Q33, run 2026-11-05-1233-haiku

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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

Holders take the credit risk of guarantor E10, which is rated BBB+ (A29). The matching BBB+ rating on E10 (A27) supports this reading. The issuer, E11, is the obligor.

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

✅ R1 csv run 2 graded by code

E10 (Halden Bank AG), rated BBB+. I05 is guaranteed by E10 (guarantor_id), and A29 rates I05 at BBB+. The issuer E11 has only a CO rating.

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

✅ R1 csv run 3 graded by code

E10 (Halden Bank AG), rated BBB+. I05 is guaranteed by E10 (guarantor_id), and the instrument was downgraded to BBB+ (A29).

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

✅ R1 csv run 4 graded by code

E10 (Halden Bank AG), rated BBB+. I05 is guaranteed by E10 (guarantor_id), and A29 (2026-04-15) rates it BBB+, matching E10's BBB+ (A27).

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

✅ R1 csv run 5 graded by code

The holder takes the guarantor's risk, E10, rated BBB+ (A29, 2026-04-15). The issuer, E11, has no issuer rating.

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

🟡 R2 rdf run 1 graded by code

E11 (Halden Leasing SA), rated BBB+ (A29). I05 is guaranteed by E10.

JSON: {"risk_of": "E11", "rating": "BBB+"}

Why: risk_of: expected E10, got E11

🟡 R2 rdf run 2 graded by code

E11 (Halden Leasing SA), which is the issuer of I05. I05 is guaranteed by E10, and its rating is BBB+ (A29, 2026-04-15).

JSON: {"risk_of": "E11", "rating": "BBB+"}

Why: risk_of: expected E10, got E11

🟡 R2 rdf run 3 graded by code

Halden Leasing (E11), rated BBB+
The 2028 notes are I05, issued by E11 and guaranteed by E10, and the instrument is rated BBB+ (A29).

JSON: {"risk_of": "E11", "rating": "BBB+"}

Why: risk_of: expected E10, got E11

🟡 R2 rdf run 4 graded by code

E11 (Halden Leasing SA), rated BBB+. I05 has issuer E11 and guarantor E10, and A29 (DG, BBB+, 2026-04-15) is the latest rating.

JSON: {"risk_of": "E11", "rating": "BBB+"}

Why: risk_of: expected E10, got E11

🟡 R2 rdf run 5 graded by code

E11 is the issuer; guarantor E10 also carries risk. I05 is rated BBB+ (A29).

JSON: {"risk_of": "E11", "rating": "BBB+"}

Why: risk_of: expected E10, got E11

✅ R6 rdf+ontology run 1 graded by code

E10 (Halden Bank AG), rated BBB+. I05 is guaranteed by E10, so its credit risk and rating (A29, BBB+) follow the guarantor.

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

✅ R6 rdf+ontology run 2 graded by code

E10 (Halden Bank AG); BBB+
I05 is guaranteed by E10, so its holders take E10's credit risk. I05 is rated BBB+ (A29), matching E10's rating.

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

✅ R6 rdf+ontology run 3 graded by code

E10, rated BBB+. I05 is guaranteed by E10, so holders carry E10's risk, and I05's BBB+ (A29) matches E10's BBB+ (A27).

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

✅ R6 rdf+ontology run 4 graded by code

**E10 (Halden Bank AG), rated BBB+.** I05 is guaranteed by E10, so it is rated on E10's credit (A29).

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

✅ R6 rdf+ontology run 5 graded by code

E10 (Halden Bank AG); rated BBB+
I05 is guaranteed by E10, so holders take E10's risk, and I05's latest action (A29, DG to BBB+) matches E10's issuer rating.

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

✅ R5 csv+ontology run 1 graded by code

E10 (Halden Bank). I05 is guaranteed by E10, so the holder takes E10's risk, rated BBB+ (A29).

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

✅ R5 csv+ontology run 2 graded by code

Holders take the credit risk of E10 (Halden Bank AG), rated BBB+. I05 is guaranteed by E10, so it follows E10's rating, and A29 (2026-04-15) set it at BBB+.

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

✅ R5 csv+ontology run 3 graded by code

Halden Bank AG (E10). I05 is guaranteed by E10, so it is rated in line with E10's issuer rating, BBB+ (A27, A29).

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

✅ R5 csv+ontology run 4 graded by code

Holders take the credit risk of E10 (Halden Bank AG), rated BBB+. I05 is guaranteed by E10, and A29 rates it BBB+, matching E10's rating (A27).

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

✅ R5 csv+ontology run 5 graded by code

The guarantor, Halden Bank AG (E10). The 2028 notes (I05) are guaranteed by E10 and rated BBB+ (A29).

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

✅ R4 csv+markdown run 1 graded by code

Holders take Halden Bank AG's (E10) credit risk, because I05 is guaranteed by E10. The note is rated BBB+ (A29), in line with the guarantor.

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

✅ R4 csv+markdown run 2 graded by code

Halden Bank (E10), rated BBB+. I05 is guaranteed by E10, so it carries E10's risk, and E10's issuer rating is BBB+ (A27), matching the instrument rating (A29).

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

✅ R4 csv+markdown run 3 graded by code

The holder takes Halden Bank's credit risk (E10), because I05 is guaranteed by E10. I05 is rated BBB+ (A29).

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

✅ R4 csv+markdown run 4 graded by code

The holder takes the credit risk of E10 (Halden Bank), because I05 is guaranteed by E10. The note is rated BBB+ (A29).

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

✅ R4 csv+markdown run 5 graded by code

The credit risk of E10 (Halden Bank), rated BBB+. I05 is guaranteed by E10, so it takes that rating (A29).

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

✅ R3 csv+padding run 1 graded by code

Halden Leasing 2028 notes (I05) carry BBB+ risk of guarantor E10, which matches E10's BBB+ (A27).

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

🟡 R3 csv+padding run 2 graded by code

E11 (Halden Leasing SA), rated BBB+ (A29, 2026-04-15). The notes are guaranteed by E10, which the data does not separately assess.

JSON: {"risk_of": "E11", "rating": "BBB+"}

Why: risk_of: expected E10, got E11

✅ R3 csv+padding run 3 graded by code

BBB+, risk of E10 (Halden Bank AG). The 2028 notes (I05) are issued by E11 and guaranteed by E10, and the instrument was downgraded to BBB+ on 2026-04-15 (A29).

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

✅ R3 csv+padding run 4 graded by code

E10 (Halden Bank AG), rated BBB+. I05 is issued by E11 and guaranteed by E10, and A29 downgraded it to BBB+.

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

✅ R3 csv+padding run 5 graded by code

Holders take Halden Bank AG's risk (E10, guarantor), rated BBB+. I05 is guaranteed by E10 and its latest rating is BBB+ (A29).

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

✅ R10 executed run 1 graded by code

E10, rated BBB+. I05 (Halden Leasing 2.90% 2028) has credit_risk_of E10, and its current rating is BBB+ (A29).

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

✅ R10 executed run 2 graded by code

The holder takes E10's credit risk, and the notes are rated BBB+. I05 credit_risk_of is E10, and I05 is BBB+ from 2026-04-15 (A29).

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

✅ R10 executed run 3 graded by code

E10 (Halden Bank AG), rated BBB+. I05 has credit_risk_of E10, and E10's current rating is BBB+ (A27); I05 is also BBB+ (A29).

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

✅ R10 executed run 4 graded by code

E10 (Halden Bank), rated BBB+. I05's credit_risk_of and guarantor are E10, and I05 is rated BBB+ (A29).

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

✅ R10 executed run 5 graded by code

Halden Bank (E10), rated BBB+. The 2028 notes (I05) list E10 as credit_risk_of, and E10's current rating is BBB+ (A27).

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

✅ R7 csv+neutral run 1 graded by code

Halden Bank (E10). The Halden Leasing 2028 notes (I05) are guaranteed by E10, and the notes are rated BBB+ (A29).

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

✅ R7 csv+neutral run 2 graded by code

Halden Bank AG (E10), rated BBB+. I05 is issued by E11 and guaranteed by E10, so it is rated in line with E10, and the latest action (A29) is BBB+.

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

✅ R7 csv+neutral run 3 graded by code

Halden Bank (E10). I05 is guaranteed by E10, so holders take E10's risk, and the note is rated BBB+ (A29), in line with E10's issuer rating.

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

✅ R7 csv+neutral run 4 graded by code

Halden Bank (E10), rated BBB+
I05 is guaranteed by E10, so the holder carries Halden Bank's credit risk. The I05 rating of BBB+ (A29) matches E10's current BBB+ (A27).

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

✅ R7 csv+neutral run 5 graded by code

E10 (Halden Bank), rated BBB+. The 2028 notes (I05) are guaranteed by E10 and rated in line with its BBB+ rating (A27, A29).

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

✅ R8 csv+axioms run 1 graded by code

Halden Bank AG (E10), rated BBB+. The 2028 notes (I05) have guarantor E10, and I05 was downgraded to BBB+ (A29, 2026-04-15).

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

✅ R8 csv+axioms run 2 graded by code

E10 (Halden Bank AG), rated BBB+. E10 guarantees I05, and I05 was rated BBB+ on 2026-04-15 (A29).

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

✅ R8 csv+axioms run 3 graded by code

E10, rated BBB+. I05's guarantor is E10, and E10 was downgraded to BBB+ on 2026-04-15 (A27 and A29).

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

✅ R8 csv+axioms run 4 graded by code

E10 (Halden Bank), rated BBB+. I05 has guarantor E10, and it was downgraded to BBB+ on 2026-04-15 (A29).

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

✅ R8 csv+axioms run 5 graded by code

E10, BBB+
E11's 2028 notes (I05) are guaranteed by E10, so E10 carries the credit risk, and I05 is rated BBB+ (A29).

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

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

Halden Bank AG (E10), rated BBB+. I05 is guaranteed by E10, so the holder takes E10's credit risk, and A29 (2026-04-15) set the instrument at BBB+.

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

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

E10 (Halden Bank AG), rated BBB+. I05 is guaranteed by E10, so its credit risk is E10's, and A29 (2026-04-15) downgraded the note to BBB+.

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

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

E10 (Halden Bank), rated BBB+ (A29), because I05 is guaranteed by E10.

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

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

E10 (Halden Bank), rated BBB+. I05 has guarantor E10, so the holder takes E10's risk, and A29 (BBB+) is the instrument's latest rating.

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

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

Halden Bank AG (E10). I05's guarantor is E10, so E10 carries the credit risk, and the rating is BBB+ (A29, DG, 2026-04-15).

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