Q33, run 2026-11-04-2013-sonnet

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

Tests: Roles: the guarantor is the parent, not the ultimate parent.

Expected: risk_of = E10 rating = BBB+

✅ R1 csv run 1 graded by code

The guarantor, Halden Bank (E10), rated BBB+. I05 is issued by E11 but guaranteed by E10, and A27 downgraded E10 to BBB+.

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

✅ R1 csv run 2 graded by code

A holder takes the credit risk of Halden Bank (E10), the guarantor of I05. E10 is currently rated BBB+ (A27).

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

✅ R1 csv run 3 graded by code

The holder takes the credit risk of the guarantor, Halden Bank (E10), rated BBB+. I05 is guaranteed by E10, and A27 downgraded E10 to BBB+.

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

✅ R1 csv run 4 graded by code

The holder takes the risk of the guarantor, Halden Bank (E10), rated BBB+ (A27). The issuer is E11, whose only rating row is a "CO" type; I05 itself is BBB+ (A29).

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

✅ R1 csv run 5 graded by code

The guarantor, Halden Bank (E10), rated BBB+. I05 is guaranteed by E10, and A27 gives BBB+.

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

✅ R5 csv+ontology run 1 graded by code

Halden Bank (E10), rated BBB+. I05 is guaranteed by E10, whose current LTIDR is BBB+ (A27).

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

✅ R5 csv+ontology run 2 graded by code

The holder takes the credit risk of E10, the guarantor of I05, which is rated BBB+ (A27).

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

✅ R5 csv+ontology run 3 graded by code

The holder takes the credit risk of E10, which is rated BBB+ (A27). I05 is guaranteed by E10.

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

✅ R5 csv+ontology run 4 graded by code

The holder takes E10 (Halden Bank) risk, rated BBB+. I05 is guaranteed by E10, whose latest action is A27 (BBB+).

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

✅ R5 csv+ontology run 5 graded by code

The holder takes E10's credit risk, rated BBB+. I05 is guaranteed by E10, whose latest LTIDR is A27 (BBB+).

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

✅ R4 csv+markdown run 1 graded by code

The holder takes the risk of Halden Bank (E10), the guarantor of I05. E10's current rating is BBB+ (A27).

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

✅ R4 csv+markdown run 2 graded by code

A holder takes the credit risk of E10, the guarantor of I05. E10 is currently rated BBB+ (A27).

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

✅ R4 csv+markdown run 3 graded by code

The holder takes E10's credit risk, rated BBB+. I05 is guaranteed by E10, whose latest action A27 set BBB+.

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

✅ R4 csv+markdown run 4 graded by code

The holder takes the credit risk of E10, rated BBB+. I05 is guaranteed by E10, which was downgraded to BBB+ by A27.

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

✅ R4 csv+markdown run 5 graded by code

Halden Bank (E10), rated BBB+. I05 is guaranteed by E10 and E10 was downgraded to BBB+ in A27.

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

✅ R8 csv+axioms run 1 graded by code

The holder takes the risk of E10 (Halden Bank), the guarantor of I05, which is rated BBB+ (A27).

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

✅ R8 csv+axioms run 2 graded by code

The holder takes the credit risk of E10, Halden Bank, which is rated BBB+. I05 is guaranteed by E10, and A27 downgraded it to BBB+.

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

✅ R8 csv+axioms run 3 graded by code

E10, Halden Bank, rated BBB+. The guarantor of I05 is E10, and A27 is its current rating.

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

✅ R8 csv+axioms run 4 graded by code

The holder takes E10's credit risk, rated BBB+. E10 guarantees I05, and A27 is E10's current rating.

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

✅ R8 csv+axioms run 5 graded by code

E10, rated BBB+. I05 is guaranteed by E10, whose rating in force is BBB+ (A27).

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