Q5, run 2026-11-04-2028-haiku

← back to the run

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, E02 (Northwind Holdings), whose guarantee backs the notes issued by E04. The instrument is rated A (A10, A11).

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

✅ R1 csv run 2 graded by code

The guarantor, Northwind Holdings (E02), rated A. I03 is guaranteed by E02 (guarantor_id), and I03 is rated A (A11).

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

✅ R1 csv run 3 graded by code

E02 (Northwind Holdings), rated A. I03 is guaranteed by E02 (guarantor_id), and I03 is rated A (A11). E04 has no rating in the data.

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

✅ R1 csv run 4 graded by code

A holder takes the credit risk of E02 (Northwind Holdings), which guarantees I03, and the notes are rated A. I03 is rated A (A11), and E02 is rated A (A08).

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

✅ R1 csv run 5 graded by code

Northwind Holdings plc (E02), as guarantor of I03. E02 and the I03 notes are both rated A (A08, A11). The issuer, E04, carries no rating of its own.

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

✅ R5 csv+ontology run 1 graded by code

Northwind Holdings (E02), rated A
I03 is issued by E04 but guaranteed by E02, so it carries E02's risk; A11 (2025-09-15) affirmed it at A.

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

✅ R5 csv+ontology run 2 graded by code

The holder takes Northwind Holdings' (E02) credit risk, rated A. I03 is guaranteed by E02, so it is rated in line with E02, and its instrument rating is A (A11, 2025-09-15).

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

✅ R5 csv+ontology run 3 graded by code

Northwind Holdings (E02), rated A. I03's guarantor is E02, so holders take E02's credit risk, and the instrument rating is A (A11).

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, so it carries E02's risk, and its latest rating is A (A11).

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

✅ R5 csv+ontology run 5 graded by code

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

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

✅ R4 csv+markdown run 1 graded by code

Northwind Holdings (E02), rated A. I03 is guaranteed by E02, so it is rated on the guarantor, and its latest action is A11 (A).

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

✅ R4 csv+markdown run 2 graded by code

Northwind Holdings (E02), and the notes are rated A. I03 is guaranteed by E02, so it carries E02's risk, and its latest rating is A (A11).

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

✅ R4 csv+markdown run 3 graded by code

Northwind Holdings (E02). The Northwind Finance 2030 notes (I03) are guaranteed by E02, so they carry its risk and are rated A (A11), in line with E02's A rating.

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

✅ R4 csv+markdown run 4 graded by code

Northwind Holdings (E02). I03 is guaranteed by E02, so it is rated in line with E02's A rating (A11, affirmed 2025-09-15).

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

✅ R4 csv+markdown run 5 graded by code

The holder takes the credit risk of E02, Northwind Holdings, and the note is rated A. I03 is guaranteed by E02, so it is rated on the guarantor, and A11 (affirmed) sets the rating at A.

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

✅ R8 csv+axioms run 1 graded by code

E02 (Northwind Holdings), rated A. I03's guarantor is E02, which takes the credit risk, and A11 (A, 2025-09-15) is the current rating.

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

✅ R8 csv+axioms run 2 graded by code

E02 (Northwind Holdings), rated A. The notes' guarantor is E02, so the guarantor's risk applies; I03 was affirmed at A (A11).

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

✅ R8 csv+axioms run 3 graded by code

The holder takes credit risk of E02 (Northwind Holdings plc), rated A. I03 names E02 as guarantor, and A11 (2025-09-15) affirmed the note at A.

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

✅ R8 csv+axioms run 4 graded by code

E02 (Northwind Holdings), rated A. I03's guarantor is E02, so E02 carries the credit risk, and its current LTIDR is A (A09).

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

✅ R8 csv+axioms run 5 graded by code

Northwind Holdings plc (E02), rated A. I03's guarantor is E02, so E02 carries the credit risk; the current rating is A (A11).

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