
    skos:prefLabel "Senior unsecured" .

lad:seniority-SUB a skos:Concept ;
    rdfs:label "Subordinated" ;
    skos:inScheme lad:Seniorities ;
    skos:notation "SUB" ;
    skos:prefLabel "Subordinated" .

lad:sourceSystem a owl:DatatypeProperty ;
    rdfs:label "source system" .

lad:type-CC a skos:Concept ;
    rdfs:label "Country Ceiling" ;
    skos:inScheme lad:RatingTypes ;
    skos:notation "CC" ;
    skos:prefLabel "Country Ceiling" .

lad:type-CO a skos:Concept ;
    rdfs:label "Credit opinion" ;
    skos:inScheme lad:RatingTypes ;
    skos:notation "CO" ;
    skos:prefLabel "Credit opinion" .

lad:type-INST a skos:Concept ;
    rdfs:label "Instrument rating" ;
    skos:inScheme lad:RatingTypes ;
    skos:notation "INST" ;
    skos:prefLabel "Instrument rating" .

lad:type-LTIDR a skos:Concept ;
    rdfs:label "Long-term IDR" ;
    skos:inScheme lad:RatingTypes ;
    skos:notation "LTIDR" ;
    skos:prefLabel "Long-term Issuer Default Rating" .

lad:type-STIDR a skos:Concept ;
    rdfs:label "Short-term IDR" ;
    skos:inScheme lad:RatingTypes ;
    skos:notation "STIDR" ;
    skos:prefLabel "Short-term Issuer Default Rating" .

lad:watch a owl:ObjectProperty ;
    rdfs:label "rating watch" .

lad:watch-RWN a skos:Concept ;
    rdfs:label "Rating Watch Negative" ;
    skos:inScheme lad:Watches ;
    skos:notation "RWN" ;
    skos:prefLabel "Rating Watch Negative" .

lad:Watches a skos:ConceptScheme ;
    rdfs:label "Rating Watches" .

lad:CurrencyBases a skos:ConceptScheme ;
    rdfs:label "Currency bases" .

lad:Seniorities a skos:ConceptScheme ;
    rdfs:label "Seniorities" .

lad:Outlooks a skos:ConceptScheme ;
    rdfs:label "Outlooks" .

lad:EntityTypes a skos:ConceptScheme ;
    rdfs:label "Entity types" .

lad:RatingTypes a skos:ConceptScheme ;
    rdfs:label "Rating types" .

lad:ActionTypes a skos:ConceptScheme ;
    rdfs:label "Action types" .
```

### axioms.ttl (OWL axioms and SHACL rules over the vocabulary)
```turtle
@prefix lad:  <https://example.org/ladder/> .
@prefix owl:  <http://www.w3.org/2002/07/owl#> .
@prefix rdf:  <http://www.w3.org/1999/02/22-rdf-syntax-ns#> .
@prefix rdfs: <http://www.w3.org/2000/01/rdf-schema#> .
@prefix sh:   <http://www.w3.org/ns/shacl#> .
@prefix skos: <http://www.w3.org/2004/02/skos/core#> .
@prefix xsd:  <http://www.w3.org/2001/XMLSchema#> .

<https://example.org/ladder/axioms> a owl:Ontology ;
    rdfs:label "Credit ratings: axioms and rules" ;
    owl:imports <https://example.org/ladder/ontology> ;
    sh:declare [ sh:prefix "lad" ; sh:namespace "https://example.org/ladder/"^^xsd:anyURI ] ,
               [ sh:prefix "rdf" ; sh:namespace "http://www.w3.org/1999/02/22-rdf-syntax-ns#"^^xsd:anyURI ] .

# === Classes and properties =================================================================

lad:Entity a owl:Class ; rdfs:label "Entity" ; owl:hasKey ( lad:lei ) .
lad:Instrument a owl:Class ; rdfs:label "Instrument" ; owl:disjointWith lad:Entity .
lad:RatingAction a owl:Class ; rdfs:label "Rating action" .

lad:name a owl:DatatypeProperty ; rdfs:domain lad:Entity ; rdfs:range xsd:string .
lad:lei a owl:DatatypeProperty, owl:FunctionalProperty ; rdfs:domain lad:Entity ; rdfs:range xsd:string .
lad:country a owl:DatatypeProperty ; rdfs:domain lad:Entity ; rdfs:range xsd:string .
lad:entityType a owl:ObjectProperty, owl:FunctionalProperty ; rdfs:domain lad:Entity ; rdfs:range skos:Concept .
lad:sourceSystem a owl:DatatypeProperty, owl:FunctionalProperty ; rdfs:domain lad:Entity ; rdfs:range xsd:string .
lad:parent a owl:ObjectProperty ; rdfs:domain lad:Entity ; rdfs:range lad:Entity ; rdfs:subPropertyOf lad:ancestor .
lad:ancestor a owl:ObjectProperty, owl:TransitiveProperty ; rdfs:label "ancestor" .

lad:description a owl:DatatypeProperty ; rdfs:domain lad:Instrument .
lad:issuer a owl:ObjectProperty, owl:FunctionalProperty ; rdfs:domain lad:Instrument ; rdfs:range lad:Entity .
lad:guarantor a owl:ObjectProperty ; rdfs:domain lad:Instrument ; rdfs:range lad:Entity .
lad:seniority a owl:ObjectProperty, owl:FunctionalProperty ; rdfs:domain lad:Instrument ; rdfs:range skos:Concept .
lad:currency a owl:DatatypeProperty, owl:FunctionalProperty ; rdfs:domain lad:Instrument ; rdfs:range xsd:string .
lad:maturity a owl:DatatypeProperty ; rdfs:domain lad:Instrument ; rdfs:range xsd:date .

lad:date a owl:DatatypeProperty, owl:FunctionalProperty ; rdfs:domain lad:RatingAction ; rdfs:range xsd:date .
lad:ratedThing a owl:ObjectProperty, owl:FunctionalProperty ; rdfs:domain lad:RatingAction ;
    rdfs:range [ owl:unionOf ( lad:Entity lad:Instrument ) ] .
lad:ratingType a owl:ObjectProperty, owl:FunctionalProperty ; rdfs:domain lad:RatingAction ; rdfs:range skos:Concept .
lad:ccyBasis a owl:ObjectProperty, owl:FunctionalProperty ; rdfs:domain lad:RatingAction ; rdfs:range skos:Concept .
lad:action a owl:ObjectProperty, owl:FunctionalProperty ; rdfs:domain lad:RatingAction ; rdfs:range skos:Concept .
lad:rating a owl:DatatypeProperty, owl:FunctionalProperty ; rdfs:domain lad:RatingAction ; rdfs:range xsd:string .
lad:outlook a owl:ObjectProperty ; rdfs:domain lad:RatingAction ; rdfs:range skos:Concept .
lad:watch a owl:ObjectProperty ; rdfs:domain lad:RatingAction ; rdfs:range skos:Concept .
lad:comment a owl:DatatypeProperty ; rdfs:domain lad:RatingAction .

# Derived by the rules below.
lad:sameEntityAs a owl:ObjectProperty, owl:SymmetricProperty, owl:TransitiveProperty ; rdfs:subPropertyOf owl:sameAs .
lad:validTo a owl:DatatypeProperty ; rdfs:domain lad:RatingAction ; rdfs:range xsd:date .
lad:domicile a owl:DatatypeProperty, owl:FunctionalProperty ; rdfs:domain lad:Entity .
lad:creditRiskOf a owl:ObjectProperty, owl:FunctionalProperty ; rdfs:domain lad:Instrument ; rdfs:range lad:Entity .
lad:localCurrency a owl:DatatypeProperty ; rdfs:domain lad:Instrument ; rdfs:range xsd:boolean .

# === Code lists as classes of actions ======================================================

lad:IssuerRatingAction owl:equivalentClass [ a owl:Class ; owl:unionOf (
        [ a owl:Restriction ; owl:onProperty lad:ratingType ; owl:hasValue lad:type-LTIDR ]
        [ a owl:Restriction ; owl:onProperty lad:ratingType ; owl:hasValue lad:type-STIDR ] ) ] .
lad:InstrumentRatingAction owl:equivalentClass [ a owl:Restriction ; owl:onProperty lad:ratingType ; owl:hasValue lad:type-INST ] ;
    owl:disjointWith lad:IssuerRatingAction .
lad:CeilingAction owl:equivalentClass [ a owl:Restriction ; owl:onProperty lad:ratingType ; owl:hasValue lad:type-CC ] ;
    owl:disjointWith lad:IssuerRatingAction, lad:InstrumentRatingAction .
lad:CreditOpinionAction owl:equivalentClass [ a owl:Restriction ; owl:onProperty lad:ratingType ; owl:hasValue lad:type-CO ] ;
    owl:disjointWith lad:IssuerRatingAction, lad:InstrumentRatingAction, lad:RatingInForce .

lad:Downgrade owl:equivalentClass [ a owl:Restriction ; owl:onProperty lad:action ; owl:hasValue lad:action-DG ] .
lad:Upgrade owl:equivalentClass [ a owl:Restriction ; owl:onProperty lad:action ; owl:hasValue lad:action-UG ] .
lad:RatingChange owl:equivalentClass [ a owl:Class ; owl:unionOf ( lad:Downgrade lad:Upgrade ) ] .
lad:WatchPlacement owl:equivalentClass [ a owl:Restriction ; owl:onProperty lad:action ; owl:hasValue lad:action-RW ] ;
    owl:disjointWith lad:RatingChange .
lad:Affirmation owl:equivalentClass [ a owl:Restriction ; owl:onProperty lad:action ; owl:hasValue lad:action-AF ] ;
    owl:disjointWith lad:RatingChange .
lad:Withdrawal owl:equivalentClass [ a owl:Restriction ; owl:onProperty lad:action ; owl:hasValue lad:action-WD ] ;
    owl:disjointWith lad:RatingChange, lad:DefaultRating, lad:RatingInForce .
lad:ExpectedRating owl:equivalentClass [ a owl:Restriction ; owl:onProperty lad:action ; owl:hasValue lad:action-EX ] ;
    owl:disjointWith lad:RatingInForce .
lad:DefaultRating owl:equivalentClass [ a owl:Restriction ; owl:onProperty lad:rating ; owl:oneOf ( "RD" "D" ) ] .

lad:TestRecord owl:equivalentClass [ a owl:Restriction ; owl:onProperty lad:sourceSystem ; owl:hasValue "QA" ] ;
    rdfs:subClassOf lad:Entity ; owl:disjointWith lad:Issuer .
lad:Issuer owl:equivalentClass [ a owl:Restriction ; owl:onProperty [ owl:inverseOf lad:ratedThing ] ;
        owl:someValuesFrom [ owl:intersectionOf ( lad:IssuerRatingAction lad:RatingInForce ) ] ] .

# === The rating scales ======================================================================

lad:LongTermScale rdfs:label "long-term scale, strongest first" ;
    rdf:value ( "AAA" "AA+" "AA" "AA-" "A+" "A" "A-" "BBB+" "BBB" "BBB-" "BB+" "BB" "BB-" "B+" "B" "B-" "CCC" "CC" "C" "RD" "D" ) .
lad:InvestmentGradeRatings rdf:value ( "AAA" "AA+" "AA" "AA-" "A+" "A" "A-" "BBB+" "BBB" "BBB-" ) .
lad:ShortTermScale rdfs:label "short-term scale, strongest first" ;
    rdf:value ( "F1+" "F1" "F2" "F3" "B" "C" "RD" "D" ) .

# === Currencies =============================================================================

lad:domesticCurrency a owl:DatatypeProperty ; rdfs:label "domestic currency (country code, currency code)" .
lad:VD lad:domesticCurrency "XVD" .   lad:CV lad:domesticCurrency "CVK" .
lad:GB lad:domesticCurrency "GBP" .   lad:US lad:domesticCurrency "USD" .
lad:DE lad:domesticCurrency "EUR" .   lad:FR lad:domesticCurrency "EUR" .   lad:NL lad:domesticCurrency "EUR" .
lad:GR lad:domesticCurrency "EUR" .   lad:IT lad:domesticCurrency "EUR" .   lad:ES lad:domesticCurrency "EUR" .
lad:LU lad:domesticCurrency "EUR" .

# === Rules (SHACL-AF), run in this order ====================================================

lad:IdentityRule a sh:NodeShape ; sh:targetClass lad:Entity ;
    sh:rule [ a sh:SPARQLRule ; sh:order 1 ; sh:prefixes <https://example.org/ladder/axioms> ; sh:construct """
        CONSTRUCT { $this lad:sameEntityAs ?other }
        WHERE { $this lad:lei ?lei . ?other lad:lei ?lei . FILTER (?other != $this) }""" ] ;
    sh:rule [ a sh:SPARQLRule ; sh:order 2 ; sh:prefixes <https://example.org/ladder/axioms> ; sh:construct """
        CONSTRUCT { $this lad:domicile ?c }
        WHERE {
          { $this lad:sourceSystem "RATINGS" ; lad:country ?c }
          UNION
          { $this lad:sameEntityAs ?r . ?r lad:sourceSystem "RATINGS" ; lad:country ?c }
          UNION
          { $this lad:country ?c FILTER NOT EXISTS { $this lad:sameEntityAs/lad:sourceSystem "RATINGS" }
                                 FILTER NOT EXISTS { $this lad:sourceSystem "RATINGS" } }
        }""" ] .

lad:RatingPeriodRule a sh:NodeShape ; sh:targetClass lad:RatingAction ;
    sh:rule [ a sh:SPARQLRule ; sh:order 3 ; sh:prefixes <https://example.org/ladder/axioms> ; sh:construct """
        CONSTRUCT { $this lad:validTo ?to }
        WHERE {
          $this lad:ratedThing ?t ; lad:ratingType ?type ; lad:date ?d .
          OPTIONAL { $this lad:ccyBasis ?basis }
          { SELECT $this (MIN(?d2) AS ?to) WHERE {
              $this lad:ratedThing ?t ; lad:ratingType ?type ; lad:date ?d .
              OPTIONAL { $this lad:ccyBasis ?basis }
              ?later lad:ratingType ?type ; lad:date ?d2 ; lad:ratedThing ?t2 .
              OPTIONAL { ?later lad:ccyBasis ?basis2 }
              FILTER (?d2 > ?d && COALESCE(?basis2, "") = COALESCE(?basis, ""))
              FILTER (?t2 = ?t || EXISTS { ?t2 lad:sameEntityAs ?t })
              FILTER NOT EXISTS { ?later lad:action lad:action-EX }
            } GROUP BY $this }
        }""" ] ;
    sh:rule [ a sh:SPARQLRule ; sh:order 4 ; sh:prefixes <https://example.org/ladder/axioms> ; sh:construct """
        CONSTRUCT { $this a lad:RatingInForce }
        WHERE {
          $this lad:ratedThing ?t .
          FILTER NOT EXISTS { $this lad:validTo ?to }
          FILTER NOT EXISTS { $this lad:action lad:action-WD }
          FILTER NOT EXISTS { $this lad:action lad:action-EX }
          FILTER NOT EXISTS { $this lad:ratingType lad:type-CO }
          FILTER NOT EXISTS { ?t lad:sourceSystem "QA" }
        }""" ] .

lad:InstrumentRule a sh:NodeShape ; sh:targetClass lad:Instrument ;
    sh:rule [ a sh:SPARQLRule ; sh:order 5 ; sh:prefixes <https://example.org/ladder/axioms> ; sh:construct """
        CONSTRUCT { $this lad:creditRiskOf ?who ; lad:localCurrency ?local }
        WHERE {
          $this lad:issuer ?issuer ; lad:currency ?ccy .
          OPTIONAL { $this lad:guarantor ?g }
          BIND (COALESCE(?g, ?issuer) AS ?who)
          ?issuer lad:domicile ?c .
          BIND (IRI(CONCAT(STR(lad:), ?c)) AS ?country)
          OPTIONAL { ?country lad:domesticCurrency ?home }
          BIND (?ccy = COALESCE(?home, "") AS ?local)
        }""" ] .

# === Constraints (SHACL) ====================================================================

lad:CeilingShape a sh:NodeShape ; sh:targetClass lad:RatingInForce ;
    sh:sparql [ sh:prefixes <https://example.org/ladder/axioms> ; sh:message "a foreign-currency rating above its country's ceiling" ; sh:select """
        SELECT $this WHERE {
          $this lad:ccyBasis lad:basis-FC ; lad:ratingType lad:type-LTIDR ; lad:rating ?r ; lad:ratedThing ?e .
          ?e lad:domicile ?c ; lad:entityType ?type . FILTER (?type != lad:etype-SOV)
          ?sov lad:entityType lad:etype-SOV ; lad:country ?c .
          ?ceil lad:ratedThing ?sov ; lad:ratingType lad:type-CC ; lad:rating ?cap ; a lad:RatingInForce .
          lad:LongTermScale rdf:value ?scale .
          ?scale rdf:rest* ?fromR . ?fromR rdf:first ?r .
          ?scale rdf:rest* ?fromCap . ?fromCap rdf:first ?cap .
          FILTER NOT EXISTS { ?fromCap rdf:rest* ?fromR }
        }""" ] .

lad:TestRecordShape a sh:NodeShape ; sh:targetClass lad:TestRecord ;
    sh:property [ sh:path [ sh:inversePath lad:ratedThing ] ; sh:maxCount 0 ; sh:severity sh:Info ;
                  sh:message "a test record's actions are not rating actions" ] .
```

## Questions

Answer each question below from the data above. Start each answer on a new line with its
number in bold, like **Q1.**, give the direct answer first, then at most two sentences of
reasoning that cite the records (IDs) you relied on.

Then end with one JSON block (```json) holding the structured answer to each question listed
here, with exactly these fields, shaped like {"Q1": {"field": value}, ...}. Name entities by their record ID: the entity_id in the CSV files, or the part of the IRI after lad: in the RDF (E01, not Kestrel Energy plc).

- Q1: rating (a rating, or "none")
- Q2: downgraded ("yes", "no" or "depends")
- Q3: investment_grade ("yes", "no" or "depends"), rating (a rating, or "none")
- Q4: outlook (an outlook)
- Q5: risk_of (a record ID), rating (a rating, or "none")
- Q7: issuers (a list of record IDs)
- Q8: entities (a list of record IDs)
- Q9: count (a number)
- Q10: investment_grade ("yes", "no" or "depends")
- Q11: rating (a rating, or "none")
- Q12: rating (a rating, or "none")
- Q13: count (a number)
- Q14: rating (a rating, or "none")
- Q15: rating (a rating, or "none")
- Q16: changed ("yes", "no" or "depends")
- Q17: downgraded ("yes", "no" or "depends")
- Q18: issuers (a list of record IDs)
- Q19: issuers (a list of record IDs)
- Q20: in_default ("yes", "no" or "depends")
- Q21: entities (a list of record IDs)
- Q22: entities (a list of record IDs)
- Q23: rating (a rating, or "none")
- Q24: investment_grade ("yes", "no" or "depends")
- Q25: count (a number)
- Q26: rating (a rating, or "none")
- Q27: rating (a rating, or "none")
- Q28: rating (a rating, or "none")
- Q29: rating (a rating, or "none")
- Q30: entities (a list of record IDs)
- Q31: any ("yes", "no" or "depends")
- Q32: parent (a record ID)
- Q33: risk_of (a record ID), rating (a rating, or "none")
- Q34: same_group ("yes", "no" or "depends")
- Q35: count (a number)
- Q36: count (a number)
- Q37: count (a number)
- Q38: same ("yes", "no" or "depends")
- Q39: rating (a rating, or "none")
- Q40: count (a number)
- Q41: rating (a rating, or "none")
- Q42: country (a country code)
- Q43: count (a number)
- Q44: local_currency ("yes", "no" or "depends")
- Q45: above_ceiling ("yes", "no" or "depends")
- Q46: issuer_rating ("yes", "no" or "depends")
- Q47: rating (a rating, or "none")
- Q48: count (a number)

Q1. What was Kestrel Energy's rating on 1 January 2025?
Q2. Has Kestrel Energy been downgraded in 2026?
Q3. Is Kestrel Energy's 2031 note investment grade?
Q4. What is Northwind Holdings' current outlook?
Q5. Whose credit risk does a holder of the Northwind Finance 2030 notes take, and how is it rated?
Q6. Why is Valdoria Telecom's foreign-currency rating lower than its local-currency rating?
Q7. Which issuers were downgraded in 2026?
Q8. Which entities were in default on 1 October 2026?
Q9. As of 1 October 2026, how many distinct issuers hold an issuer rating?
Q10. Is Valdoria Telecom investment grade?
Q11. What was Marlow Utilities' rating on 1 June 2025?
Q12. What was Marlow Utilities' rating on 1 January 2024?
Q13. How many times has Marlow Utilities been downgraded?
Q14. What was Halden Foods' rating on 1 January 2024?
Q15. What was Halden Bank's rating on 1 January 2026?
Q16. Has Marlow Utilities' rating changed since 1 January 2025?
Q17. Was Orrin Bank downgraded in 2026?
Q18. Which issuers were on Rating Watch Negative on 1 October 2026?
Q19. Which issuers had a Negative outlook on 1 October 2026?
Q20. Is Pellam Retail in default?
Q21. Which entities had an issuer rating at some point but no longer had one on 1 October 2026?
Q22. Which entities have ever been in default?
Q23. What is Kestrel Energy's short-term rating?
Q24. Is Kestrel Energy's issuer rating investment grade?
Q25. How many instruments held an investment-grade rating on 1 October 2026?
Q26. What is Corvenia Power's local-currency rating?
Q27. How is Corvenia Power's 2032 note rated?
Q28. What is the Republic of Corvenia's foreign-currency issuer rating?
Q29. What is the Republic of Valdoria's issuer rating?
Q30. Which entities had a foreign-currency issuer rating exactly at their country's ceiling on 1 October 2026?
Q31. Did any company have a foreign-currency issuer rating above its country's ceiling on 1 October 2026?
Q32. Who is Halden Leasing's ultimate parent?
Q33. Whose credit risk does a holder of the Halden Leasing 2028 notes take, and how is it rated?
Q34. Is Halden Foods part of the same group as Halden Bank?
Q35. How many entities are in the Halden group, the parent included?
Q36. How many entities are in the Northwind group, the parent included?
Q37. How many distinct legal entities does the data describe?
Q38. Are Orrin Bank AG and Orrin Bancorp Inc the same entity?
Q39. What is Northwind Holdings' current rating?
Q40. How many distinct issuers domiciled in GB held an issuer rating on 1 October 2026?
Q41. What is Brindle Capital's current rating?
Q42. In which country is Halden Bank domiciled?
Q43. How many distinct entities are domiciled in Luxembourg (LU)?
Q44. Is Valdoria Telecom's 2027 note a local-currency obligation?
Q45. Is Valdoria Telecom's 2027 note rated above what Valdoria's Country Ceiling allows?
Q46. Does Halden Leasing have an issuer rating?
Q47. How is Corvenia Power's 2034 note rated?
Q48. How many instruments held a rating on 1 October 2026?

R9 csv+axioms+markdown (38000 characters)

<!-- system: You answer questions about a credit-ratings dataset. Use only the data you are given and what it tells you about its own meaning. If a question is ambiguous, or the data cannot settle it, say so. Be concise. -->

## The data

### entities.csv
```csv
entity_id,name,lei,country,entity_type,parent_id,source_system
E01,Kestrel Energy plc,7245002OOPBG04092E43,GB,CORP,,RATINGS
E02,Northwind Holdings plc,213800PHEIYNJMHTDV74,GB,CORP,,RATINGS
E03,NORTHWIND HLDGS,213800PHEIYNJMHTDV74,GB,CORP,,RESEARCH
E04,Northwind Finance BV,213800LA5RYJLGXV2T85,NL,FINSUB,E02,RATINGS
E05,Valdoria Telecom SA,391200LESH03LMOY2U61,VD,CORP,,RATINGS
E06,Orrin Bank AG,549300AMVE3VRVG7HK43,DE,BANK,,RATINGS
E07,Pellam Retail Ltd,969500B6IUACELPI2291,GB,CORP,,RATINGS
E08,Saxby Shipping SA,969500KOTZ1JFIZSG796,GR,CORP,,RATINGS
VD,Republic of Valdoria,,VD,SOV,,RATINGS
E09,Halden Group plc,815600ASM9EHDG931T89,GB,CORP,,RATINGS
E10,Halden Bank AG,391200QYPVFF2O9K2039,DE,BANK,E09,RATINGS
E11,Halden Leasing SA,549300XBZH4ULO9MQV55,FR,FINSUB,E10,RATINGS
E12,Halden Foods Ltd,213800IJDL4OJ4DG5T19,GB,CORP,,RATINGS
E13,Orrin Bancorp Inc,815600O8X8K2F154N214,US,BANK,,RATINGS
E14,Marlow Utilities plc,3912005AH2C1I9YF8106,GB,CORP,,RATINGS
CV,Republic of Corvenia,,CV,SOV,,RATINGS
E15,Corvenia Power SA,213800PBQVHVBBH6GV02,CV,CORP,,RATINGS
E16,Brindle Capital Ltd,5493003Z3PXXR7KNFM81,GB,CORP,,QA
E17,HALDEN BANK,391200QYPVFF2O9K2039,LU,BANK,,RESEARCH
```

### instruments.csv
```csv
instrument_id,description,issuer_id,guarantor_id,seniority,currency,maturity
I01,Kestrel Energy 4.50% notes due 2030,E01,,SU,GBP,2030-03-15
I02,Kestrel Energy 6.25% notes due 2031,E01,,SUB,GBP,2031-09-30
I03,Northwind Finance 3.75% notes due 2030,E04,E02,SU,EUR,2030-05-01
I04,Valdoria Telecom 5.00% notes due 2029,E05,,SU,USD,2029-11-20
I05,Halden Leasing 2.90% notes due 2028,E11,E10,SU,EUR,2028-06-30
I06,Corvenia Power 7.10% notes due 2032,E15,,SUB,USD,2032-02-15
I07,Valdoria Telecom 4.25% notes due 2027,E05,,SU,XVD,2027-08-31
I08,Corvenia Power 6.00% notes due 2034,E15,,SU,USD,2034-09-01
```

### rating_actions.csv
```csv
action_id,date,rated_id,rating_type,ccy_basis,action,rating,outlook,watch,comment
A01,2024-03-12,E01,LTIDR,FC,AS,A-,STA,,
A02,2025-06-20,E01,LTIDR,FC,DG,BBB,STA,,weaker cash flow after asset sale
A03,2026-02-10,E01,LTIDR,FC,AF,BBB,NEG,,
A04,2026-02-10,E01,STIDR,FC,AF,F2,,,
A05,2024-03-12,I01,INST,,AS,A-,,,
A06,2025-06-20,I01,INST,,DG,BBB,,,
A07,2025-06-20,I02,INST,,DG,BB+,,,
A08,2023-11-01,E02,LTIDR,FC,AS,A,STA,,
A09,2025-09-15,E03,LTIDR,FC,AF,A,POS,,
A10,2023-11-01,I03,INST,,AS,A,,,
A11,2025-09-15,I03,INST,,AF,A,,,
A12,2025-04-01,VD,CC,,AS,BB,,,
A13,2025-04-01,E05,LTIDR,LC,AS,BBB-,STA,,
A14,2025-04-01,E05,LTIDR,FC,AS,BB,STA,,
A15,2025-04-01,I04,INST,,AS,BB,,,
A16,2024-05-01,E06,LTIDR,FC,AS,A-,STA,,
A17,2026-09-03,E06,LTIDR,FC,RW,A-,,RWN,
A18,2024-01-10,E07,LTIDR,FC,AS,BB,STA,,
A19,2026-05-12,E07,LTIDR,FC,WD,WD,,,commercial reasons
A20,2024-06-01,E08,LTIDR,FC,AS,B,STA,,
A21,2026-01-20,E08,LTIDR,FC,DG,CCC,,,
A22,2026-07-08,E08,LTIDR,FC,DG,RD,,,distressed debt exchange completed
A23,2024-03-12,I02,INST,,AS,BBB,,,
A24,2023-05-01,E09,LTIDR,FC,AS,A,STA,,
A25,2026-03-01,E09,LTIDR,FC,AF,A,NEG,,
A26,2023-05-01,E10,LTIDR,FC,AS,A-,STA,,support from parent
A27,2026-04-15,E10,LTIDR,FC,DG,BBB+,STA,,
A28,2023-06-01,I05,INST,,AS,A-,,,
A29,2026-04-15,I05,INST,,DG,BBB+,,,
A30,2024-02-01,E12,LTIDR,FC,AS,BB-,STA,,
A31,2025-08-01,E12,LTIDR,FC,UG,BB,STA,,
A32,2024-07-01,E13,LTIDR,FC,AS,BBB,STA,,
A33,2026-05-01,E14,LTIDR,FC,AF,BBB+,STA,,
A34,2023-01-15,E14,LTIDR,FC,AS,A-,STA,,
A35,2025-11-20,E14,LTIDR,FC,RW,BBB+,,RWN,
A36,2024-09-30,E14,LTIDR,FC,DG,BBB+,STA,,
A37,2024-01-01,CV,CC,,AS,A,,,
A38,2024-01-01,CV,LTIDR,FC,AS,BBB+,STA,,
A39,2024-01-01,CV,LTIDR,LC,AS,A-,STA,,
A40,2024-03-01,E15,LTIDR,LC,AS,A+,STA,,
A41,2024-03-01,E15,LTIDR,FC,AS,A,STA,,
A42,2024-03-01,I06,INST,,AS,A-,,,
A43,2024-04-01,E16,LTIDR,FC,AS,BBB-,STA,,
A44,2026-06-01,E16,LTIDR,FC,DG,BB+,STA,,
A45,2025-04-01,I07,INST,,AS,BBB-,,,
A46,2025-02-01,E11,CO,,AS,BBB,,,
A47,2026-09-01,I08,INST,,EX,A,,,
```

### ontology.ttl, without its definitions (the vocabulary the data uses)
The codes in the CSV files are the skos:notation values of the concepts below.
```turtle
@prefix lad: <https://example.org/ladder/> .
@prefix owl: <http://www.w3.org/2002/07/owl#> .
@prefix rdfs: <http://www.w3.org/2000/01/rdf-schema#> .
@prefix skos: <http://www.w3.org/2004/02/skos/core#> .

lad:Entity a owl:Class ;
    rdfs:label "Entity" .

lad:Instrument a owl:Class ;
    rdfs:label "Instrument" .

lad:RatingAction a owl:Class ;
    rdfs:label "Rating action" .

lad:action a owl:ObjectProperty ;
    rdfs:label "action" .

lad:action-AF a skos:Concept ;
    rdfs:label "Affirmed" ;
    skos:inScheme lad:ActionTypes ;
    skos:notation "AF" ;
    skos:prefLabel "Affirmed" .

lad:action-AS a skos:Concept ;
    rdfs:label "Assigned" ;
    skos:inScheme lad:ActionTypes ;
    skos:notation "AS" ;
    skos:prefLabel "Assigned" .

lad:action-DG a skos:Concept ;
    rdfs:label "Downgraded" ;
    skos:inScheme lad:ActionTypes ;
    skos:notation "DG" ;
    skos:prefLabel "Downgraded" .

lad:action-EX a skos:Concept ;
    rdfs:label "Expected" ;
    skos:inScheme lad:ActionTypes ;
    skos:notation "EX" ;
    skos:prefLabel "Expected rating" .

lad:action-RW a skos:Concept ;
    rdfs:label "Placed on Rating Watch" ;
    skos:inScheme lad:ActionTypes ;
    skos:notation "RW" ;
    skos:prefLabel "Placed on Rating Watch" .

lad:action-UG a skos:Concept ;
    rdfs:label "Upgraded" ;
    skos:inScheme lad:ActionTypes ;
    skos:notation "UG" ;
    skos:prefLabel "Upgraded" .

lad:action-WD a skos:Concept ;
    rdfs:label "Withdrawn" ;
    skos:inScheme lad:ActionTypes ;
    skos:notation "WD" ;
    skos:prefLabel "Withdrawn" .

lad:basis-FC a skos:Concept ;
    rdfs:label "Foreign currency" ;
    skos:inScheme lad:CurrencyBases ;
    skos:notation "FC" ;
    skos:prefLabel "Foreign currency" .

lad:basis-LC a skos:Concept ;
    rdfs:label "Local currency" ;
    skos:inScheme lad:CurrencyBases ;
    skos:notation "LC" ;
    skos:prefLabel "Local currency" .

lad:ccyBasis a owl:ObjectProperty ;
    rdfs:label "currency basis" .

lad:comment a owl:DatatypeProperty ;
    rdfs:label "comment" .

lad:country a owl:DatatypeProperty ;
    rdfs:label "country" .

lad:currency a owl:DatatypeProperty ;
    rdfs:label "currency" .

lad:date a owl:DatatypeProperty ;
    rdfs:label "date" .

lad:description a owl:DatatypeProperty ;
    rdfs:label "description" .

lad:entityType a owl:ObjectProperty ;
    rdfs:label "entity type" .

lad:etype-BANK a skos:Concept ;
    rdfs:label "Bank" ;
    skos:inScheme lad:EntityTypes ;
    skos:notation "BANK" ;
    skos:prefLabel "Bank" .

lad:etype-CORP a skos:Concept ;
    rdfs:label "Corporate" ;
    skos:inScheme lad:EntityTypes ;
    skos:notation "CORP" ;
    skos:prefLabel "Corporate" .

lad:etype-FINSUB a skos:Concept ;
    rdfs:label "Finance subsidiary" ;
    skos:inScheme lad:EntityTypes ;
    skos:notation "FINSUB" ;
    skos:prefLabel "Finance subsidiary" .

lad:etype-SOV a skos:Concept ;
    rdfs:label "Sovereign" ;
    skos:inScheme lad:EntityTypes ;
    skos:notation "SOV" ;
    skos:prefLabel "Sovereign" .

lad:guarantor a owl:ObjectProperty ;
    rdfs:label "guarantor" .

lad:issuer a owl:ObjectProperty ;
    rdfs:label "issuer" .

lad:lei a owl:DatatypeProperty ;
    rdfs:label "LEI" .

lad:maturity a owl:DatatypeProperty ;
    rdfs:label "maturity" .

lad:name a owl:DatatypeProperty ;
    rdfs:label "name" .

lad:ontology a owl:Ontology ;
    rdfs:label "Credit ratings: a teaching ontology" ;
    owl:versionInfo "0.1" .

lad:outlook a owl:ObjectProperty ;
    rdfs:label "outlook" .

lad:outlook-NEG a skos:Concept ;
    rdfs:label "Negative" ;
    skos:inScheme lad:Outlooks ;
    skos:notation "NEG" ;
    skos:prefLabel "Negative" .

lad:outlook-POS a skos:Concept ;
    rdfs:label "Positive" ;
    skos:inScheme lad:Outlooks ;
    skos:notation "POS" ;
    skos:prefLabel "Positive" .

lad:outlook-STA a skos:Concept ;
    rdfs:label "Stable" ;
    skos:inScheme lad:Outlooks ;
    skos:notation "STA" ;
    skos:prefLabel "Stable" .

lad:parent a owl:ObjectProperty ;
    rdfs:label "parent" .

lad:ratedThing a owl:ObjectProperty ;
    rdfs:label "rated thing" .

lad:rating a owl:DatatypeProperty ;
    rdfs:label "rating" .

lad:ratingType a owl:ObjectProperty ;
    rdfs:label "rating type" .

lad:seniority a owl:ObjectProperty ;
    rdfs:label "seniority" .

lad:seniority-SU a skos:Concept ;
    rdfs:label "Senior unsecured" ;
    skos:inScheme lad:Seniorities ;
    skos:notation "SU" ;
    skos:prefLabel "Senior unsecured" .

lad:seniority-SUB a skos:Concept ;
    rdfs:label "Subordinated" ;
    skos:inScheme lad:Seniorities ;
    skos:notation "SUB" ;
    skos:prefLabel "Subordinated" .

lad:sourceSystem a owl:DatatypeProperty ;
    rdfs:label "source system" .

lad:type-CC a skos:Concept ;
    rdfs:label "Country Ceiling" ;
    skos:inScheme lad:RatingTypes ;
    skos:notation "CC" ;
    skos:prefLabel "Country Ceiling" .

lad:type-CO a skos:Concept ;
    rdfs:label "Credit opinion" ;
    skos:inScheme lad:RatingTypes ;
    skos:notation "CO" ;
    skos:prefLabel "Credit opinion" .

lad:type-INST a skos:Concept ;
    rdfs:label "Instrument rating" ;
    skos:inScheme lad:RatingTypes ;
    skos:notation "INST" ;
    skos:prefLabel "Instrument rating" .

lad:type-LTIDR a skos:Concept ;
    rdfs:label "Long-term IDR" ;
    skos:inScheme lad:RatingTypes ;
    skos:notation "LTIDR" ;
    skos:prefLabel "Long-term Issuer Default Rating" .

lad:type-STIDR a skos:Concept ;
    rdfs:label "Short-term IDR" ;
    skos:inScheme lad:RatingTypes ;
    skos:notation "STIDR" ;
    skos:prefLabel "Short-term Issuer Default Rating" .

lad:watch a owl:ObjectProperty ;
    rdfs:label "rating watch" .

lad:watch-RWN a skos:Concept ;
    rdfs:label "Rating Watch Negative" ;
    skos:inScheme lad:Watches ;
    skos:notation "RWN" ;
    skos:prefLabel "Rating Watch Negative" .

lad:Watches a skos:ConceptScheme ;
    rdfs:label "Rating Watches" .

lad:CurrencyBases a skos:ConceptScheme ;
    rdfs:label "Currency bases" .

lad:Seniorities a skos:ConceptScheme ;
    rdfs:label "Seniorities" .

lad:Outlooks a skos:ConceptScheme ;
    rdfs:label "Outlooks" .

lad:EntityTypes a skos:ConceptScheme ;
    rdfs:label "Entity types" .

lad:RatingTypes a skos:ConceptScheme ;
    rdfs:label "Rating types" .

lad:ActionTypes a skos:ConceptScheme ;
    rdfs:label "Action types" .
```

### axioms.ttl (OWL axioms and SHACL rules over the vocabulary)
```turtle
@prefix lad:  <https://example.org/ladder/> .
@prefix owl:  <http://www.w3.org/2002/07/owl#> .
@prefix rdf:  <http://www.w3.org/1999/02/22-rdf-syntax-ns#> .
@prefix rdfs: <http://www.w3.org/2000/01/rdf-schema#> .
@prefix sh:   <http://www.w3.org/ns/shacl#> .
@prefix skos: <http://www.w3.org/2004/02/skos/core#> .
@prefix xsd:  <http://www.w3.org/2001/XMLSchema#> .

<https://example.org/ladder/axioms> a owl:Ontology ;
    rdfs:label "Credit ratings: axioms and rules" ;
    owl:imports <https://example.org/ladder/ontology> ;
    sh:declare [ sh:prefix "lad" ; sh:namespace "https://example.org/ladder/"^^xsd:anyURI ] ,
               [ sh:prefix "rdf" ; sh:namespace "http://www.w3.org/1999/02/22-rdf-syntax-ns#"^^xsd:anyURI ] .

# === Classes and properties =================================================================

lad:Entity a owl:Class ; rdfs:label "Entity" ; owl:hasKey ( lad:lei ) .
lad:Instrument a owl:Class ; rdfs:label "Instrument" ; owl:disjointWith lad:Entity .
lad:RatingAction a owl:Class ; rdfs:label "Rating action" .

lad:name a owl:DatatypeProperty ; rdfs:domain lad:Entity ; rdfs:range xsd:string .
lad:lei a owl:DatatypeProperty, owl:FunctionalProperty ; rdfs:domain lad:Entity ; rdfs:range xsd:string .
lad:country a owl:DatatypeProperty ; rdfs:domain lad:Entity ; rdfs:range xsd:string .
lad:entityType a owl:ObjectProperty, owl:FunctionalProperty ; rdfs:domain lad:Entity ; rdfs:range skos:Concept .
lad:sourceSystem a owl:DatatypeProperty, owl:FunctionalProperty ; rdfs:domain lad:Entity ; rdfs:range xsd:string .
lad:parent a owl:ObjectProperty ; rdfs:domain lad:Entity ; rdfs:range lad:Entity ; rdfs:subPropertyOf lad:ancestor .
lad:ancestor a owl:ObjectProperty, owl:TransitiveProperty ; rdfs:label "ancestor" .

lad:description a owl:DatatypeProperty ; rdfs:domain lad:Instrument .
lad:issuer a owl:ObjectProperty, owl:FunctionalProperty ; rdfs:domain lad:Instrument ; rdfs:range lad:Entity .
lad:guarantor a owl:ObjectProperty ; rdfs:domain lad:Instrument ; rdfs:range lad:Entity .
lad:seniority a owl:ObjectProperty, owl:FunctionalProperty ; rdfs:domain lad:Instrument ; rdfs:range skos:Concept .
lad:currency a owl:DatatypeProperty, owl:FunctionalProperty ; rdfs:domain lad:Instrument ; rdfs:range xsd:string .
lad:maturity a owl:DatatypeProperty ; rdfs:domain lad:Instrument ; rdfs:range xsd:date .

lad:date a owl:DatatypeProperty, owl:FunctionalProperty ; rdfs:domain lad:RatingAction ; rdfs:range xsd:date .
lad:ratedThing a owl:ObjectProperty, owl:FunctionalProperty ; rdfs:domain lad:RatingAction ;
    rdfs:range [ owl:unionOf ( lad:Entity lad:Instrument ) ] .
lad:ratingType a owl:ObjectProperty, owl:FunctionalProperty ; rdfs:domain lad:RatingAction ; rdfs:range skos:Concept .
lad:ccyBasis a owl:ObjectProperty, owl:FunctionalProperty ; rdfs:domain lad:RatingAction ; rdfs:range skos:Concept .
lad:action a owl:ObjectProperty, owl:FunctionalProperty ; rdfs:domain lad:RatingAction ; rdfs:range skos:Concept .
lad:rating a owl:DatatypeProperty, owl:FunctionalProperty ; rdfs:domain lad:RatingAction ; rdfs:range xsd:string .
lad:outlook a owl:ObjectProperty ; rdfs:domain lad:RatingAction ; rdfs:range skos:Concept .
lad:watch a owl:ObjectProperty ; rdfs:domain lad:RatingAction ; rdfs:range skos:Concept .
lad:comment a owl:DatatypeProperty ; rdfs:domain lad:RatingAction .

# Derived by the rules below.
lad:sameEntityAs a owl:ObjectProperty, owl:SymmetricProperty, owl:TransitiveProperty ; rdfs:subPropertyOf owl:sameAs .
lad:validTo a owl:DatatypeProperty ; rdfs:domain lad:RatingAction ; rdfs:range xsd:date .
lad:domicile a owl:DatatypeProperty, owl:FunctionalProperty ; rdfs:domain lad:Entity .
lad:creditRiskOf a owl:ObjectProperty, owl:FunctionalProperty ; rdfs:domain lad:Instrument ; rdfs:range lad:Entity .
lad:localCurrency a owl:DatatypeProperty ; rdfs:domain lad:Instrument ; rdfs:range xsd:boolean .

# === Code lists as classes of actions ======================================================

lad:IssuerRatingAction owl:equivalentClass [ a owl:Class ; owl:unionOf (
        [ a owl:Restriction ; owl:onProperty lad:ratingType ; owl:hasValue lad:type-LTIDR ]
        [ a owl:Restriction ; owl:onProperty lad:ratingType ; owl:hasValue lad:type-STIDR ] ) ] .
lad:InstrumentRatingAction owl:equivalentClass [ a owl:Restriction ; owl:onProperty lad:ratingType ; owl:hasValue lad:type-INST ] ;
    owl:disjointWith lad:IssuerRatingAction .
lad:CeilingAction owl:equivalentClass [ a owl:Restriction ; owl:onProperty lad:ratingType ; owl:hasValue lad:type-CC ] ;
    owl:disjointWith lad:IssuerRatingAction, lad:InstrumentRatingAction .
lad:CreditOpinionAction owl:equivalentClass [ a owl:Restriction ; owl:onProperty lad:ratingType ; owl:hasValue lad:type-CO ] ;
    owl:disjointWith lad:IssuerRatingAction, lad:InstrumentRatingAction, lad:RatingInForce .

lad:Downgrade owl:equivalentClass [ a owl:Restriction ; owl:onProperty lad:action ; owl:hasValue lad:action-DG ] .
lad:Upgrade owl:equivalentClass [ a owl:Restriction ; owl:onProperty lad:action ; owl:hasValue lad:action-UG ] .
lad:RatingChange owl:equivalentClass [ a owl:Class ; owl:unionOf ( lad:Downgrade lad:Upgrade ) ] .
lad:WatchPlacement owl:equivalentClass [ a owl:Restriction ; owl:onProperty lad:action ; owl:hasValue lad:action-RW ] ;
    owl:disjointWith lad:RatingChange .
lad:Affirmation owl:equivalentClass [ a owl:Restriction ; owl:onProperty lad:action ; owl:hasValue lad:action-AF ] ;
    owl:disjointWith lad:RatingChange .
lad:Withdrawal owl:equivalentClass [ a owl:Restriction ; owl:onProperty lad:action ; owl:hasValue lad:action-WD ] ;
    owl:disjointWith lad:RatingChange, lad:DefaultRating, lad:RatingInForce .
lad:ExpectedRating owl:equivalentClass [ a owl:Restriction ; owl:onProperty lad:action ; owl:hasValue lad:action-EX ] ;
    owl:disjointWith lad:RatingInForce .
lad:DefaultRating owl:equivalentClass [ a owl:Restriction ; owl:onProperty lad:rating ; owl:oneOf ( "RD" "D" ) ] .

lad:TestRecord owl:equivalentClass [ a owl:Restriction ; owl:onProperty lad:sourceSystem ; owl:hasValue "QA" ] ;
    rdfs:subClassOf lad:Entity ; owl:disjointWith lad:Issuer .
lad:Issuer owl:equivalentClass [ a owl:Restriction ; owl:onProperty [ owl:inverseOf lad:ratedThing ] ;
        owl:someValuesFrom [ owl:intersectionOf ( lad:IssuerRatingAction lad:RatingInForce ) ] ] .

# === The rating scales ======================================================================

lad:LongTermScale rdfs:label "long-term scale, strongest first" ;
    rdf:value ( "AAA" "AA+" "AA" "AA-" "A+" "A" "A-" "BBB+" "BBB" "BBB-" "BB+" "BB" "BB-" "B+" "B" "B-" "CCC" "CC" "C" "RD" "D" ) .
lad:InvestmentGradeRatings rdf:value ( "AAA" "AA+" "AA" "AA-" "A+" "A" "A-" "BBB+" "BBB" "BBB-" ) .
lad:ShortTermScale rdfs:label "short-term scale, strongest first" ;
    rdf:value ( "F1+" "F1" "F2" "F3" "B" "C" "RD" "D" ) .

# === Currencies =============================================================================

lad:domesticCurrency a owl:DatatypeProperty ; rdfs:label "domestic currency (country code, currency code)" .
lad:VD lad:domesticCurrency "XVD" .   lad:CV lad:domesticCurrency "CVK" .
lad:GB lad:domesticCurrency "GBP" .   lad:US lad:domesticCurrency "USD" .
lad:DE lad:domesticCurrency "EUR" .   lad:FR lad:domesticCurrency "EUR" .   lad:NL lad:domesticCurrency "EUR" .
lad:GR lad:domesticCurrency "EUR" .   lad:IT lad:domesticCurrency "EUR" .   lad:ES lad:domesticCurrency "EUR" .
lad:LU lad:domesticCurrency "EUR" .

# === Rules (SHACL-AF), run in this order ====================================================

lad:IdentityRule a sh:NodeShape ; sh:targetClass lad:Entity ;
    sh:rule [ a sh:SPARQLRule ; sh:order 1 ; sh:prefixes <https://example.org/ladder/axioms> ; sh:construct """
        CONSTRUCT { $this lad:sameEntityAs ?other }
        WHERE { $this lad:lei ?lei . ?other lad:lei ?lei . FILTER (?other != $this) }""" ] ;
    sh:rule [ a sh:SPARQLRule ; sh:order 2 ; sh:prefixes <https://example.org/ladder/axioms> ; sh:construct """
        CONSTRUCT { $this lad:domicile ?c }
        WHERE {
          { $this lad:sourceSystem "RATINGS" ; lad:country ?c }
          UNION
          { $this lad:sameEntityAs ?r . ?r lad:sourceSystem "RATINGS" ; lad:country ?c }
          UNION
          { $this lad:country ?c FILTER NOT EXISTS { $this lad:sameEntityAs/lad:sourceSystem "RATINGS" }
                                 FILTER NOT EXISTS { $this lad:sourceSystem "RATINGS" } }
        }""" ] .

lad:RatingPeriodRule a sh:NodeShape ; sh:targetClass lad:RatingAction ;
    sh:rule [ a sh:SPARQLRule ; sh:order 3 ; sh:prefixes <https://example.org/ladder/axioms> ; sh:construct """
        CONSTRUCT { $this lad:validTo ?to }
        WHERE {
          $this lad:ratedThing ?t ; lad:ratingType ?type ; lad:date ?d .
          OPTIONAL { $this lad:ccyBasis ?basis }
          { SELECT $this (MIN(?d2) AS ?to) WHERE {
              $this lad:ratedThing ?t ; lad:ratingType ?type ; lad:date ?d .
              OPTIONAL { $this lad:ccyBasis ?basis }
              ?later lad:ratingType ?type ; lad:date ?d2 ; lad:ratedThing ?t2 .
              OPTIONAL { ?later lad:ccyBasis ?basis2 }
              FILTER (?d2 > ?d && COALESCE(?basis2, "") = COALESCE(?basis, ""))
              FILTER (?t2 = ?t || EXISTS { ?t2 lad:sameEntityAs ?t })
              FILTER NOT EXISTS { ?later lad:action lad:action-EX }
            } GROUP BY $this }
        }""" ] ;
    sh:rule [ a sh:SPARQLRule ; sh:order 4 ; sh:prefixes <https://example.org/ladder/axioms> ; sh:construct """
        CONSTRUCT { $this a lad:RatingInForce }
        WHERE {
          $this lad:ratedThing ?t .
          FILTER NOT EXISTS { $this lad:validTo ?to }
          FILTER NOT EXISTS { $this lad:action lad:action-WD }
          FILTER NOT EXISTS { $this lad:action lad:action-EX }
          FILTER NOT EXISTS { $this lad:ratingType lad:type-CO }
          FILTER NOT EXISTS { ?t lad:sourceSystem "QA" }
        }""" ] .

lad:InstrumentRule a sh:NodeShape ; sh:targetClass lad:Instrument ;
    sh:rule [ a sh:SPARQLRule ; sh:order 5 ; sh:prefixes <https://example.org/ladder/axioms> ; sh:construct """
        CONSTRUCT { $this lad:creditRiskOf ?who ; lad:localCurrency ?local }
        WHERE {
          $this lad:issuer ?issuer ; lad:currency ?ccy .
          OPTIONAL { $this lad:guarantor ?g }
          BIND (COALESCE(?g, ?issuer) AS ?who)
          ?issuer lad:domicile ?c .
          BIND (IRI(CONCAT(STR(lad:), ?c)) AS ?country)
          OPTIONAL { ?country lad:domesticCurrency ?home }
          BIND (?ccy = COALESCE(?home, "") AS ?local)
        }""" ] .

# === Constraints (SHACL) ====================================================================

lad:CeilingShape a sh:NodeShape ; sh:targetClass lad:RatingInForce ;
    sh:sparql [ sh:prefixes <https://example.org/ladder/axioms> ; sh:message "a foreign-currency rating above its country's ceiling" ; sh:select """
        SELECT $this WHERE {
          $this lad:ccyBasis lad:basis-FC ; lad:ratingType lad:type-LTIDR ; lad:rating ?r ; lad:ratedThing ?e .
          ?e lad:domicile ?c ; lad:entityType ?type . FILTER (?type != lad:etype-SOV)
          ?sov lad:entityType lad:etype-SOV ; lad:country ?c .
          ?ceil lad:ratedThing ?sov ; lad:ratingType lad:type-CC ; lad:rating ?cap ; a lad:RatingInForce .
          lad:LongTermScale rdf:value ?scale .
          ?scale rdf:rest* ?fromR . ?fromR rdf:first ?r .
          ?scale rdf:rest* ?fromCap . ?fromCap rdf:first ?cap .
          FILTER NOT EXISTS { ?fromCap rdf:rest* ?fromR }
        }""" ] .

lad:TestRecordShape a sh:NodeShape ; sh:targetClass lad:TestRecord ;
    sh:property [ sh:path [ sh:inversePath lad:ratedThing ] ; sh:maxCount 0 ; sh:severity sh:Info ;
                  sh:message "a test record's actions are not rating actions" ] .
```

### ontology.md (the vocabulary the data uses)

# Credit ratings: a teaching ontology

Entities, instruments, rating actions and the codes the data uses, each with a definition that states what it means and how to read it. Invented for an experiment; not a model of any real rating agency.

## Classes

### Entity

A legal entity: a company, bank, finance subsidiary or sovereign. An entity is identified by its LEI (LEI), not by its name or record ID. The data holds records from more than one source system (source system), so the same entity can appear as several records with different IDs and differently spelled names: two records with the same LEI are the same entity, and every fact recorded against either record is a fact about that one entity.

### Instrument

A debt instrument, such as a bond or note, issued by an entity (issuer). An instrument's rating is not the issuer's rating: it can sit above or below it depending on seniority (seniority) and on any guarantee (guarantor).

### Rating action

Something a rating agency did to a rating on a date (date): assigned, affirmed, upgraded, downgraded, placed on Watch or withdrawn it. Each action applies to one rated thing (rated thing), one rating type (rating type) and, for issuer ratings, one currency basis (currency basis). A rating holds from its action date until the next action on the same thing, type and basis: so the rating on a date D is the one set by the latest action on or before D, and the current rating is the latest action overall. rating always holds the rating as it stands after the action, including when it did not change.

## Properties

### name (CSV column `name`)

The name as the source system spells it. Names are not identifiers: the same entity can be spelled differently in different systems.

### LEI (CSV column `lei`)

Legal Entity Identifier: the identifier that says which legal entity a record describes. Same LEI, same entity. Sovereigns have none.

### country (CSV column `country`)

ISO-style code of the country where the entity is domiciled. It decides which Country Ceiling, if any, applies to the entity's foreign-currency ratings. VD is the Republic of Valdoria and CV the Republic of Corvenia (both invented).

### entity type (CSV column `entity_type`)

What kind of entity it is: a concept of the scheme Entity types.

### parent (CSV column `parent_id`)

The entity that owns and controls this one.

### source system (CSV column `source_system`)

The internal system the record comes from (RATINGS, RESEARCH, QA). Each system keeps its own records of the same entities; see Entity. RATINGS is the system of record: where records of the same entity disagree on name, country or parent, the RATINGS record holds. QA records are test data, created to check the systems: they describe no real entity, so a QA record, and every action recorded against it, must be ignored.

### description (CSV column `description`)

The instrument's name: issuer, coupon and maturity year.

### issuer (CSV column `issuer_id`)

The entity that issued the instrument and owes the payments. Not necessarily the entity whose credit risk the investor takes: see guarantor.

### guarantor (CSV column `guarantor_id`)

An entity that guarantees the instrument's payments if the issuer does not pay. A guaranteed instrument carries the guarantor's credit risk, so it is rated in line with the guarantor's issuer rating, not the issuer's.

### seniority (CSV column `seniority`)

Where the instrument ranks in repayment if the issuer fails: a concept of the scheme Seniorities.

### currency (CSV column `currency`)

The currency the instrument pays in, as an ISO 4217 code, or one of two local codes: XVD, the Valdorian dollar, the domestic currency of VD; and CVK, the Corvenian krone, the domestic currency of CV. Debt in a currency other than the domestic one of the issuer's country is exposed to that country's transfer and convertibility risk: see Country Ceiling (CC). Debt in the domestic currency is local-currency debt and is not capped by the ceiling.

### maturity (CSV column `maturity`)

The date the instrument is due to be repaid.

### date (CSV column `date`)

The date the action took effect.

### rated thing (CSV column `rated_id`)

What the action is about: an entity (for issuer ratings and Country Ceilings) or an instrument (for instrument ratings).

### rating type (CSV column `rating_type`)

Which kind of rating the action concerns: a concept of the scheme Rating types. Different types are different ratings and are never compared or combined with each other.

### currency basis (CSV column `ccy_basis`)

For issuer ratings, whether the rating covers foreign-currency (FC) or local-currency (LC) obligations: a concept of the scheme Currency bases. An entity can have both, with different values.

### action (CSV column `action`)

What was done: a concept of the scheme Action types. Only upgrades and downgrades change a rating.

### rating (CSV column `rating`)

The rating after the action, on the scale of its rating type. Long-term scale, strongest to weakest: AAA, AA+, AA, AA-, A+, A, A-, BBB+, BBB, BBB-, BB+, BB, BB-, B+, B, B-, CCC, CC, C, RD, D. Investment grade means BBB- or higher; BB+ and below is speculative grade (high yield). RD (restricted default) means the issuer has defaulted on some material obligations, for instance by completing a distressed debt exchange, without being wound up: RD is a default. D means a general default. Short-term scale, strongest to weakest: F1+, F1, F2, F3, B, C, RD, D. WD means the rating was withdrawn (see Withdrawn (WD)): it is not a point on either scale.

### outlook (CSV column `outlook`)

The likely direction of a long-term rating over the next one to two years: a concept of the scheme Outlooks. An outlook is not a rating: revising it does not change the rating.

### rating watch (CSV column `watch`)

Set when the rating is on Rating Watch: a concept of the scheme Rating Watches. A Watch is not a rating change.

### comment (CSV column `comment`)

The analyst's note on the action, such as the reason for a withdrawal.

## Codes

The codes as they appear in the data, grouped by list.

### Rating types

- **LTIDR**, Long-term Issuer Default Rating: The issuer's own creditworthiness: how likely it is to default on its obligations, on the long-term scale. This is what people usually mean by an entity's rating. The foreign-currency (FC) one is the headline rating; there may also be a local-currency (LC) one.
- **STIDR**, Short-term Issuer Default Rating: The issuer's ability to meet obligations falling due within about a year, on the short-term scale (F1+ to D). Not comparable with long-term ratings.
- **INST**, Instrument rating: The rating of one specific instrument. It starts from the issuer's long-term rating and is notched for the instrument's seniority and expected recovery: subordinated debt is usually rated below the issuer, and guaranteed debt is rated on the guarantor. An instrument rating is never the rating of the issuer.
- **CC**, Country Ceiling: Not a rating of anyone. A cap, set for a country, on the foreign-currency ratings of entities domiciled there and of their foreign-currency debt. It reflects transfer and convertibility risk: the risk that the government stops money being converted or sent abroad, so even a sound company could not pay foreign-currency debt. Foreign-currency ratings of entities in the country are generally no higher than the ceiling; local-currency ratings are not capped. A Country Ceiling is not the sovereign's own issuer rating.
- **CO**, Credit opinion: A private, point-in-time view of an entity's credit, given to one client. It is not a published rating and not an issuer rating: never count it as a rating, and never report its value as the entity's rating.

### Currency bases

- **FC**, Foreign currency: Covers obligations in foreign currency, so it is subject to the Country Ceiling.
- **LC**, Local currency: Covers obligations in the currency of the entity's own country; not subject to the Country Ceiling.

### Action types

- **AS**, Assigned: A first rating is given.
- **AF**, Affirmed: The rating is reviewed and kept the same. The outlook may be revised in the same action; that does not make it an upgrade or a downgrade.
- **UG**, Upgraded: The rating is raised.
- **DG**, Downgraded: The rating is lowered. The only action that counts as a downgrade.
- **RW**, Placed on Rating Watch: The rating is flagged as likely to change soon, usually within about six months, in the direction rating watch gives. The rating itself is unchanged: not a downgrade.
- **WD**, Withdrawn: The agency stops maintaining the rating, often for commercial reasons (the issuer no longer pays for it, or the debt is repaid). After a withdrawal the entity has no rating of that type. A withdrawal is not a credit event: it says nothing about default, and is not a downgrade.
- **EX**, Expected rating: A rating signalled before an instrument's final documents are signed. It is not yet a rating: the instrument stays unrated until an Assigned (AS) action confirms it.

### Outlooks

- **STA**, Stable: No direction expected.
- **POS**, Positive: The rating may go up over one to two years.
- **NEG**, Negative: The rating may go down over one to two years. Not a downgrade.

### Rating Watches

- **RWN**, Rating Watch Negative: A downgrade is likely in the near term. Not a downgrade yet.

### Seniorities

- **SU**, Senior unsecured: Ranks with the issuer's ordinary debts; usually rated at the level of the issuer's long-term rating.
- **SUB**, Subordinated: Repaid only after senior debt, so investors recover less in a default; usually rated one or more notches below the issuer's long-term rating.

### Entity types

- **CORP**, Corporate: A non-financial company.
- **BANK**, Bank: A bank.
- **FINSUB**, Finance subsidiary: A subsidiary that exists to raise debt for its parent group. It usually has no issuer rating of its own; its debt is guaranteed by the parent, so investors take the parent's credit risk.
- **SOV**, Sovereign: A national government. A sovereign record can carry a Country Ceiling, issuer ratings, or both: they are different things, and the ceiling is not the sovereign's rating.

## Questions

Answer each question below from the data above. Start each answer on a new line with its
number in bold, like **Q1.**, give the direct answer first, then at most two sentences of
reasoning that cite the records (IDs) you relied on.

Then end with one JSON block (```json) holding the structured answer to each question listed
here, with exactly these fields, shaped like {"Q1": {"field": value}, ...}. Name entities by their record ID: the entity_id in the CSV files, or the part of the IRI after lad: in the RDF (E01, not Kestrel Energy plc).

- Q1: rating (a rating, or "none")
- Q2: downgraded ("yes", "no" or "depends")
- Q3: investment_grade ("yes", "no" or "depends"), rating (a rating, or "none")
- Q4: outlook (an outlook)
- Q5: risk_of (a record ID), rating (a rating, or "none")
- Q7: issuers (a list of record IDs)
- Q8: entities (a list of record IDs)
- Q9: count (a number)
- Q10: investment_grade ("yes", "no" or "depends")
- Q11: rating (a rating, or "none")
- Q12: rating (a rating, or "none")
- Q13: count (a number)
- Q14: rating (a rating, or "none")
- Q15: rating (a rating, or "none")
- Q16: changed ("yes", "no" or "depends")
- Q17: downgraded ("yes", "no" or "depends")
- Q18: issuers (a list of record IDs)
- Q19: issuers (a list of record IDs)
- Q20: in_default ("yes", "no" or "depends")
- Q21: entities (a list of record IDs)
- Q22: entities (a list of record IDs)
- Q23: rating (a rating, or "none")
- Q24: investment_grade ("yes", "no" or "depends")
- Q25: count (a number)
- Q26: rating (a rating, or "none")
- Q27: rating (a rating, or "none")
- Q28: rating (a rating, or "none")
- Q29: rating (a rating, or "none")
- Q30: entities (a list of record IDs)
- Q31: any ("yes", "no" or "depends")
- Q32: parent (a record ID)
- Q33: risk_of (a record ID), rating (a rating, or "none")
- Q34: same_group ("yes", "no" or "depends")
- Q35: count (a number)
- Q36: count (a number)
- Q37: count (a number)
- Q38: same ("yes", "no" or "depends")
- Q39: rating (a rating, or "none")
- Q40: count (a number)
- Q41: rating (a rating, or "none")
- Q42: country (a country code)
- Q43: count (a number)
- Q44: local_currency ("yes", "no" or "depends")
- Q45: above_ceiling ("yes", "no" or "depends")
- Q46: issuer_rating ("yes", "no" or "depends")
- Q47: rating (a rating, or "none")
- Q48: count (a number)

Q1. What was Kestrel Energy's rating on 1 January 2025?
Q2. Has Kestrel Energy been downgraded in 2026?
Q3. Is Kestrel Energy's 2031 note investment grade?
Q4. What is Northwind Holdings' current outlook?
Q5. Whose credit risk does a holder of the Northwind Finance 2030 notes take, and how is it rated?
Q6. Why is Valdoria Telecom's foreign-currency rating lower than its local-currency rating?
Q7. Which issuers were downgraded in 2026?
Q8. Which entities were in default on 1 October 2026?
Q9. As of 1 October 2026, how many distinct issuers hold an issuer rating?
Q10. Is Valdoria Telecom investment grade?
Q11. What was Marlow Utilities' rating on 1 June 2025?
Q12. What was Marlow Utilities' rating on 1 January 2024?
Q13. How many times has Marlow Utilities been downgraded?
Q14. What was Halden Foods' rating on 1 January 2024?
Q15. What was Halden Bank's rating on 1 January 2026?
Q16. Has Marlow Utilities' rating changed since 1 January 2025?
Q17. Was Orrin Bank downgraded in 2026?
Q18. Which issuers were on Rating Watch Negative on 1 October 2026?
Q19. Which issuers had a Negative outlook on 1 October 2026?
Q20. Is Pellam Retail in default?
Q21. Which entities had an issuer rating at some point but no longer had one on 1 October 2026?
Q22. Which entities have ever been in default?
Q23. What is Kestrel Energy's short-term rating?
Q24. Is Kestrel Energy's issuer rating investment grade?
Q25. How many instruments held an investment-grade rating on 1 October 2026?
Q26. What is Corvenia Power's local-currency rating?
Q27. How is Corvenia Power's 2032 note rated?
Q28. What is the Republic of Corvenia's foreign-currency issuer rating?
Q29. What is the Republic of Valdoria's issuer rating?
Q30. Which entities had a foreign-currency issuer rating exactly at their country's ceiling on 1 October 2026?
Q31. Did any company have a foreign-currency issuer rating above its country's ceiling on 1 October 2026?
Q32. Who is Halden Leasing's ultimate parent?
Q33. Whose credit risk does a holder of the Halden Leasing 2028 notes take, and how is it rated?
Q34. Is Halden Foods part of the same group as Halden Bank?
Q35. How many entities are in the Halden group, the parent included?
Q36. How many entities are in the Northwind group, the parent included?
Q37. How many distinct legal entities does the data describe?
Q38. Are Orrin Bank AG and Orrin Bancorp Inc the same entity?
Q39. What is Northwind Holdings' current rating?
Q40. How many distinct issuers domiciled in GB held an issuer rating on 1 October 2026?
Q41. What is Brindle Capital's current rating?
Q42. In which country is Halden Bank domiciled?
Q43. How many distinct entities are domiciled in Luxembourg (LU)?
Q44. Is Valdoria Telecom's 2027 note a local-currency obligation?
Q45. Is Valdoria Telecom's 2027 note rated above what Valdoria's Country Ceiling allows?
Q46. Does Halden Leasing have an issuer rating?
Q47. How is Corvenia Power's 2034 note rated?
Q48. How many instruments held a rating on 1 October 2026?

The report, as report.md

credit: claude:haiku, 2026-11-04 18:24

48 questions, 5 repeats per condition. Correct = 1, partial = ½. Graded by code where a question has a typed key, by claude:sonnet with a checklist otherwise.

Accuracy

Condition	Accuracy	95% interval	Questions unstable across repeats
R1 `csv`	78%	66% to 87%	11 of 48
R5 `csv+ontology`	100%	99% to 100%	1 of 48
R8 `csv+axioms`	98%	93% to 100%	1 of 48
R9 `csv+axioms+markdown`	98%	94% to 100%	2 of 48

Against R1 `csv`, question by question

Condition	Difference	95% interval
R5 `csv+ontology`	+22 points	+12 to +33
R8 `csv+axioms`	+20 points	+11 to +30
R9 `csv+axioms+markdown`	+20 points	+10 to +32

By question

Question	Graded by	R1 `csv`	R5 `csv+ontology`	R8 `csv+axioms`	R9 `csv+axioms+markdown`
Q1	code	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q2	code	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q3	code	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q4	code	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q5	code	🟡 ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q6	llm	🟡 🟡 ✅ 🟡 🟡	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q7	code	❌ ❌ ❌ ❌ ❌	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q8	code	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q9	code	❌ ❌ ❌ ❌ ❌	✅ ✅ ✅ ✅ ✅	❌ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q10	code	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ❌ ✅	✅ ✅ ✅ ✅ ✅	❌ ❌ ❌ ❌ ✅
Q11	code	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q12	code	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q13	code	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q14	code	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q15	code	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q16	code	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q17	code	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q18	code	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q19	code	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ❌ ✅
Q20	code	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q21	code	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q22	code	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q23	code	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q24	code	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q25	code	❌ ❌ ✅ ❌ ❌	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q26	code	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q27	code	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q28	code	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q29	code	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q30	code	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q31	code	❌ ✅ ✅ ✅ ❌	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q32	code	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q33	code	🟡 ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q34	code	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q35	code	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q36	code	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q37	code	❌ ❌ ❌ ❌ ❌	✅ ✅ ✅ ✅ ✅	❌ ❌ ❌ ❌ ❌	✅ ✅ ✅ ✅ ✅
Q38	code	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q39	code	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q40	code	❌ ❌ ❌ ❌ ❌	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q41	code	❌ ❌ ❌ ❌ ❌	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q42	code	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q43	code	❌ ❌ ✅ ❌ ❌	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q44	code	✅ ❌ ✅ ❌ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q45	code	✅ ❌ ❌ ❌ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q46	code	❌ ✅ ✅ ❌ ❌	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q47	code	❌ ❌ ✅ ❌ ❌	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅
Q48	code	❌ ❌ ✅ ❌ ❌	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅	✅ ✅ ✅ ✅ ✅

Lists, with partial credit

The 7 questions answered with a list of entities: strict accuracy (the whole list right) against the mean F1 of the lists given, which credits a list that is nearly right.

Condition	Strict	Mean F1
R1 `csv`	86%	97%
R5 `csv+ontology`	100%	100%
R8 `csv+axioms`	100%	100%
R9 `csv+axioms+markdown`	97%	99%

The checklist grader agreed with itself on 20 of 20 answers graded twice.

Why each miss was marked

Q5. Whose credit risk does a holder of the Northwind Finance 2030 notes take, and how is it rated?

R1 csv run 1: risk_of: expected E02, got E04

Q6. Why is Valdoria Telecom's foreign-currency rating lower than its local-currency rating?

R1 csv run 1: Mentions the BB sovereign ceiling as a possible explanation but hedges and doesn't assert it as the cause, and never says the ceiling caps foreign-currency but not local-currency ratings.
R1 csv run 2: Identifies that FC rating (BB) equals the country ceiling (BB) but hedges that the cause is not stated, and does not say the ceiling caps FC and not LC ratings.
R1 csv run 4: Identifies the sovereign country ceiling (BB) as the likely cap on the FC rating, but hedges it as inferred and never states that the ceiling applies to foreign-currency and not local-currency ratings.
R1 csv run 5: Notes the BB sovereign/ceiling is consistent with the gap but explicitly declines to name the Country Ceiling as the cause and never says it caps FC but not LC ratings.

Q7. Which issuers were downgraded in 2026?

R1 csv run 1: issuers: expected ['E08', 'E10'], got ['E08', 'E10', 'E16']
R1 csv run 2: issuers: expected ['E08', 'E10'], got ['E08', 'E10', 'E16']
R1 csv run 3: issuers: expected ['E08', 'E10'], got ['E08', 'E10', 'E16']
R1 csv run 4: issuers: expected ['E08', 'E10'], got ['E08', 'E10', 'E16']
R1 csv run 5: issuers: expected ['E08', 'E10'], got ['E08', 'E10', 'E16']

Q9. As of 1 October 2026, how many distinct issuers hold an issuer rating?

R1 csv run 1: count: expected 12, got 13
R1 csv run 2: count: expected 12, got 13
R1 csv run 3: count: expected 12, got 13
R1 csv run 4: count: expected 12, got 13
R1 csv run 5: count: expected 12, got 13
R8 csv+axioms run 1: count: expected 12, got 11

Q10. Is Valdoria Telecom investment grade?

R5 csv+ontology run 4: investment_grade: expected depends, got no
R9 csv+axioms+markdown run 1: investment_grade: expected depends, got no
R9 csv+axioms+markdown run 2: investment_grade: expected depends, got no
R9 csv+axioms+markdown run 3: investment_grade: expected depends, got no
R9 csv+axioms+markdown run 4: investment_grade: expected depends, got no

Q19. Which issuers had a Negative outlook on 1 October 2026?

R9 csv+axioms+markdown run 4: issuers: expected ['E01', 'E09'], got ['E01']

Q25. How many instruments held an investment-grade rating on 1 October 2026?

R1 csv run 1: count: expected 5, got 6
R1 csv run 2: count: expected 5, got 6
R1 csv run 4: count: expected 5, got 6
R1 csv run 5: count: expected 5, got 6

Q31. Did any company have a foreign-currency issuer rating above its country's ceiling on 1 October 2026?

R1 csv run 1: any: expected no, got depends
R1 csv run 5: any: expected no, got depends

Q33. Whose credit risk does a holder of the Halden Leasing 2028 notes take, and how is it rated?

R1 csv run 1: risk_of: expected E10, got E11

Q37. How many distinct legal entities does the data describe?

R1 csv run 1: count: expected 16, got 17
R1 csv run 2: count: expected 16, got 17
R1 csv run 3: count: expected 16, got 17
R1 csv run 4: count: expected 16, got 17
R1 csv run 5: count: expected 16, got 17
R8 csv+axioms run 1: count: expected 16, got 17
R8 csv+axioms run 2: count: expected 16, got 17
R8 csv+axioms run 3: count: expected 16, got 15
R8 csv+axioms run 4: count: expected 16, got 17
R8 csv+axioms run 5: count: expected 16, got 17

Q40. How many distinct issuers domiciled in GB held an issuer rating on 1 October 2026?

R1 csv run 1: count: expected 5, got 6
R1 csv run 2: count: expected 5, got 6
R1 csv run 3: count: expected 5, got 6
R1 csv run 4: count: expected 5, got 6
R1 csv run 5: count: expected 5, got 6

Q41. What is Brindle Capital's current rating?

R1 csv run 1: rating: expected none, got BB+
R1 csv run 2: rating: expected none, got BB+
R1 csv run 3: rating: expected none, got BB+
R1 csv run 4: rating: expected none, got BB+
R1 csv run 5: rating: expected none, got BB+

Q43. How many distinct entities are domiciled in Luxembourg (LU)?

R1 csv run 1: count: expected 0, got 1
R1 csv run 2: count: expected 0, got 1
R1 csv run 4: count: expected 0, got 1
R1 csv run 5: count: expected 0, got 1

Q44. Is Valdoria Telecom's 2027 note a local-currency obligation?

R1 csv run 2: local_currency: expected yes, got depends
R1 csv run 4: local_currency: expected yes, got depends

Q45. Is Valdoria Telecom's 2027 note rated above what Valdoria's Country Ceiling allows?

R1 csv run 2: above_ceiling: expected no, got depends
R1 csv run 3: above_ceiling: expected no, got depends
R1 csv run 4: above_ceiling: expected no, got depends

Q46. Does Halden Leasing have an issuer rating?

R1 csv run 1: issuer_rating: expected no, got depends
R1 csv run 4: issuer_rating: expected no, got depends
R1 csv run 5: issuer_rating: expected no, got depends

Q47. How is Corvenia Power's 2034 note rated?

R1 csv run 1: rating: expected none, got A
R1 csv run 2: rating: expected none, got A
R1 csv run 4: rating: expected none, got A
R1 csv run 5: rating: expected none, got A

Q48. How many instruments held a rating on 1 October 2026?

R1 csv run 1: count: expected 7, got 8
R1 csv run 2: count: expected 7, got 8
R1 csv run 4: count: expected 7, got 8
R1 csv run 5: count: expected 7, got 8

Run 2026-11-04-1824-haiku

Accuracy

Question by question

The prompts

credit: claude:haiku, 2026-11-04 18:24

Accuracy

Against R1 csv, question by question

By question

Lists, with partial credit

Why each miss was marked

Against R1 `csv`, question by question