Q5, run 2026-11-04-2013-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, and A09 (on E03, the same entity) shows A.

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

✅ R1 csv run 2 graded by code

A holder takes the credit risk of Northwind Holdings (E02), the guarantor of I03, rated A (A09/A08). The issuer E04 has no rating of its own.

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

✅ R1 csv run 3 graded by code

The holder takes the credit risk of the guarantor, Northwind Holdings (E02), rated A. I03 is issued by E04 and guaranteed by E02. A09/A11 affirm A.

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

✅ R1 csv run 4 graded by code

The holder takes the credit risk of Northwind Holdings (E02), the guarantor of I03, rated A. I03 is rated A (A11), and the guarantor's A rating comes from A08 and A09.

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

✅ R1 csv run 5 graded by code

The guarantor, Northwind Holdings (E02), rated A. I03 is issued by E04 but guaranteed by E02 (A09 and A10/A11 show A).

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

✅ R5 csv+ontology run 1 graded by code

Northwind Holdings (E02), rated A. I03 is guaranteed by E02, so the holder takes the guarantor's risk. Its latest LTIDR is A (A09, via E03).

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

✅ R5 csv+ontology run 2 graded by code

The holder takes the credit risk of E02, the guarantor of I03, whose issuer rating is A (A09, recorded under E03).

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

✅ R5 csv+ontology run 3 graded by code

The holder takes the credit risk of E02, which is rated A. I03 is guaranteed by E02, and E02's latest rating is A (A08, A09 via E03).

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

✅ R5 csv+ontology run 4 graded by code

The holder takes E02 (Northwind Holdings) risk, rated A. I03 is guaranteed by E02, whose latest LTIDR action is A09 (A, affirmed, recorded under E03).

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

✅ R5 csv+ontology run 5 graded by code

The holder takes E02's credit risk, rated A. I03 is guaranteed by E02, so it follows E02's issuer rating, which is A after A09 (via E03, the same LEI).

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

✅ R4 csv+markdown run 1 graded by code

The holder takes the credit risk of Northwind Holdings (E02), the guarantor of I03. E02's current rating is A (A09).

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

✅ R4 csv+markdown run 2 graded by code

A holder takes the credit risk of E02, the guarantor of I03. E02 is currently rated A (A08, with A09 on E03).

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

✅ R4 csv+markdown run 3 graded by code

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

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

✅ R4 csv+markdown run 4 graded by code

The holder takes the credit risk of E02, rated A. I03 is guaranteed by E02, and the E02/E03 rating was affirmed at A (A08, A09).

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

✅ R4 csv+markdown run 5 graded by code

Northwind Holdings (E02), rated A. I03 is guaranteed by E02, so it carries the guarantor's risk, and E02's current rating is A (A08, A09).

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

✅ R8 csv+axioms run 1 graded by code

The holder takes the risk of E02 (Northwind Holdings), the guarantor of I03, which is rated A. A09 gives the A rating via E03, and I03 itself is also rated A (A11).

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

✅ R8 csv+axioms run 2 graded by code

The holder takes the credit risk of E02, Northwind Holdings, which is rated A. I03 is guaranteed by E02, and A09 rates E02/E03 at A.

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

✅ R8 csv+axioms run 3 graded by code

The holder takes the credit risk of E02, Northwind Holdings, rated A. I03 is guaranteed by E02 (the guarantor takes precedence), and E02's current rating is A (A09, via the shared LEI with E03).

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

✅ R8 csv+axioms run 4 graded by code

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

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

✅ R8 csv+axioms run 5 graded by code

E02, rated A. I03 is guaranteed by E02, so the credit risk is the guarantor's, and E02's rating in force is A (A09, via E03).

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