Q5, run 2026-11-04-1825-sonnet

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

Tests: Roles: issuer versus guarantor; a finance subsidiary's guaranteed debt carries the guarantor's risk.

Expected: risk_of = E02 rating = A

✅ R1 csv run 1 graded by code

The guarantor Northwind Holdings (E02), rated A. I03 is issued by E04 but guaranteed by E02 (A11, A09).

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

✅ R1 csv run 2 graded by code

The guarantor, Northwind Holdings (E02), rated A. I03 is issued by E04 but guaranteed by E02 (I03 guarantor_id). A11 rates the note A, and E02 holds A.

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

✅ R1 csv run 3 graded by code

The guarantor, Northwind Holdings (E02), rated A. I03 is issued by E04 and guaranteed by E02, and A11 rates the notes A.

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

✅ R1 csv run 4 graded by code

The guarantor, Northwind Holdings (E02), rated A. I03 is issued by E04 but guaranteed by E02. The rating comes from A09, recorded under the duplicate E03.

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

✅ R1 csv run 5 graded by code

The holder takes the risk of E02, the guarantor of I03 (guarantor_id), which is rated A (A09, A11).

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

✅ R5 csv+ontology run 1 graded by code

The holder takes E02's credit risk, rated A. I03 is guaranteed by E02, and E02's current LTIDR is A (A09, via E03).

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

✅ R5 csv+ontology run 2 graded by code

The holder takes E02's credit risk, rated A. I03 is guaranteed by E02, so it carries the guarantor's risk, and E02's latest rating is A (A09 via E03).

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

✅ R5 csv+ontology run 3 graded by code

The holder takes Northwind Holdings' credit risk (E02), rated A. I03 is guaranteed by E02, and the latest E02/E03 LTIDR is A (A09).

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

✅ R5 csv+ontology run 4 graded by code

The holder takes E02's credit risk, rated A. I03 is guaranteed by E02, whose latest rating is A (A08, affirmed under the E03 record in A09).

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

✅ R5 csv+ontology run 5 graded by code

The holder takes the credit risk of E02, the guarantor of I03, rated A (A09).

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

✅ R8 csv+axioms run 1 graded by code

E02, rated A. The note (I03) is guaranteed by E02, so the guarantor's risk applies. E02's current rating is A (A09).

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

✅ R8 csv+axioms run 2 graded by code

The holder takes E02's credit risk, rated A. I03 is guaranteed by E02, and the current rating is A09 (recorded under E03, the same entity).

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

✅ R8 csv+axioms run 3 graded by code

E02, rated A. I03 is guaranteed by E02, whose current rating is A (A09 via E03).

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

✅ R8 csv+axioms run 4 graded by code

The credit risk of E02 (Northwind Holdings), rated A. I03 is guaranteed by E02, and the current rating is A09 (via E03).

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

✅ R8 csv+axioms run 5 graded by code

The holder takes the risk of E02, Northwind Holdings, the guarantor of I03. E02 is rated A (A09, via E03).

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

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

E02, rated A. I03 is guaranteed by E02, so the holder takes the parent's risk. E02's current LTIDR is A (A09, which is recorded on E03, the same entity).

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

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

E02, rated A. I03's guarantor is E02, so the holder takes E02's credit risk, and E02/E03's latest LTIDR (A09) is A.

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

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

The holder takes Northwind Holdings' (E02) credit risk, rated A. I03 is guaranteed by E02, and E02/E03's latest LTIDR (A09) is A.

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

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

The guarantor E02 (Northwind Holdings), rated A. I03 is guaranteed by E02, and E02's current FC LTIDR is A (A08, A09).

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

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

E02's credit risk, rated A. I03 is guaranteed by E02 (the guarantor, not the issuer E04), and E02's latest LTIDR is A (A09, via E03).

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