D6 sparql+axioms, run 5: the query session

← back to the run

6 queries0 failed3 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>

Wait, I should write proper query in a fenced block.

```sparql
SELECT ?s ?p ?o WHERE { ?s ?p ?o . FILTER(?p IN (rdfs:label, lad:name, lad:entityType, lad:country, lad:domicile, lad:parent, lad:sameEntityAs, lad:lei, lad:sourceSystem)) } ORDER BY ?s ?p
```
Query results 
Query 1:

| s | p | o |
|---|---|---|
| lad:A01 | rdfs:label | E01 AS A- 2024-03-12 |
| lad:A02 | rdfs:label | E01 DG BBB 2025-06-20 |
| lad:A03 | rdfs:label | E01 AF BBB 2026-02-10 |
| lad:A04 | rdfs:label | E01 AF F2 2026-02-10 |
| lad:A05 | rdfs:label | I01 AS A- 2024-03-12 |
| lad:A06 | rdfs:label | I01 DG BBB 2025-06-20 |
| lad:A07 | rdfs:label | I02 DG BB+ 2025-06-20 |
| lad:A08 | rdfs:label | E02 AS A 2023-11-01 |
| lad:A09 | rdfs:label | E03 AF A 2025-09-15 |
| lad:A10 | rdfs:label | I03 AS A 2023-11-01 |
| lad:A11 | rdfs:label | I03 AF A 2025-09-15 |
| lad:A12 | rdfs:label | VD AS BB 2025-04-01 |
| lad:A13 | rdfs:label | E05 AS BBB- 2025-04-01 |
| lad:A14 | rdfs:label | E05 AS BB 2025-04-01 |
| lad:A15 | rdfs:label | I04 AS BB 2025-04-01 |
| lad:A16 | rdfs:label | E06 AS A- 2024-05-01 |
| lad:A17 | rdfs:label | E06 RW A- 2026-09-03 |
| lad:A18 | rdfs:label | E07 AS BB 2024-01-10 |
| lad:A19 | rdfs:label | E07 WD WD 2026-05-12 |
| lad:A20 | rdfs:label | E08 AS B 2024-06-01 |
| lad:A21 | rdfs:label | E08 DG CCC 2026-01-20 |
| lad:A22 | rdfs:label | E08 DG RD 2026-07-08 |
| lad:A23 | rdfs:label | I02 AS BBB 2024-03-12 |
| lad:A24 | rdfs:label | E09 AS A 2023-05-01 |
| lad:A25 | rdfs:label | E09 AF A 2026-03-01 |
| lad:A26 | rdfs:label | E10 AS A- 2023-05-01 |
| lad:A27 | rdfs:label | E10 DG BBB+ 2026-04-15 |
| lad:A28 | rdfs:label | I05 AS A- 2023-06-01 |
| lad:A29 | rdfs:label | I05 DG BBB+ 2026-04-15 |
| lad:A30 | rdfs:label | E12 AS BB- 2024-02-01 |
| lad:A31 | rdfs:label | E12 UG BB 2025-08-01 |
| lad:A32 | rdfs:label | E13 AS BBB 2024-07-01 |
| lad:A33 | rdfs:label | E14 AF BBB+ 2026-05-01 |
| lad:A34 | rdfs:label | E14 AS A- 2023-01-15 |
| lad:A35 | rdfs:label | E14 RW BBB+ 2025-11-20 |
| lad:A36 | rdfs:label | E14 DG BBB+ 2024-09-30 |
| lad:A37 | rdfs:label | CV AS A 2024-01-01 |
| lad:A38 | rdfs:label | CV AS BBB+ 2024-01-01 |
| lad:A39 | rdfs:label | CV AS A- 2024-01-01 |
| lad:A40 | rdfs:label | E15 AS A+ 2024-03-01 |
| lad:A41 | rdfs:label | E15 AS A 2024-03-01 |
| lad:A42 | rdfs:label | I06 AS A- 2024-03-01 |
| lad:A43 | rdfs:label | E16 AS BBB- 2024-04-01 |
| lad:A44 | rdfs:label | E16 DG BB+ 2026-06-01 |
| lad:A45 | rdfs:label | I07 AS BBB- 2025-04-01 |
| lad:A46 | rdfs:label | E11 AS BBB 2025-02-01 |
| lad:A47 | rdfs:label | I08 EX A 2026-09-01 |
| lad:ActionTypes | rdfs:label | Action types |
| lad:CV | rdfs:label | Republic of Corvenia |
| lad:CV | lad:country | CV |
| 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:CurrencyBases | rdfs:label | Currency bases |
| 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 |
(197 more rows not shown)

Run more queries, or give the final answers.
The model 
I need the entity and instrument records first, so I'll query those separately.

```sparql
SELECT ?s ?p ?o WHERE { ?s ?p ?o . ?s a ?c . FILTER(?c IN (lad:Entity, lad:Instrument)) FILTER(?p != rdf:type) } ORDER BY ?s ?p
```
Query results 
Query 1:

| s | p | o |
|---|---|---|
| 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 | 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 | 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 | 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 | 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 | 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 |
| lad:E05 | lad:sourceSystem | RATINGS |
| lad:E05 | lad:ultimateParent | lad:E05 |
| lad:E06 | rdfs:label | Orrin Bank AG |
| lad:E06 | lad:country | DE |
| lad:E06 | lad:domicile | DE |
| lad:E06 | lad:entityType | lad:etype-BANK |
(178 more rows not shown)

Run more queries, or give the final answers.
The model 
```sparql
SELECT ?s (GROUP_CONCAT(CONCAT(STRAFTER(STR(?p),"ladder/"),"=",REPLACE(STR(?o),"^.*[/#]","")); separator="; ") AS ?props) WHERE { ?s a lad:Entity . ?s ?p ?o . FILTER(?p NOT IN (rdf:type, lad:lei, lad:name, lad:sourceSystem, lad:country, lad:ancestor, lad:parentEntity)) FILTER(?s != lad:CV) } GROUP BY ?s ORDER BY ?s
```

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

```sparql
SELECT ?s (GROUP_CONCAT(CONCAT(STRAFTER(STR(?p),"ladder/"),"=",REPLACE(STR(?o),"^.*[/#]","")); separator="; ") AS ?props) WHERE { ?s a lad:RatingAction . ?s ?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:E01 | =Kestrel Energy plc; domicile=GB; entityType=etype-CORP; ultimateParent=E01 |
| lad:E02 | =Northwind Holdings plc; domicile=GB; entityType=etype-CORP; sameEntityAs=E03; ultimateParent=E02 |
| lad:E03 | =NORTHWIND HLDGS; domicile=GB; entityType=etype-CORP; sameEntityAs=E02; ultimateParent=E03 |
| lad:E04 | =Northwind Finance BV; domicile=NL; entityType=etype-FINSUB; parent=E02; ultimateParent=E02; ultimateParent=E03 |
| lad:E05 | =Valdoria Telecom SA; domicile=VD; entityType=etype-CORP; ultimateParent=E05 |
| lad:E06 | =Orrin Bank AG; domicile=DE; entityType=etype-BANK; ultimateParent=E06 |
| lad:E07 | =Pellam Retail Ltd; domicile=GB; entityType=etype-CORP; ultimateParent=E07 |
| lad:E08 | =Saxby Shipping SA; domicile=GR; entityType=etype-CORP; ultimateParent=E08 |
| lad:E09 | =Halden Group plc; domicile=GB; entityType=etype-CORP; ultimateParent=E09 |
| lad:E10 | =Halden Bank AG; domicile=LU; entityType=etype-BANK; parent=E09; sameEntityAs=E17; ultimateParent=E09 |
| lad:E11 | =Halden Leasing SA; domicile=FR; entityType=etype-FINSUB; parent=E10; ultimateParent=E09 |
| lad:E12 | =Halden Foods Ltd; domicile=GB; entityType=etype-CORP; ultimateParent=E12 |
| lad:E13 | =Orrin Bancorp Inc; domicile=US; entityType=etype-BANK; ultimateParent=E13 |
| lad:E14 | =Marlow Utilities plc; domicile=GB; entityType=etype-CORP; ultimateParent=E14 |
| lad:E15 | =Corvenia Power SA; domicile=CV; entityType=etype-CORP; ultimateParent=E15 |
| lad:E16 | =Brindle Capital Ltd; domicile=GB; entityType=etype-CORP |
| lad:E17 | =HALDEN BANK; domicile=LU; entityType=etype-BANK; 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; description=Kestrel Energy 4.50% notes due 2030; issuer=E01; localCurrency=true; maturity=2030-03-15; seniority=seniority-SU |
| lad:I02 | =Kestrel Energy 6.25% 2031; creditRiskOf=E01; currency=GBP; description=Kestrel Energy 6.25% notes due 2031; issuer=E01; localCurrency=true; maturity=2031-09-30; seniority=seniority-SUB |
| lad:I03 | =Northwind Finance 3.75% 2030; creditRiskOf=E02; currency=EUR; description=Northwind Finance 3.75% notes due 2030; guarantor=E02; issuer=E04; localCurrency=true; maturity=2030-05-01; seniority=seniority-SU |
| lad:I04 | =Valdoria Telecom 5.00% 2029; creditRiskOf=E05; currency=USD; description=Valdoria Telecom 5.00% notes due 2029; issuer=E05; localCurrency=false; maturity=2029-11-20; seniority=seniority-SU |
| lad:I05 | =Halden Leasing 2.90% 2028; creditRiskOf=E10; currency=EUR; description=Halden Leasing 2.90% notes due 2028; guarantor=E10; issuer=E11; localCurrency=true; maturity=2028-06-30; seniority=seniority-SU |
| lad:I06 | =Corvenia Power 7.10% 2032; creditRiskOf=E15; currency=USD; description=Corvenia Power 7.10% notes due 2032; issuer=E15; localCurrency=false; maturity=2032-02-15; seniority=seniority-SUB |
| lad:I07 | =Valdoria Telecom 4.25% 2027; creditRiskOf=E05; currency=XVD; description=Valdoria Telecom 4.25% notes due 2027; issuer=E05; localCurrency=true; maturity=2027-08-31; seniority=seniority-SU |
| lad:I08 | =Corvenia Power 6.00% 2034; creditRiskOf=E15; currency=USD; description=Corvenia Power 6.00% notes due 2034; 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 long-term foreign-currency rating on that date was A- (A01, 2024-03-12 to 2025-06-20).

**Q2.** No. Kestrel's only 2026 action was an affirmation at BBB with a Negative outlook (A03).

**Q3.** No. The 2031 note (I02) is rated BB+ (A07), which is below investment grade.

**Q4.** Positive (A09). It sits on E03, which is the same entity as E02.

**Q5.** E02, rated A. I03 is guaranteed by E02, whose rating is A (A09), and the note itself is also rated A (A11).

**Q6.** Not asked in the JSON. The data suggests the sovereign Country Ceiling for Valdoria (BB, A12) caps the foreign-currency rating at BB (A14), while the local-currency rating is BBB- (A13). The data does not state this reason explicitly.

**Q7.** E08 (A21, A22), E10 (A27) and E16 (A44). A29 is also a 2026 downgrade, but it is an instrument rating.

**Q8.** E08, which holds an RD rating (A22) in force.

**Q9.** 13. They are E01, E02 (same as E03), E05, E06, E08, E09, E10, E12, E13, E14, E15, E16 and CV.

**Q10.** Depends. The local-currency rating is BBB- (investment grade, A13) but the foreign-currency rating is BB (not investment grade, A14).

**Q11.** BBB+ (A36).

**Q12.** A- (A34).

**Q13.** 1, the downgrade at A36. The other actions were an affirmation and a rating watch.

**Q14.** None. Halden Foods' first rating started on 2024-02-01 (A30).

**Q15.** A- (A26, Halden Bank, E10).

**Q16.** No. The rating stayed at BBB+ (A36, A35, A33); only the watch status changed.

**Q17.** No. The only 2026 action for E06 was a Rating Watch Negative at an unchanged A- (A17).

**Q18.** E06 (A17).

**Q19.** E01 (A03) and E09 (A25).

**Q20.** No. Pellam's rating was withdrawn for commercial reasons (A19), not because of a default.

**Q21.** E07, whose rating was withdrawn (A19).

**Q22.** E08 (A22, RD).

**Q23.** F2 (A04).

**Q24.** Yes. The issuer rating is BBB (A03).

**Q25.** 5. The investment-grade instruments are I01, I03, I05, I06 and I07. I08's rating (A47) ended in an exchange and is not in force.

**Q26.** A+ (A40).

**Q27.** A- (A42).

**Q28.** BBB+ (A38).

**Q29.** None. Valdoria has only a Country Ceiling record (A12), not an issuer rating.

**Q30.** E05 (BB against a BB ceiling) and E15 (A against an A ceiling).

**Q31.** No. E05 and E15 sit exactly at their ceilings.

**Q32.** E09.

**Q33.** E10, rated BBB+ (A27). I05 is guaranteed by E10.

**Q34.** No. E12 is its own ultimate parent, separate from the E09 group.

**Q35.** 3. They are E09, E10 (same as E17) and E11.

**Q36.** 2. They are E02 (same as E03) and E04.

**Q37.** 17. There are 19 records, and E03=E02 and E17=E10 are duplicates.

**Q38.** No. There is no sameEntityAs link between E06 and E13.

**Q39.** A (A09).

**Q40.** 6. They are E01, E02, E09, E12, E14 and E16.

**Q41.** BB+ (A44).

**Q42.** LU.

**Q43.** 1. E10 and E17 are the same entity.

**Q44.** Yes. I07 is flagged as a local-currency obligation (denominated in XVD).

**Q45.** No. The BB ceiling caps foreign-currency ratings, and I07 is local-currency.

**Q46.** No. E11 has only a counterparty rating (A46), not an issuer rating.

**Q47.** None. The only rating on I08 is an exchange action (A47), which is not in force.

**Q48.** 7. They are 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":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}}
```