D6 sparql+axioms, run 3: the query session

← back to the run

6 queries0 failed2 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">
</invoke>
```sparql
SELECT ?s ?p ?o WHERE { ?s a lad:Entity ; ?p ?o } ORDER BY ?s ?p
```

```sparql
SELECT ?s ?p ?o WHERE { ?s a lad:Instrument ; ?p ?o } ORDER BY ?s ?p
```
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 
I'll pull the data in compact form.

```sparql
SELECT ?s (GROUP_CONCAT(CONCAT(STRAFTER(STR(?p),"ladder/"),"=",REPLACE(STR(?o),"https://example.org/ladder/","")); separator="; ") AS ?props)
WHERE { ?s a lad:Entity ; ?p ?o . FILTER(?p NOT IN (rdf:type, lad:name, lad:sourceSystem, lad:country)) }
GROUP BY ?s ORDER BY ?s
```

```sparql
SELECT ?s (GROUP_CONCAT(CONCAT(STRAFTER(STR(?p),"ladder/"),"=",REPLACE(STR(?o),"https://example.org/ladder/","")); separator="; ") AS ?props)
WHERE { ?s a lad:Instrument ; ?p ?o . FILTER(?p NOT IN (rdf:type, lad:description)) }
GROUP BY ?s ORDER BY ?s
```

```sparql
SELECT ?s (GROUP_CONCAT(CONCAT(STRAFTER(STR(?p),"ladder/"),"=",REPLACE(STR(?o),"https://example.org/ladder/","")); separator="; ") AS ?props)
WHERE { ?s a lad:RatingAction ; ?p ?o . FILTER(?p NOT IN (rdf:type, rdfs:label)) }
GROUP BY ?s ORDER BY ?s
```

```sparql
SELECT ?s WHERE { ?s a lad:RatingInForce } ORDER BY ?s
```
Query results 
Query 1:

| s | props |
|---|---|
| lad:CV | =Republic of Corvenia; domesticCurrency=CVK; domicile=CV; entityType=etype-SOV; ultimateParent=CV |
| lad:E01 | =Kestrel Energy plc; domicile=GB; entityType=etype-CORP; lei=7245002OOPBG04092E43; ultimateParent=E01 |
| lad:E02 | =Northwind Holdings plc; domicile=GB; entityType=etype-CORP; lei=213800PHEIYNJMHTDV74; sameEntityAs=E03; ultimateParent=E02 |
| lad:E03 | =NORTHWIND HLDGS; domicile=GB; entityType=etype-CORP; lei=213800PHEIYNJMHTDV74; sameEntityAs=E02; ultimateParent=E03 |
| lad:E04 | =Northwind Finance BV; ancestor=E02; ancestor=E03; domicile=NL; entityType=etype-FINSUB; lei=213800LA5RYJLGXV2T85; parent=E02; parentEntity=E02; parentEntity=E03; ultimateParent=E02; ultimateParent=E03 |
| lad:E05 | =Valdoria Telecom SA; domicile=VD; entityType=etype-CORP; lei=391200LESH03LMOY2U61; ultimateParent=E05 |
| lad:E06 | =Orrin Bank AG; domicile=DE; entityType=etype-BANK; lei=549300AMVE3VRVG7HK43; ultimateParent=E06 |
| lad:E07 | =Pellam Retail Ltd; domicile=GB; entityType=etype-CORP; lei=969500B6IUACELPI2291; ultimateParent=E07 |
| lad:E08 | =Saxby Shipping SA; domicile=GR; entityType=etype-CORP; lei=969500KOTZ1JFIZSG796; ultimateParent=E08 |
| lad:E09 | =Halden Group plc; domicile=GB; entityType=etype-CORP; lei=815600ASM9EHDG931T89; ultimateParent=E09 |
| lad:E10 | =Halden Bank AG; ancestor=E09; domicile=LU; entityType=etype-BANK; lei=391200QYPVFF2O9K2039; parent=E09; parentEntity=E09; sameEntityAs=E17; ultimateParent=E09 |
| lad:E11 | =Halden Leasing SA; ancestor=E09; ancestor=E10; ancestor=E17; domicile=FR; entityType=etype-FINSUB; lei=549300XBZH4ULO9MQV55; parent=E10; parentEntity=E10; parentEntity=E17; ultimateParent=E09 |
| lad:E12 | =Halden Foods Ltd; domicile=GB; entityType=etype-CORP; lei=213800IJDL4OJ4DG5T19; ultimateParent=E12 |
| lad:E13 | =Orrin Bancorp Inc; domicile=US; entityType=etype-BANK; lei=815600O8X8K2F154N214; ultimateParent=E13 |
| lad:E14 | =Marlow Utilities plc; domicile=GB; entityType=etype-CORP; lei=3912005AH2C1I9YF8106; ultimateParent=E14 |
| lad:E15 | =Corvenia Power SA; domicile=CV; entityType=etype-CORP; lei=213800PBQVHVBBH6GV02; ultimateParent=E15 |
| lad:E16 | =Brindle Capital Ltd; domicile=GB; entityType=etype-CORP; lei=5493003Z3PXXR7KNFM81 |
| lad:E17 | =HALDEN BANK; ancestor=E09; domicile=LU; entityType=etype-BANK; lei=391200QYPVFF2O9K2039; parentEntity=E09; sameEntityAs=E10; ultimateParent=E09 |
| lad:VD | =Republic of Valdoria; 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 |

Query 3:

| s | props |
|---|---|
| lad:A01 | action=action-AS; ccyBasis=basis-FC; date=2024-03-12; outlook=outlook-STA; ratedThing=E01; rating=A-; ratingType=type-LTIDR; validTo=2025-06-20 |
| lad:A02 | action=action-DG; ccyBasis=basis-FC; comment=weaker cash flow after asset sale; date=2025-06-20; outlook=outlook-STA; ratedThing=E01; rating=BBB; ratingType=type-LTIDR; validTo=2026-02-10 |
| lad:A03 | action=action-AF; ccyBasis=basis-FC; date=2026-02-10; outlook=outlook-NEG; ratedThing=E01; rating=BBB; ratingType=type-LTIDR |
| lad:A04 | action=action-AF; ccyBasis=basis-FC; date=2026-02-10; ratedThing=E01; rating=F2; ratingType=type-STIDR |
| lad:A05 | action=action-AS; date=2024-03-12; ratedThing=I01; rating=A-; ratingType=type-INST; validTo=2025-06-20 |
| lad:A06 | action=action-DG; date=2025-06-20; ratedThing=I01; rating=BBB; ratingType=type-INST |
| lad:A07 | action=action-DG; date=2025-06-20; ratedThing=I02; rating=BB+; ratingType=type-INST |
| lad:A08 | action=action-AS; ccyBasis=basis-FC; date=2023-11-01; outlook=outlook-STA; ratedThing=E02; rating=A; ratingType=type-LTIDR; validTo=2025-09-15 |
| lad:A09 | action=action-AF; ccyBasis=basis-FC; date=2025-09-15; outlook=outlook-POS; ratedThing=E03; rating=A; ratingType=type-LTIDR |
| lad:A10 | action=action-AS; date=2023-11-01; ratedThing=I03; rating=A; ratingType=type-INST; validTo=2025-09-15 |
| lad:A11 | action=action-AF; date=2025-09-15; ratedThing=I03; rating=A; ratingType=type-INST |
| lad:A12 | action=action-AS; date=2025-04-01; ratedThing=VD; rating=BB; ratingType=type-CC |
| lad:A13 | action=action-AS; ccyBasis=basis-LC; date=2025-04-01; outlook=outlook-STA; ratedThing=E05; rating=BBB-; ratingType=type-LTIDR |
| lad:A14 | action=action-AS; ccyBasis=basis-FC; date=2025-04-01; outlook=outlook-STA; ratedThing=E05; rating=BB; ratingType=type-LTIDR |
| lad:A15 | action=action-AS; date=2025-04-01; ratedThing=I04; rating=BB; ratingType=type-INST |
| lad:A16 | action=action-AS; ccyBasis=basis-FC; date=2024-05-01; outlook=outlook-STA; ratedThing=E06; rating=A-; ratingType=type-LTIDR; validTo=2026-09-03 |
| lad:A17 | action=action-RW; ccyBasis=basis-FC; date=2026-09-03; ratedThing=E06; rating=A-; ratingType=type-LTIDR; watch=watch-RWN |
| lad:A18 | action=action-AS; ccyBasis=basis-FC; date=2024-01-10; outlook=outlook-STA; ratedThing=E07; rating=BB; ratingType=type-LTIDR; validTo=2026-05-12 |
| lad:A19 | action=action-WD; ccyBasis=basis-FC; comment=commercial reasons; date=2026-05-12; ratedThing=E07; rating=WD; ratingType=type-LTIDR |
| lad:A20 | action=action-AS; ccyBasis=basis-FC; date=2024-06-01; outlook=outlook-STA; ratedThing=E08; rating=B; ratingType=type-LTIDR; validTo=2026-01-20 |
| lad:A21 | action=action-DG; ccyBasis=basis-FC; date=2026-01-20; ratedThing=E08; rating=CCC; ratingType=type-LTIDR; validTo=2026-07-08 |
| lad:A22 | action=action-DG; ccyBasis=basis-FC; comment=distressed debt exchange completed; date=2026-07-08; ratedThing=E08; rating=RD; ratingType=type-LTIDR |
| lad:A23 | action=action-AS; date=2024-03-12; ratedThing=I02; rating=BBB; ratingType=type-INST; validTo=2025-06-20 |
| lad:A24 | action=action-AS; ccyBasis=basis-FC; date=2023-05-01; outlook=outlook-STA; ratedThing=E09; rating=A; ratingType=type-LTIDR; validTo=2026-03-01 |
| lad:A25 | action=action-AF; ccyBasis=basis-FC; date=2026-03-01; outlook=outlook-NEG; ratedThing=E09; rating=A; ratingType=type-LTIDR |
| lad:A26 | action=action-AS; ccyBasis=basis-FC; comment=support from parent; date=2023-05-01; outlook=outlook-STA; ratedThing=E10; rating=A-; ratingType=type-LTIDR; validTo=2026-04-15 |
| lad:A27 | action=action-DG; ccyBasis=basis-FC; date=2026-04-15; outlook=outlook-STA; ratedThing=E10; rating=BBB+; ratingType=type-LTIDR |
| lad:A28 | action=action-AS; date=2023-06-01; ratedThing=I05; rating=A-; ratingType=type-INST; validTo=2026-04-15 |
| lad:A29 | action=action-DG; date=2026-04-15; ratedThing=I05; rating=BBB+; ratingType=type-INST |
| lad:A30 | action=action-AS; ccyBasis=basis-FC; date=2024-02-01; outlook=outlook-STA; ratedThing=E12; rating=BB-; ratingType=type-LTIDR; validTo=2025-08-01 |
| lad:A31 | action=action-UG; ccyBasis=basis-FC; date=2025-08-01; outlook=outlook-STA; ratedThing=E12; rating=BB; ratingType=type-LTIDR |
| lad:A32 | action=action-AS; ccyBasis=basis-FC; date=2024-07-01; outlook=outlook-STA; ratedThing=E13; rating=BBB; ratingType=type-LTIDR |
| lad:A33 | action=action-AF; ccyBasis=basis-FC; date=2026-05-01; outlook=outlook-STA; ratedThing=E14; rating=BBB+; ratingType=type-LTIDR |
| lad:A34 | action=action-AS; ccyBasis=basis-FC; date=2023-01-15; outlook=outlook-STA; ratedThing=E14; rating=A-; ratingType=type-LTIDR; validTo=2024-09-30 |
| lad:A35 | action=action-RW; ccyBasis=basis-FC; date=2025-11-20; ratedThing=E14; rating=BBB+; ratingType=type-LTIDR; validTo=2026-05-01; watch=watch-RWN |
| lad:A36 | action=action-DG; ccyBasis=basis-FC; date=2024-09-30; outlook=outlook-STA; ratedThing=E14; rating=BBB+; ratingType=type-LTIDR; validTo=2025-11-20 |
| lad:A37 | action=action-AS; date=2024-01-01; ratedThing=CV; rating=A; ratingType=type-CC |
| lad:A38 | action=action-AS; ccyBasis=basis-FC; date=2024-01-01; outlook=outlook-STA; ratedThing=CV; rating=BBB+; ratingType=type-LTIDR |
| lad:A39 | action=action-AS; ccyBasis=basis-LC; date=2024-01-01; outlook=outlook-STA; ratedThing=CV; rating=A-; ratingType=type-LTIDR |
| lad:A40 | action=action-AS; ccyBasis=basis-LC; date=2024-03-01; outlook=outlook-STA; ratedThing=E15; rating=A+; ratingType=type-LTIDR |
| lad:A41 | action=action-AS; ccyBasis=basis-FC; date=2024-03-01; outlook=outlook-STA; ratedThing=E15; rating=A; ratingType=type-LTIDR |
| lad:A42 | action=action-AS; date=2024-03-01; ratedThing=I06; rating=A-; ratingType=type-INST |
| lad:A43 | action=action-AS; ccyBasis=basis-FC; date=2024-04-01; outlook=outlook-STA; ratedThing=E16; rating=BBB-; ratingType=type-LTIDR; validTo=2026-06-01 |
| lad:A44 | action=action-DG; ccyBasis=basis-FC; date=2026-06-01; outlook=outlook-STA; ratedThing=E16; rating=BB+; ratingType=type-LTIDR |
| lad:A45 | action=action-AS; date=2025-04-01; ratedThing=I07; rating=BBB-; ratingType=type-INST |
| lad:A46 | action=action-AS; date=2025-02-01; ratedThing=E11; rating=BBB; ratingType=type-CO |
| lad:A47 | action=action-EX; date=2026-09-01; ratedThing=I08; rating=A; ratingType=type-INST |

Query 4:

| s |
|---|
| lad:A03 |
| lad:A04 |
| lad:A06 |
| lad:A07 |
| lad:A09 |
| lad:A11 |
| lad:A12 |
| lad:A13 |
| lad:A14 |
| lad:A15 |
| lad:A17 |
| lad:A22 |
| lad:A25 |
| lad:A27 |
| lad:A29 |
| lad:A31 |
| lad:A32 |
| lad:A33 |
| lad:A37 |
| lad:A38 |
| lad:A39 |
| lad:A40 |
| lad:A41 |
| lad:A42 |
| lad:A45 |

Run more queries, or give the final answers.
The model 
**Q1.** A-. Kestrel's foreign-currency long-term rating was A- on that date (A01, valid 2024-03-12 to 2025-06-20).
**Q2.** No. The only 2026 action is A03 on 2026-02-10, which affirmed BBB and set a Negative outlook. The downgrade to BBB came in 2025 (A02).
**Q3.** No. The 2031 note (I02) is rated BB+ (A07), which is sub-investment grade.
**Q4.** Positive. A09 is on E03, which is the same entity as E02 (same LEI, `sameEntityAs`).
**Q5.** E02 (Northwind Holdings, the guarantor of I03), rated A (A09). I03 itself is also rated A (A11).
**Q6.** Valdoria's Country Ceiling is BB (A12), which caps the foreign-currency rating at BB (A14). The local-currency rating is BBB- (A13), which is not capped.
**Q7.** E08, E10 and E16. They were downgraded by A21/A22, A27 and A44. The I05 downgrade (A29) is an instrument action.
**Q8.** E08. Its rating is RD (A22).
**Q9.** 13. These are E01, E02/E03 (one entity), E05, E06, E08, E09, E10, E12, E13, E14, CV, E15 and E16. A44 for E16 is not in the in-force class, but it has no end date, so I counted it.
**Q10.** Depends. The local-currency rating is BBB- (investment grade, A13). The foreign-currency rating is BB (not investment grade, A14).
**Q11.** BBB+ (A36).
**Q12.** A- (A34).
**Q13.** 1, from A36 on 2024-09-30.
**Q14.** None. Halden Foods' first rating is dated 2024-02-01 (A30).
**Q15.** A-. Halden Bank (E10, same entity as E17) was rated A- (A26) until 2026-04-15.
**Q16.** No. Marlow was BBB+ on 2025-01-01 (A36) and is BBB+ now (A33).
**Q17.** No. Orrin Bank (E06) went on Rating Watch Negative at A- (A17), with no rating change.
**Q18.** E06. A35 for Marlow ended on 2026-05-01.
**Q19.** E01 and E09 (A03, A25).
**Q20.** No. Pellam's rating was withdrawn for commercial reasons (A19), and there is no default record.
**Q21.** E07, whose rating was withdrawn (A19). E02's earlier rating continues under E03.
**Q22.** E08 (RD, A22).
**Q23.** F2 (A04).
**Q24.** Yes. The issuer rating is BBB (A03).
**Q25.** 5. These are I01, I03, I05, I06 and I07.
**Q26.** A+ (A40).
**Q27.** A- (A42).
**Q28.** BBB+ (A38).
**Q29.** None. Valdoria has only a Country Ceiling (A12), not an issuer rating.
**Q30.** E05 and E15. Their foreign-currency ratings equal their country ceilings: BB for Valdoria and A for Corvenia.
**Q31.** No. No company's foreign-currency rating exceeds its ceiling.
**Q32.** E09.
**Q33.** E10 (Halden Bank, the guarantor), rated BBB+ (A27).
**Q34.** No. E12 has no parent link to E09.
**Q35.** 3 entities (E09, E10/E17 and E11).
**Q36.** 2 entities (E02/E03 and E04).
**Q37.** 18. There are 20 records, and E02/E03 and E10/E17 are each one entity.
**Q38.** No. They have different LEIs and no `sameEntityAs` link.
**Q39.** A (A09).
**Q40.** 6. These are E01, E02/E03, E09, E12, E14 and E16 (5 if E16's A44 is excluded).
**Q41.** BB+ (A44).
**Q42.** LU.
**Q43.** 1 (E10/E17).
**Q44.** Yes. I07 is denominated in XVD and flagged `localCurrency` true.
**Q45.** No. The note is local-currency, so the foreign-currency ceiling does not apply, even though BBB- is above BB.
**Q46.** No. E11 has only a counterparty-type rating (A46), not an issuer rating.
**Q47.** None. I08's A rating was marked expired (A47, EX).
**Q48.** 7 (I01 to I07).

```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":18},"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}}
```