D6 sparql+axioms, run 1: the query session
8 queries0 failed5 rounds
The opening prompt
## The data
You can't see the data, but you can query it. It is in an RDF store, described below. Write SPARQL 1.1 SELECT or ASK queries.
To run queries, reply with one or more fenced blocks (```sparql), and nothing else is needed:
each is run and its results sent back to you. You have up to 8 rounds of queries.
When you have what you need, reply with the final answers and no queries.
Prefixes:
```
PREFIX skos: <http://www.w3.org/2004/02/skos/core#>
PREFIX rdf: <http://www.w3.org/1999/02/22-rdf-syntax-ns#>
PREFIX rdfs: <http://www.w3.org/2000/01/rdf-schema#>
PREFIX xsd: <http://www.w3.org/2001/XMLSchema#>
PREFIX lad: <https://example.org/ladder/>
```
Classes and the properties their resources use:
- `lad:Entity`: `rdf:type`, `rdfs:label`, `lad:ancestor`, `lad:country`, `lad:domicile`, `lad:entityType`, `lad:lei`, `lad:name`, `lad:parent`, `lad:parentEntity`, `lad:sameEntityAs`, `lad:sourceSystem`, `lad:ultimateParent`
- `lad:Instrument`: `rdf:type`, `rdfs:label`, `lad:creditRiskOf`, `lad:currency`, `lad:description`, `lad:guarantor`, `lad:issuer`, `lad:localCurrency`, `lad:maturity`, `lad:seniority`
- `lad:RatingAction`: `rdf:type`, `rdfs:label`, `lad:action`, `lad:ccyBasis`, `lad:comment`, `lad:date`, `lad:outlook`, `lad:ratedThing`, `lad:rating`, `lad:ratingType`, `lad:validTo`, `lad:watch`
- `lad:RatingInForce`: `rdf:type`, `rdfs:label`, `lad:action`, `lad:ccyBasis`, `lad:comment`, `lad:date`, `lad:outlook`, `lad:ratedThing`, `lad:rating`, `lad:ratingType`, `lad:watch`
The store holds the data after the rules of its axioms have run, with no definitions alongside. Besides the data's own properties, it holds what the rules derived: lad:sameEntityAs links the records of one entity; lad:domicile is the country that holds for an entity; lad:parentEntity, lad:ancestor and lad:ultimateParent give ownership entity by entity (an entity with no parent is its own ultimate parent); lad:validTo is when a rating stopped holding, and the class lad:RatingInForce holds the actions whose rating was in force on 1 October 2026; lad:creditRiskOf and lad:localCurrency describe instruments.
## Questions
Answer each question below from the data above. Start each answer on a new line with its
number in bold, like **Q1.**, give the direct answer first, then at most two sentences of
reasoning that cite the records (IDs) you relied on.
Then end with one JSON block (```json) holding the structured answer to each question listed
here, with exactly these fields, shaped like {"Q1": {"field": value}, ...}. Name entities by their record ID: the entity_id in the CSV files, or the part of the IRI after lad: in the RDF (E01, not Kestrel Energy plc).
- Q1: rating (a rating, or "none")
- Q2: downgraded ("yes", "no" or "depends")
- Q3: investment_grade ("yes", "no" or "depends"), rating (a rating, or "none")
- Q4: outlook (an outlook)
- Q5: risk_of (a record ID), rating (a rating, or "none")
- Q7: issuers (a list of record IDs)
- Q8: entities (a list of record IDs)
- Q9: count (a number)
- Q10: investment_grade ("yes", "no" or "depends")
- Q11: rating (a rating, or "none")
- Q12: rating (a rating, or "none")
- Q13: count (a number)
- Q14: rating (a rating, or "none")
- Q15: rating (a rating, or "none")
- Q16: changed ("yes", "no" or "depends")
- Q17: downgraded ("yes", "no" or "depends")
- Q18: issuers (a list of record IDs)
- Q19: issuers (a list of record IDs)
- Q20: in_default ("yes", "no" or "depends")
- Q21: entities (a list of record IDs)
- Q22: entities (a list of record IDs)
- Q23: rating (a rating, or "none")
- Q24: investment_grade ("yes", "no" or "depends")
- Q25: count (a number)
- Q26: rating (a rating, or "none")
- Q27: rating (a rating, or "none")
- Q28: rating (a rating, or "none")
- Q29: rating (a rating, or "none")
- Q30: entities (a list of record IDs)
- Q31: any ("yes", "no" or "depends")
- Q32: parent (a record ID)
- Q33: risk_of (a record ID), rating (a rating, or "none")
- Q34: same_group ("yes", "no" or "depends")
- Q35: count (a number)
- Q36: count (a number)
- Q37: count (a number)
- Q38: same ("yes", "no" or "depends")
- Q39: rating (a rating, or "none")
- Q40: count (a number)
- Q41: rating (a rating, or "none")
- Q42: country (a country code)
- Q43: count (a number)
- Q44: local_currency ("yes", "no" or "depends")
- Q45: above_ceiling ("yes", "no" or "depends")
- Q46: issuer_rating ("yes", "no" or "depends")
- Q47: rating (a rating, or "none")
- Q48: count (a number)
Q1. What was Kestrel Energy's rating on 1 January 2025?
Q2. Has Kestrel Energy been downgraded in 2026?
Q3. Is Kestrel Energy's 2031 note investment grade?
Q4. What is Northwind Holdings' current outlook?
Q5. Whose credit risk does a holder of the Northwind Finance 2030 notes take, and how is it rated?
Q6. Why is Valdoria Telecom's foreign-currency rating lower than its local-currency rating?
Q7. Which issuers were downgraded in 2026?
Q8. Which entities were in default on 1 October 2026?
Q9. As of 1 October 2026, how many distinct issuers hold an issuer rating?
Q10. Is Valdoria Telecom investment grade?
Q11. What was Marlow Utilities' rating on 1 June 2025?
Q12. What was Marlow Utilities' rating on 1 January 2024?
Q13. How many times has Marlow Utilities been downgraded?
Q14. What was Halden Foods' rating on 1 January 2024?
Q15. What was Halden Bank's rating on 1 January 2026?
Q16. Has Marlow Utilities' rating changed since 1 January 2025?
Q17. Was Orrin Bank downgraded in 2026?
Q18. Which issuers were on Rating Watch Negative on 1 October 2026?
Q19. Which issuers had a Negative outlook on 1 October 2026?
Q20. Is Pellam Retail in default?
Q21. Which entities had an issuer rating at some point but no longer had one on 1 October 2026?
Q22. Which entities have ever been in default?
Q23. What is Kestrel Energy's short-term rating?
Q24. Is Kestrel Energy's issuer rating investment grade?
Q25. How many instruments held an investment-grade rating on 1 October 2026?
Q26. What is Corvenia Power's local-currency rating?
Q27. How is Corvenia Power's 2032 note rated?
Q28. What is the Republic of Corvenia's foreign-currency issuer rating?
Q29. What is the Republic of Valdoria's issuer rating?
Q30. Which entities had a foreign-currency issuer rating exactly at their country's ceiling on 1 October 2026?
Q31. Did any company have a foreign-currency issuer rating above its country's ceiling on 1 October 2026?
Q32. Who is Halden Leasing's ultimate parent?
Q33. Whose credit risk does a holder of the Halden Leasing 2028 notes take, and how is it rated?
Q34. Is Halden Foods part of the same group as Halden Bank?
Q35. How many entities are in the Halden group, the parent included?
Q36. How many entities are in the Northwind group, the parent included?
Q37. How many distinct legal entities does the data describe?
Q38. Are Orrin Bank AG and Orrin Bancorp Inc the same entity?
Q39. What is Northwind Holdings' current rating?
Q40. How many distinct issuers domiciled in GB held an issuer rating on 1 October 2026?
Q41. What is Brindle Capital's current rating?
Q42. In which country is Halden Bank domiciled?
Q43. How many distinct entities are domiciled in Luxembourg (LU)?
Q44. Is Valdoria Telecom's 2027 note a local-currency obligation?
Q45. Is Valdoria Telecom's 2027 note rated above what Valdoria's Country Ceiling allows?
Q46. Does Halden Leasing have an issuer rating?
Q47. How is Corvenia Power's 2034 note rated?
Q48. How many instruments held a rating on 1 October 2026?The model
<invoke name="sparql">
SELECT ?s ?p ?o WHERE { ?s a lad:Entity ; ?p ?o } ORDER BY ?s ?p
</invoke>
<invoke name="sparql">
SELECT ?s ?p ?o WHERE { ?s a lad:Instrument ; ?p ?o } ORDER BY ?s ?p
</invoke>Query results
Query 1:
| s | p | o |
|---|---|---|
| lad:CV | rdf:type | lad:Entity |
| lad:CV | rdfs:label | Republic of Corvenia |
| lad:CV | lad:country | CV |
| lad:CV | lad:domesticCurrency | CVK |
| lad:CV | lad:domicile | CV |
| lad:CV | lad:entityType | lad:etype-SOV |
| lad:CV | lad:name | Republic of Corvenia |
| lad:CV | lad:sourceSystem | RATINGS |
| lad:CV | lad:ultimateParent | lad:CV |
| lad:E01 | rdf:type | lad:Entity |
| lad:E01 | rdfs:label | Kestrel Energy plc |
| lad:E01 | lad:country | GB |
| lad:E01 | lad:domicile | GB |
| lad:E01 | lad:entityType | lad:etype-CORP |
| lad:E01 | lad:lei | 7245002OOPBG04092E43 |
| lad:E01 | lad:name | Kestrel Energy plc |
| lad:E01 | lad:sourceSystem | RATINGS |
| lad:E01 | lad:ultimateParent | lad:E01 |
| lad:E02 | rdf:type | lad:Entity |
| lad:E02 | rdfs:label | Northwind Holdings plc |
| lad:E02 | lad:country | GB |
| lad:E02 | lad:domicile | GB |
| lad:E02 | lad:entityType | lad:etype-CORP |
| lad:E02 | lad:lei | 213800PHEIYNJMHTDV74 |
| lad:E02 | lad:name | Northwind Holdings plc |
| lad:E02 | lad:sameEntityAs | lad:E03 |
| lad:E02 | lad:sourceSystem | RATINGS |
| lad:E02 | lad:ultimateParent | lad:E02 |
| lad:E03 | rdf:type | lad:Entity |
| lad:E03 | rdfs:label | NORTHWIND HLDGS |
| lad:E03 | lad:country | GB |
| lad:E03 | lad:domicile | GB |
| lad:E03 | lad:entityType | lad:etype-CORP |
| lad:E03 | lad:lei | 213800PHEIYNJMHTDV74 |
| lad:E03 | lad:name | NORTHWIND HLDGS |
| lad:E03 | lad:sameEntityAs | lad:E02 |
| lad:E03 | lad:sourceSystem | RESEARCH |
| lad:E03 | lad:ultimateParent | lad:E03 |
| lad:E04 | rdf:type | lad:Entity |
| lad:E04 | rdfs:label | Northwind Finance BV |
| lad:E04 | lad:ancestor | lad:E02 |
| lad:E04 | lad:ancestor | lad:E03 |
| lad:E04 | lad:country | NL |
| lad:E04 | lad:domicile | NL |
| lad:E04 | lad:entityType | lad:etype-FINSUB |
| lad:E04 | lad:lei | 213800LA5RYJLGXV2T85 |
| lad:E04 | lad:name | Northwind Finance BV |
| lad:E04 | lad:parent | lad:E02 |
| lad:E04 | lad:parentEntity | lad:E02 |
| lad:E04 | lad:parentEntity | lad:E03 |
| lad:E04 | lad:sourceSystem | RATINGS |
| lad:E04 | lad:ultimateParent | lad:E02 |
| lad:E04 | lad:ultimateParent | lad:E03 |
| lad:E05 | rdf:type | lad:Entity |
| lad:E05 | rdfs:label | Valdoria Telecom SA |
| lad:E05 | lad:country | VD |
| lad:E05 | lad:domicile | VD |
| lad:E05 | lad:entityType | lad:etype-CORP |
| lad:E05 | lad:lei | 391200LESH03LMOY2U61 |
| lad:E05 | lad:name | Valdoria Telecom SA |
(131 more rows not shown)
Query 2:
| s | p | o |
|---|---|---|
| lad:I01 | rdf:type | lad:Instrument |
| lad:I01 | rdfs:label | Kestrel Energy 4.50% 2030 |
| lad:I01 | lad:creditRiskOf | lad:E01 |
| lad:I01 | lad:currency | GBP |
| lad:I01 | lad:description | Kestrel Energy 4.50% notes due 2030 |
| lad:I01 | lad:issuer | lad:E01 |
| lad:I01 | lad:localCurrency | true |
| lad:I01 | lad:maturity | 2030-03-15 |
| lad:I01 | lad:seniority | lad:seniority-SU |
| lad:I02 | rdf:type | lad:Instrument |
| lad:I02 | rdfs:label | Kestrel Energy 6.25% 2031 |
| lad:I02 | lad:creditRiskOf | lad:E01 |
| lad:I02 | lad:currency | GBP |
| lad:I02 | lad:description | Kestrel Energy 6.25% notes due 2031 |
| lad:I02 | lad:issuer | lad:E01 |
| lad:I02 | lad:localCurrency | true |
| lad:I02 | lad:maturity | 2031-09-30 |
| lad:I02 | lad:seniority | lad:seniority-SUB |
| lad:I03 | rdf:type | lad:Instrument |
| lad:I03 | rdfs:label | Northwind Finance 3.75% 2030 |
| lad:I03 | lad:creditRiskOf | lad:E02 |
| lad:I03 | lad:currency | EUR |
| lad:I03 | lad:description | Northwind Finance 3.75% notes due 2030 |
| lad:I03 | lad:guarantor | lad:E02 |
| lad:I03 | lad:issuer | lad:E04 |
| lad:I03 | lad:localCurrency | true |
| lad:I03 | lad:maturity | 2030-05-01 |
| lad:I03 | lad:seniority | lad:seniority-SU |
| lad:I04 | rdf:type | lad:Instrument |
| lad:I04 | rdfs:label | Valdoria Telecom 5.00% 2029 |
| lad:I04 | lad:creditRiskOf | lad:E05 |
| lad:I04 | lad:currency | USD |
| lad:I04 | lad:description | Valdoria Telecom 5.00% notes due 2029 |
| lad:I04 | lad:issuer | lad:E05 |
| lad:I04 | lad:localCurrency | false |
| lad:I04 | lad:maturity | 2029-11-20 |
| lad:I04 | lad:seniority | lad:seniority-SU |
| lad:I05 | rdf:type | lad:Instrument |
| lad:I05 | rdfs:label | Halden Leasing 2.90% 2028 |
| lad:I05 | lad:creditRiskOf | lad:E10 |
| lad:I05 | lad:currency | EUR |
| lad:I05 | lad:description | Halden Leasing 2.90% notes due 2028 |
| lad:I05 | lad:guarantor | lad:E10 |
| lad:I05 | lad:issuer | lad:E11 |
| lad:I05 | lad:localCurrency | true |
| lad:I05 | lad:maturity | 2028-06-30 |
| lad:I05 | lad:seniority | lad:seniority-SU |
| lad:I06 | rdf:type | lad:Instrument |
| lad:I06 | rdfs:label | Corvenia Power 7.10% 2032 |
| lad:I06 | lad:creditRiskOf | lad:E15 |
| lad:I06 | lad:currency | USD |
| lad:I06 | lad:description | Corvenia Power 7.10% notes due 2032 |
| lad:I06 | lad:issuer | lad:E15 |
| lad:I06 | lad:localCurrency | false |
| lad:I06 | lad:maturity | 2032-02-15 |
| lad:I06 | lad:seniority | lad:seniority-SUB |
| lad:I07 | rdf:type | lad:Instrument |
| lad:I07 | rdfs:label | Valdoria Telecom 4.25% 2027 |
| lad:I07 | lad:creditRiskOf | lad:E05 |
| lad:I07 | lad:currency | XVD |
(14 more rows not shown)
Run more queries, or give the final answers.The model
<invoke name="sparql">
SELECT ?s (GROUP_CONCAT(CONCAT(STRAFTER(STR(?p),"ladder/"),"=",REPLACE(STR(?o),"^.*[/#]","")); separator="; ") AS ?props) WHERE { ?s a lad:Entity ; ?p ?o . FILTER(?p NOT IN (rdf:type, lad:name, lad:lei, lad:sourceSystem)) } GROUP BY ?s ORDER BY ?s
</invoke>
<invoke name="sparql">
SELECT ?s (GROUP_CONCAT(CONCAT(STRAFTER(STR(?p),"ladder/"),"=",REPLACE(STR(?o),"^.*[/#]","")); separator="; ") AS ?props) WHERE { ?s a lad:Instrument ; ?p ?o . FILTER(?p NOT IN (rdf:type, lad:description)) } GROUP BY ?s ORDER BY ?s
</invoke>Query results
Query 1:
| s | props |
|---|---|
| lad:CV | =Republic of Corvenia; country=CV; domesticCurrency=CVK; domicile=CV; entityType=etype-SOV; ultimateParent=CV |
| lad:E01 | =Kestrel Energy plc; country=GB; domicile=GB; entityType=etype-CORP; ultimateParent=E01 |
| lad:E02 | =Northwind Holdings plc; country=GB; domicile=GB; entityType=etype-CORP; sameEntityAs=E03; ultimateParent=E02 |
| lad:E03 | =NORTHWIND HLDGS; country=GB; domicile=GB; entityType=etype-CORP; sameEntityAs=E02; ultimateParent=E03 |
| lad:E04 | =Northwind Finance BV; ancestor=E02; ancestor=E03; country=NL; domicile=NL; entityType=etype-FINSUB; parent=E02; parentEntity=E02; parentEntity=E03; ultimateParent=E02; ultimateParent=E03 |
| lad:E05 | =Valdoria Telecom SA; country=VD; domicile=VD; entityType=etype-CORP; ultimateParent=E05 |
| lad:E06 | =Orrin Bank AG; country=DE; domicile=DE; entityType=etype-BANK; ultimateParent=E06 |
| lad:E07 | =Pellam Retail Ltd; country=GB; domicile=GB; entityType=etype-CORP; ultimateParent=E07 |
| lad:E08 | =Saxby Shipping SA; country=GR; domicile=GR; entityType=etype-CORP; ultimateParent=E08 |
| lad:E09 | =Halden Group plc; country=GB; domicile=GB; entityType=etype-CORP; ultimateParent=E09 |
| lad:E10 | =Halden Bank AG; ancestor=E09; country=DE; domicile=LU; entityType=etype-BANK; parent=E09; parentEntity=E09; sameEntityAs=E17; ultimateParent=E09 |
| lad:E11 | =Halden Leasing SA; ancestor=E09; ancestor=E10; ancestor=E17; country=FR; domicile=FR; entityType=etype-FINSUB; parent=E10; parentEntity=E10; parentEntity=E17; ultimateParent=E09 |
| lad:E12 | =Halden Foods Ltd; country=GB; domicile=GB; entityType=etype-CORP; ultimateParent=E12 |
| lad:E13 | =Orrin Bancorp Inc; country=US; domicile=US; entityType=etype-BANK; ultimateParent=E13 |
| lad:E14 | =Marlow Utilities plc; country=GB; domicile=GB; entityType=etype-CORP; ultimateParent=E14 |
| lad:E15 | =Corvenia Power SA; country=CV; domicile=CV; entityType=etype-CORP; ultimateParent=E15 |
| lad:E16 | =Brindle Capital Ltd; country=GB; domicile=GB; entityType=etype-CORP |
| lad:E17 | =HALDEN BANK; ancestor=E09; country=LU; domicile=LU; entityType=etype-BANK; parentEntity=E09; sameEntityAs=E10; ultimateParent=E09 |
| lad:VD | =Republic of Valdoria; country=VD; domesticCurrency=XVD; domicile=VD; entityType=etype-SOV; ultimateParent=VD |
Query 2:
| s | props |
|---|---|
| lad:I01 | =Kestrel Energy 4.50% 2030; creditRiskOf=E01; currency=GBP; issuer=E01; localCurrency=true; maturity=2030-03-15; seniority=seniority-SU |
| lad:I02 | =Kestrel Energy 6.25% 2031; creditRiskOf=E01; currency=GBP; issuer=E01; localCurrency=true; maturity=2031-09-30; seniority=seniority-SUB |
| lad:I03 | =Northwind Finance 3.75% 2030; creditRiskOf=E02; currency=EUR; guarantor=E02; issuer=E04; localCurrency=true; maturity=2030-05-01; seniority=seniority-SU |
| lad:I04 | =Valdoria Telecom 5.00% 2029; creditRiskOf=E05; currency=USD; issuer=E05; localCurrency=false; maturity=2029-11-20; seniority=seniority-SU |
| lad:I05 | =Halden Leasing 2.90% 2028; creditRiskOf=E10; currency=EUR; guarantor=E10; issuer=E11; localCurrency=true; maturity=2028-06-30; seniority=seniority-SU |
| lad:I06 | =Corvenia Power 7.10% 2032; creditRiskOf=E15; currency=USD; issuer=E15; localCurrency=false; maturity=2032-02-15; seniority=seniority-SUB |
| lad:I07 | =Valdoria Telecom 4.25% 2027; creditRiskOf=E05; currency=XVD; issuer=E05; localCurrency=true; maturity=2027-08-31; seniority=seniority-SU |
| lad:I08 | =Corvenia Power 6.00% 2034; creditRiskOf=E15; currency=USD; issuer=E15; localCurrency=false; maturity=2034-09-01; seniority=seniority-SU |
Run more queries, or give the final answers.The model
SELECT ?s ?t ?ra ?d ?r ?rt ?ccy ?o ?w ?a ?vt ?c ?inf WHERE { ?s a lad:RatingAction ; lad:ratedThing ?t ; lad:date ?d . OPTIONAL{?s lad:rating ?r} OPTIONAL{?s lad:ratingType ?rt} OPTIONAL{?s lad:ccyBasis ?ccy} OPTIONAL{?s lad:outlook ?o} OPTIONAL{?s lad:watch ?w} OPTIONAL{?s lad:action ?a} OPTIONAL{?s lad:validTo ?vt} OPTIONAL{?s lad:comment ?c} BIND(EXISTS{?s a lad:RatingInForce} AS ?inf) } ORDER BY ?t ?d
```
```sparql
SELECT ?s ?p ?o WHERE { ?s a lad:Entity . FILTER(?s IN (lad:CV, lad:VD)) ?s ?p ?o } LIMIT 1
```Query results
Query 1:
| s | p | o |
|---|---|---|
| lad:VD | rdf:type | lad:Entity |
Run more queries, or give the final answers.The model
<invoke name="sparql">
SELECT ?s ?t ?d ?r ?rt ?ccy ?o ?w ?a ?vt ?c ?inf WHERE { ?s a lad:RatingAction ; lad:ratedThing ?t ; lad:date ?d . OPTIONAL{?s lad:rating ?r} OPTIONAL{?s lad:ratingType ?rt} OPTIONAL{?s lad:ccyBasis ?ccy} OPTIONAL{?s lad:outlook ?o} OPTIONAL{?s lad:watch ?w} OPTIONAL{?s lad:action ?a} OPTIONAL{?s lad:validTo ?vt} OPTIONAL{?s lad:comment ?c} BIND(EXISTS{?s a lad:RatingInForce} AS ?inf) } ORDER BY ?t ?d
</invoke>Query results
Query 1:
| s | t | d | r | rt | ccy | o | w | a | vt | c | inf |
|---|---|---|---|---|---|---|---|---|---|---|---|
| lad:A37 | lad:CV | 2024-01-01 | A | lad:type-CC | | | | lad:action-AS | | | true |
| lad:A38 | lad:CV | 2024-01-01 | BBB+ | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-AS | | | true |
| lad:A39 | lad:CV | 2024-01-01 | A- | lad:type-LTIDR | lad:basis-LC | lad:outlook-STA | | lad:action-AS | | | true |
| lad:A01 | lad:E01 | 2024-03-12 | A- | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-AS | 2025-06-20 | | false |
| lad:A02 | lad:E01 | 2025-06-20 | BBB | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-DG | 2026-02-10 | weaker cash flow after asset sale | false |
| lad:A03 | lad:E01 | 2026-02-10 | BBB | lad:type-LTIDR | lad:basis-FC | lad:outlook-NEG | | lad:action-AF | | | true |
| lad:A04 | lad:E01 | 2026-02-10 | F2 | lad:type-STIDR | lad:basis-FC | | | lad:action-AF | | | true |
| lad:A08 | lad:E02 | 2023-11-01 | A | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-AS | 2025-09-15 | | false |
| lad:A09 | lad:E03 | 2025-09-15 | A | lad:type-LTIDR | lad:basis-FC | lad:outlook-POS | | lad:action-AF | | | true |
| lad:A13 | lad:E05 | 2025-04-01 | BBB- | lad:type-LTIDR | lad:basis-LC | lad:outlook-STA | | lad:action-AS | | | true |
| lad:A14 | lad:E05 | 2025-04-01 | BB | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-AS | | | true |
| lad:A16 | lad:E06 | 2024-05-01 | A- | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-AS | 2026-09-03 | | false |
| lad:A17 | lad:E06 | 2026-09-03 | A- | lad:type-LTIDR | lad:basis-FC | | lad:watch-RWN | lad:action-RW | | | true |
| lad:A18 | lad:E07 | 2024-01-10 | BB | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-AS | 2026-05-12 | | false |
| lad:A19 | lad:E07 | 2026-05-12 | WD | lad:type-LTIDR | lad:basis-FC | | | lad:action-WD | | commercial reasons | false |
| lad:A20 | lad:E08 | 2024-06-01 | B | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-AS | 2026-01-20 | | false |
| lad:A21 | lad:E08 | 2026-01-20 | CCC | lad:type-LTIDR | lad:basis-FC | | | lad:action-DG | 2026-07-08 | | false |
| lad:A22 | lad:E08 | 2026-07-08 | RD | lad:type-LTIDR | lad:basis-FC | | | lad:action-DG | | distressed debt exchange completed | true |
| lad:A24 | lad:E09 | 2023-05-01 | A | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-AS | 2026-03-01 | | false |
| lad:A25 | lad:E09 | 2026-03-01 | A | lad:type-LTIDR | lad:basis-FC | lad:outlook-NEG | | lad:action-AF | | | true |
| lad:A26 | lad:E10 | 2023-05-01 | A- | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-AS | 2026-04-15 | support from parent | false |
| lad:A27 | lad:E10 | 2026-04-15 | BBB+ | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-DG | | | true |
| lad:A46 | lad:E11 | 2025-02-01 | BBB | lad:type-CO | | | | lad:action-AS | | | false |
| lad:A30 | lad:E12 | 2024-02-01 | BB- | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-AS | 2025-08-01 | | false |
| lad:A31 | lad:E12 | 2025-08-01 | BB | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-UG | | | true |
| lad:A32 | lad:E13 | 2024-07-01 | BBB | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-AS | | | true |
| lad:A34 | lad:E14 | 2023-01-15 | A- | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-AS | 2024-09-30 | | false |
| lad:A36 | lad:E14 | 2024-09-30 | BBB+ | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-DG | 2025-11-20 | | false |
| lad:A35 | lad:E14 | 2025-11-20 | BBB+ | lad:type-LTIDR | lad:basis-FC | | lad:watch-RWN | lad:action-RW | 2026-05-01 | | false |
| lad:A33 | lad:E14 | 2026-05-01 | BBB+ | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-AF | | | true |
| lad:A40 | lad:E15 | 2024-03-01 | A+ | lad:type-LTIDR | lad:basis-LC | lad:outlook-STA | | lad:action-AS | | | true |
| lad:A41 | lad:E15 | 2024-03-01 | A | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-AS | | | true |
| lad:A43 | lad:E16 | 2024-04-01 | BBB- | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-AS | 2026-06-01 | | false |
| lad:A44 | lad:E16 | 2026-06-01 | BB+ | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-DG | | | false |
| lad:A05 | lad:I01 | 2024-03-12 | A- | lad:type-INST | | | | lad:action-AS | 2025-06-20 | | false |
| lad:A06 | lad:I01 | 2025-06-20 | BBB | lad:type-INST | | | | lad:action-DG | | | true |
| lad:A23 | lad:I02 | 2024-03-12 | BBB | lad:type-INST | | | | lad:action-AS | 2025-06-20 | | false |
| lad:A07 | lad:I02 | 2025-06-20 | BB+ | lad:type-INST | | | | lad:action-DG | | | true |
| lad:A10 | lad:I03 | 2023-11-01 | A | lad:type-INST | | | | lad:action-AS | 2025-09-15 | | false |
| lad:A11 | lad:I03 | 2025-09-15 | A | lad:type-INST | | | | lad:action-AF | | | true |
| lad:A15 | lad:I04 | 2025-04-01 | BB | lad:type-INST | | | | lad:action-AS | | | true |
| lad:A28 | lad:I05 | 2023-06-01 | A- | lad:type-INST | | | | lad:action-AS | 2026-04-15 | | false |
| lad:A29 | lad:I05 | 2026-04-15 | BBB+ | lad:type-INST | | | | lad:action-DG | | | true |
| lad:A42 | lad:I06 | 2024-03-01 | A- | lad:type-INST | | | | lad:action-AS | | | true |
| lad:A45 | lad:I07 | 2025-04-01 | BBB- | lad:type-INST | | | | lad:action-AS | | | true |
| lad:A47 | lad:I08 | 2026-09-01 | A | lad:type-INST | | | | lad:action-EX | | | false |
| lad:A12 | lad:VD | 2025-04-01 | BB | lad:type-CC | | | | lad:action-AS | | | true |
Run more queries, or give the final answers.The model
```sparql
SELECT ?p ?o WHERE { lad:A44 ?p ?o }
```
```sparql
SELECT ?p ?o WHERE { lad:A43 ?p ?o }
```Query results
Query 1:
| p | o |
|---|---|
| rdf:type | lad:RatingAction |
| rdfs:label | E16 DG BB+ 2026-06-01 |
| lad:action | lad:action-DG |
| lad:ccyBasis | lad:basis-FC |
| lad:date | 2026-06-01 |
| lad:outlook | lad:outlook-STA |
| lad:ratedThing | lad:E16 |
| lad:rating | BB+ |
| lad:ratingType | lad:type-LTIDR |
Query 2:
| p | o |
|---|---|
| rdf:type | lad:RatingAction |
| rdfs:label | E16 AS BBB- 2024-04-01 |
| lad:action | lad:action-AS |
| lad:ccyBasis | lad:basis-FC |
| lad:date | 2024-04-01 |
| lad:outlook | lad:outlook-STA |
| lad:ratedThing | lad:E16 |
| lad:rating | BBB- |
| lad:ratingType | lad:type-LTIDR |
| lad:validTo | 2026-06-01 |
Run more queries, or give the final answers.The model
**Q1.** A-. Kestrel Energy's issuer rating on 1 Jan 2025 was A- (A01, valid 2024-03-12 to 2025-06-20).
**Q2.** No. The 2026-02-10 action (A03) affirmed BBB and only moved the outlook to Negative.
**Q3.** No. The 2031 note (I02) is BB+ (A07), below investment grade.
**Q4.** Positive. Northwind Holdings (E02, the same entity as E03) has an A rating with a Positive outlook (A09).
**Q5.** E02, rated A. The Northwind Finance 2030 note (I03) is guaranteed by E02, and I03 is rated A (A11).
**Q6.** Valdoria Telecom's foreign-currency rating is BB (A14) and its local-currency rating is BBB- (A13). The BB equals the Republic of Valdoria's Country Ceiling (A12), so the foreign-currency rating appears capped at the ceiling. The data does not state the reason explicitly.
**Q7.** E08, E10 and E16. Their issuer ratings were downgraded in 2026 (A21/A22, A27, A44). I did not count the I05 downgrade (A29), because it is an instrument rating.
**Q8.** E08. It was rated RD on 1 Oct 2026 (A22).
**Q9.** 13. These are E01, E02/E03, E05, E06, E08, E09, E10, E12, E13, E14, E15, E16 and CV. VD has only a Country Ceiling, and E07's rating was withdrawn. E16 is included even though A44 lacks the in-force flag; it has no end date and nothing replaces it.
**Q10.** Depends. The local-currency rating is BBB- (investment grade) and the foreign-currency rating is BB (not).
**Q11.** BBB+ (A36).
**Q12.** A- (A34).
**Q13.** 1. The only downgrade was A36 on 2024-09-30.
**Q14.** None. Halden Foods' first rating was dated 2024-02-01 (A30).
**Q15.** A-. Halden Bank (E10) held A- until 2026-04-15 (A26).
**Q16.** No. Marlow was BBB+ on 1 Jan 2025 and is BBB+ now; only the Watch and outlook changed.
**Q17.** No. Orrin Bank's A- was kept and placed on Rating Watch Negative (A17).
**Q18.** E06.
**Q19.** E01 and E09 (A03, A25).
**Q20.** No. Pellam Retail's rating was withdrawn (A19), not defaulted.
**Q21.** E07.
**Q22.** E08.
**Q23.** F2 (A04).
**Q24.** Yes. The issuer rating is BBB (A03).
**Q25.** 5. The investment-grade instruments are I01, I03, I05, I06 and I07.
**Q26.** A+ (A40).
**Q27.** A- (A42, instrument I06).
**Q28.** BBB+ (A38).
**Q29.** None. The Republic of Valdoria has only a Country Ceiling of BB (A12), no issuer rating.
**Q30.** E05 and E15. E05 is BB against Valdoria's BB ceiling, and E15 is A against Corvenia's A ceiling.
**Q31.** No.
**Q32.** E09.
**Q33.** E10, rated BBB+. The Halden Leasing 2028 note (I05) is guaranteed by E10 and rated BBB+ (A29).
**Q34.** No. Halden Foods (E12) has no ownership link to the Halden group; it is its own ultimate parent.
**Q35.** 3. The group is E09, E10 and E11, with E17 being the same entity as E10.
**Q36.** 2. The group is E02 (the same entity as E03) and E04.
**Q37.** 17. There are 19 records, with E03 duplicating E02 and E17 duplicating E10.
**Q38.** No. The data has no sameEntityAs link between E06 and E13.
**Q39.** A (A09).
**Q40.** 6. These are E01, E02, E09, E12, E14 and E16, counting E02 and E03 as one entity.
**Q41.** BB+ (A44). The record is not flagged as in force, but it has no end date and nothing supersedes it.
**Q42.** LU. Halden Bank's country is DE, but its derived domicile is LU.
**Q43.** 1. E10 and E17 are the same entity.
**Q44.** Yes. I07 is in XVD, Valdoria's domestic currency, and is marked as local currency.
**Q45.** No. The BB ceiling applies to foreign-currency ratings, and I07 is local currency (BBB-).
**Q46.** No. E11 has only a counterparty-obligation rating (A46), which is not an issuer rating, and it is not in force.
**Q47.** None. The 2034 note (I08) had its A rating expired (A47, action EX) on 2026-09-01.
**Q48.** 7. Instruments I01 to I07 held an in-force rating; I08's had expired.
```json
{
"Q1": {"rating": "A-"},
"Q2": {"downgraded": "no"},
"Q3": {"investment_grade": "no", "rating": "BB+"},
"Q4": {"outlook": "Positive"},
"Q5": {"risk_of": "E02", "rating": "A"},
"Q7": {"issuers": ["E08", "E10", "E16"]},
"Q8": {"entities": ["E08"]},
"Q9": {"count": 13},
"Q10": {"investment_grade": "depends"},
"Q11": {"rating": "BBB+"},
"Q12": {"rating": "A-"},
"Q13": {"count": 1},
"Q14": {"rating": "none"},
"Q15": {"rating": "A-"},
"Q16": {"changed": "no"},
"Q17": {"downgraded": "no"},
"Q18": {"issuers": ["E06"]},
"Q19": {"issuers": ["E01", "E09"]},
"Q20": {"in_default": "no"},
"Q21": {"entities": ["E07"]},
"Q22": {"entities": ["E08"]},
"Q23": {"rating": "F2"},
"Q24": {"investment_grade": "yes"},
"Q25": {"count": 5},
"Q26": {"rating": "A+"},
"Q27": {"rating": "A-"},
"Q28": {"rating": "BBB+"},
"Q29": {"rating": "none"},
"Q30": {"entities": ["E05", "E15"]},
"Q31": {"any": "no"},
"Q32": {"parent": "E09"},
"Q33": {"risk_of": "E10", "rating": "BBB+"},
"Q34": {"same_group": "no"},
"Q35": {"count": 3},
"Q36": {"count": 2},
"Q37": {"count": 17},
"Q38": {"same": "no"},
"Q39": {"rating": "A"},
"Q40": {"count": 6},
"Q41": {"rating": "BB+"},
"Q42": {"country": "LU"},
"Q43": {"count": 1},
"Q44": {"local_currency": "yes"},
"Q45": {"above_ceiling": "no"},
"Q46": {"issuer_rating": "no"},
"Q47": {"rating": "none"},
"Q48": {"count": 7}
}
```