Q5, run 2026-11-06-0935-sonnet-query
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
sql run 1
The holder takes the credit risk of E02, the guarantor of I03, which is rated A. The issuer is E04, but E02 guarantees the notes.
JSON: {"risk_of": "E02", "rating": "A"}
sql run 2
The guarantor, E02 (Northwind Holdings). I03 is guaranteed by E02 and is rated A (A11).
JSON: {"risk_of": "E02", "rating": "A"}
sql run 3
A holder takes the risk of the guarantor, E02, which is rated A (A08, A09). The issuer E04 is a finance subsidiary, and I03 itself is also rated A.
JSON: {"risk_of": "E02", "rating": "A"}
sql run 4
The risk is that of E02, rated A. I03 is issued by E04 but guaranteed by E02, and its rating is A (A11).
JSON: {"risk_of": "E02", "rating": "A"}
sql run 5
The holder takes the credit risk of E02, the guarantor of I03, and the note is rated A (A10, A11).
JSON: {"risk_of": "E02", "rating": "A"}
sql+markdown run 1
The holder takes Northwind Holdings' credit risk (E02, with E03 as the same entity), rated A. I03 is guaranteed by E02, and the latest issuer rating (A09 on E03) is A.
JSON: {"risk_of": "E02", "rating": "A"}
sql+markdown run 2
The holder takes E02's (Northwind Holdings') credit risk, rated A. I03 is guaranteed by E02, and E02/E03's latest rating is A (A09).
JSON: {"risk_of": "E02", "rating": "A"}
sql+markdown run 3
A holder takes the credit risk of E02 (Northwind Holdings), rated A. I03 is guaranteed by E02, whose latest issuer rating is A (A09).
JSON: {"risk_of": "E02", "rating": "A"}
sql+markdown run 4
A holder takes the credit risk of E02 (Northwind Holdings), the guarantor of I03. Its rating is A (A08, A09).
JSON: {"risk_of": "E02", "rating": "A"}
sql+markdown run 5
The holder takes E02's credit risk, rated A. I03 is guaranteed by E02, whose LTIDR FC is A (A08, A09).
JSON: {"risk_of": "E02", "rating": "A"}
sparql run 1
The guarantor, E02, because I03 was issued by E04 and guaranteed by E02. I03 is rated A (A11).
JSON: {"risk_of": "E02", "rating": "A"}
sparql run 2
The holder takes the risk of E02 (Northwind Holdings), the guarantor of I03, and E02 is rated A. The issuer is E04, a finance subsidiary, and I03 itself is also rated A (A11).
JSON: {"risk_of": "E02", "rating": "A"}
sparql run 3
The holder takes the credit risk of E02, the guarantor of I03, rated A (A08/A09). The note's own rating is also A (A11).
JSON: {"risk_of": "E02", "rating": "A"}
sparql run 4
The risk is E02, the guarantor of I03, which is rated A (A08/A09, and I03 itself via A11).
JSON: {"risk_of": "E02", "rating": "A"}
sparql run 5
The risk is E02 (Northwind Holdings), rated A. I03 is issued by E04 but guaranteed by E02, and I03 is rated A (A10, A11).
JSON: {"risk_of": "E02", "rating": "A"}
sparql+ontology run 1
The guarantor E02 (Northwind Holdings), rated A. I03 is guaranteed by E02, whose latest rating is A (A09).
JSON: {"risk_of": "E02", "rating": "A"}
sparql+ontology run 2
The credit risk of Northwind Holdings (E02), rated A. I03 is guaranteed by E02 and rated A by A10/A11.
JSON: {"risk_of": "E02", "rating": "A"}
sparql+ontology run 3
The holder takes the credit risk of E02, Northwind Holdings. I03 is guaranteed by E02 and rated A (A10, A11), in line with E02's A.
JSON: {"risk_of": "E02", "rating": "A"}
sparql+ontology run 4
The holder takes the credit risk of E02 (Northwind Holdings), rated A. I03 is guaranteed by E02, whose latest rating is A (A09 on E03, the same entity).
JSON: {"risk_of": "E02", "rating": "A"}
sparql+ontology run 5
The holder takes the credit risk of E02, the guarantor of I03. The instrument is rated A (A11), the same as E02's issuer rating of A.
JSON: {"risk_of": "E02", "rating": "A"}
sql+executed run 1
E02, the guarantor, and the note (I03) is rated A (A11).
JSON: {"risk_of": "E02", "rating": "A"}
sql+executed run 2
E02 (Northwind Holdings), the guarantor of I03. The note is rated A (A11).
JSON: {"risk_of": "E02", "rating": "A"}
sql+executed run 3
E02, the guarantor of I03 and the instrument's credit_risk_of. It is rated A (I03, A11), and E02's issuer rating is also A.
JSON: {"risk_of": "E02", "rating": "A"}
sql+executed run 4
The Northwind Finance 2030 notes (I03) carry the credit risk of the guarantor E02, and the note is rated A (A11).
JSON: {"risk_of": "E02", "rating": "A"}
sql+executed run 5
E02 (Northwind Holdings), the guarantor of I03. I03 is rated A (A11).
JSON: {"risk_of": "E02", "rating": "A"}
sparql+axioms run 1
E02, rated A. The Northwind Finance 2030 note (I03) is guaranteed by E02, and I03 is rated A (A11).
JSON: {"risk_of": "E02", "rating": "A"}
sparql+axioms run 2
The holder takes the credit risk of E02, Northwind Holdings, which guarantees I03. It is rated A (A09, and the A11 instrument rating).
JSON: {"risk_of": "E02", "rating": "A"}
sparql+axioms run 3
E02 (Northwind Holdings, the guarantor of I03), rated A (A09). I03 itself is also rated A (A11).
JSON: {"risk_of": "E02", "rating": "A"}
sparql+axioms run 4
E02, as guarantor of I03, and the note is rated A (A11).
JSON: {"risk_of": "E02", "rating": "A"}
sparql+axioms run 5
E02, rated A. I03 is guaranteed by E02, whose rating is A (A09), and the note itself is also rated A (A11).
JSON: {"risk_of": "E02", "rating": "A"}