D4 sparql, run 1: the query session
8 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:country`, `lad:entityType`, `lad:lei`, `lad:name`, `lad:parent`, `lad:sourceSystem`
- `lad:Instrument`: `rdf:type`, `rdfs:label`, `lad:currency`, `lad:description`, `lad:guarantor`, `lad:issuer`, `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:watch`
## 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 ?p ?o . FILTER(?s IN (lad:E01, lad:E02)) } LIMIT 5
```
Let me first explore the entities and instruments.
```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
```
<invoke name="sparql">
</invoke>
```sparql
SELECT ?s ?p ?o WHERE { ?s a lad:RatingAction ; ?p ?o } ORDER BY ?s ?p
```Query results
Query 1:
| s | p | o |
|---|---|---|
| lad:E01 | lad:sourceSystem | RATINGS |
| lad:E02 | lad:entityType | lad:etype-CORP |
| lad:E01 | lad:name | Kestrel Energy plc |
| lad:E02 | lad:sourceSystem | RATINGS |
| lad:E01 | lad:country | GB |
Query 2:
| s | p | o |
|---|---|---|
| lad:CV | rdf:type | lad:Entity |
| lad:CV | rdfs:label | Republic of Corvenia |
| lad:CV | lad:country | CV |
| lad:CV | lad:entityType | lad:etype-SOV |
| lad:CV | lad:name | Republic of Corvenia |
| lad:CV | lad:sourceSystem | RATINGS |
| lad:E01 | rdf:type | lad:Entity |
| lad:E01 | rdfs:label | Kestrel Energy plc |
| lad:E01 | lad:country | 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:E02 | rdf:type | lad:Entity |
| lad:E02 | rdfs:label | Northwind Holdings plc |
| lad:E02 | lad:country | GB |
| lad:E02 | lad:entityType | lad:etype-CORP |
| lad:E02 | lad:lei | 213800PHEIYNJMHTDV74 |
| lad:E02 | lad:name | Northwind Holdings plc |
| lad:E02 | lad:sourceSystem | RATINGS |
| lad:E03 | rdf:type | lad:Entity |
| lad:E03 | rdfs:label | NORTHWIND HLDGS |
| lad:E03 | lad:country | GB |
| lad:E03 | lad:entityType | lad:etype-CORP |
| lad:E03 | lad:lei | 213800PHEIYNJMHTDV74 |
| lad:E03 | lad:name | NORTHWIND HLDGS |
| lad:E03 | lad:sourceSystem | RESEARCH |
| lad:E04 | rdf:type | lad:Entity |
| lad:E04 | rdfs:label | Northwind Finance BV |
| lad:E04 | lad:country | 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:sourceSystem | RATINGS |
| lad:E05 | rdf:type | lad:Entity |
| lad:E05 | rdfs:label | Valdoria Telecom SA |
| lad:E05 | lad:country | 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:E06 | rdf:type | lad:Entity |
| lad:E06 | rdfs:label | Orrin Bank AG |
| lad:E06 | lad:country | DE |
| lad:E06 | lad:entityType | lad:etype-BANK |
| lad:E06 | lad:lei | 549300AMVE3VRVG7HK43 |
| lad:E06 | lad:name | Orrin Bank AG |
| lad:E06 | lad:sourceSystem | RATINGS |
| lad:E07 | rdf:type | lad:Entity |
| lad:E07 | rdfs:label | Pellam Retail Ltd |
| lad:E07 | lad:country | GB |
| lad:E07 | lad:entityType | lad:etype-CORP |
| lad:E07 | lad:lei | 969500B6IUACELPI2291 |
| lad:E07 | lad:name | Pellam Retail Ltd |
| lad:E07 | lad:sourceSystem | RATINGS |
| lad:E08 | rdf:type | lad:Entity |
| lad:E08 | rdfs:label | Saxby Shipping SA |
| lad:E08 | lad:country | GR |
| lad:E08 | lad:entityType | lad:etype-CORP |
(74 more rows not shown)
Query 3:
| s | p | o |
|---|---|---|
| lad:I01 | rdf:type | lad:Instrument |
| lad:I01 | rdfs:label | Kestrel Energy 4.50% 2030 |
| 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: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:currency | GBP |
| lad:I02 | lad:description | Kestrel Energy 6.25% notes due 2031 |
| lad:I02 | lad:issuer | lad:E01 |
| 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: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: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:currency | USD |
| lad:I04 | lad:description | Valdoria Telecom 5.00% notes due 2029 |
| lad:I04 | lad:issuer | lad:E05 |
| 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: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: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:currency | USD |
| lad:I06 | lad:description | Corvenia Power 7.10% notes due 2032 |
| lad:I06 | lad:issuer | lad:E15 |
| 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:currency | XVD |
| lad:I07 | lad:description | Valdoria Telecom 4.25% notes due 2027 |
| lad:I07 | lad:issuer | lad:E05 |
| lad:I07 | lad:maturity | 2027-08-31 |
| lad:I07 | lad:seniority | lad:seniority-SU |
| lad:I08 | rdf:type | lad:Instrument |
| lad:I08 | rdfs:label | Corvenia Power 6.00% 2034 |
| lad:I08 | lad:currency | USD |
| lad:I08 | lad:description | Corvenia Power 6.00% notes due 2034 |
| lad:I08 | lad:issuer | lad:E15 |
| lad:I08 | lad:maturity | 2034-09-01 |
| lad:I08 | lad:seniority | lad:seniority-SU |
Query 4:
| s | p | o |
|---|---|---|
| lad:A01 | rdf:type | lad:RatingAction |
| lad:A01 | rdfs:label | E01 AS A- 2024-03-12 |
| lad:A01 | lad:action | lad:action-AS |
| lad:A01 | lad:ccyBasis | lad:basis-FC |
| lad:A01 | lad:date | 2024-03-12 |
| lad:A01 | lad:outlook | lad:outlook-STA |
| lad:A01 | lad:ratedThing | lad:E01 |
| lad:A01 | lad:rating | A- |
| lad:A01 | lad:ratingType | lad:type-LTIDR |
| lad:A02 | rdf:type | lad:RatingAction |
| lad:A02 | rdfs:label | E01 DG BBB 2025-06-20 |
| lad:A02 | lad:action | lad:action-DG |
| lad:A02 | lad:ccyBasis | lad:basis-FC |
| lad:A02 | lad:comment | weaker cash flow after asset sale |
| lad:A02 | lad:date | 2025-06-20 |
| lad:A02 | lad:outlook | lad:outlook-STA |
| lad:A02 | lad:ratedThing | lad:E01 |
| lad:A02 | lad:rating | BBB |
| lad:A02 | lad:ratingType | lad:type-LTIDR |
| lad:A03 | rdf:type | lad:RatingAction |
| lad:A03 | rdfs:label | E01 AF BBB 2026-02-10 |
| lad:A03 | lad:action | lad:action-AF |
| lad:A03 | lad:ccyBasis | lad:basis-FC |
| lad:A03 | lad:date | 2026-02-10 |
| lad:A03 | lad:outlook | lad:outlook-NEG |
| lad:A03 | lad:ratedThing | lad:E01 |
| lad:A03 | lad:rating | BBB |
| lad:A03 | lad:ratingType | lad:type-LTIDR |
| lad:A04 | rdf:type | lad:RatingAction |
| lad:A04 | rdfs:label | E01 AF F2 2026-02-10 |
| lad:A04 | lad:action | lad:action-AF |
| lad:A04 | lad:ccyBasis | lad:basis-FC |
| lad:A04 | lad:date | 2026-02-10 |
| lad:A04 | lad:ratedThing | lad:E01 |
| lad:A04 | lad:rating | F2 |
| lad:A04 | lad:ratingType | lad:type-STIDR |
| lad:A05 | rdf:type | lad:RatingAction |
| lad:A05 | rdfs:label | I01 AS A- 2024-03-12 |
| lad:A05 | lad:action | lad:action-AS |
| lad:A05 | lad:date | 2024-03-12 |
| lad:A05 | lad:ratedThing | lad:I01 |
| lad:A05 | lad:rating | A- |
| lad:A05 | lad:ratingType | lad:type-INST |
| lad:A06 | rdf:type | lad:RatingAction |
| lad:A06 | rdfs:label | I01 DG BBB 2025-06-20 |
| lad:A06 | lad:action | lad:action-DG |
| lad:A06 | lad:date | 2025-06-20 |
| lad:A06 | lad:ratedThing | lad:I01 |
| lad:A06 | lad:rating | BBB |
| lad:A06 | lad:ratingType | lad:type-INST |
| lad:A07 | rdf:type | lad:RatingAction |
| lad:A07 | rdfs:label | I02 DG BB+ 2025-06-20 |
| lad:A07 | lad:action | lad:action-DG |
| lad:A07 | lad:date | 2025-06-20 |
| lad:A07 | lad:ratedThing | lad:I02 |
| lad:A07 | lad:rating | BB+ |
| lad:A07 | lad:ratingType | lad:type-INST |
| lad:A08 | rdf:type | lad:RatingAction |
| lad:A08 | rdfs:label | E02 AS A 2023-11-01 |
| lad:A08 | lad:action | lad:action-AS |
(333 more rows not shown)
Run more queries, or give the final answers.The model
<invoke name="sparql">
</invoke>
```sparql
SELECT ?e ?name ?country ?type ?parent ?lei ?src WHERE { ?e a lad:Entity ; lad:name ?name ; lad:country ?country ; lad:entityType ?type ; lad:sourceSystem ?src . OPTIONAL{?e lad:parent ?parent} OPTIONAL{?e lad:lei ?lei} } ORDER BY ?e
```
```sparql
SELECT ?a ?thing ?date ?action ?rating ?type ?outlook ?watch ?basis ?comment WHERE { ?a a lad:RatingAction ; lad:ratedThing ?thing ; lad:date ?date ; lad:action ?action ; lad:rating ?rating ; lad:ratingType ?type . OPTIONAL{?a lad:outlook ?outlook} OPTIONAL{?a lad:watch ?watch} OPTIONAL{?a lad:ccyBasis ?basis} OPTIONAL{?a lad:comment ?comment} } ORDER BY ?thing ?date
```
<invoke name="sparql">
</invoke>
```sparql
SELECT ?s ?p ?o WHERE { ?s ?p ?o . FILTER(?s NOT IN ()) FILTER(!STRSTARTS(STR(?s),"https://example.org/ladder/E") && !STRSTARTS(STR(?s),"https://example.org/ladder/I") && !STRSTARTS(STR(?s),"https://example.org/ladder/A")) } LIMIT 200
```Query results
Query 1:
| e | name | country | type | parent | lei | src |
|---|---|---|---|---|---|---|
| lad:CV | Republic of Corvenia | CV | lad:etype-SOV | | | RATINGS |
| lad:E01 | Kestrel Energy plc | GB | lad:etype-CORP | | 7245002OOPBG04092E43 | RATINGS |
| lad:E02 | Northwind Holdings plc | GB | lad:etype-CORP | | 213800PHEIYNJMHTDV74 | RATINGS |
| lad:E03 | NORTHWIND HLDGS | GB | lad:etype-CORP | | 213800PHEIYNJMHTDV74 | RESEARCH |
| lad:E04 | Northwind Finance BV | NL | lad:etype-FINSUB | lad:E02 | 213800LA5RYJLGXV2T85 | RATINGS |
| lad:E05 | Valdoria Telecom SA | VD | lad:etype-CORP | | 391200LESH03LMOY2U61 | RATINGS |
| lad:E06 | Orrin Bank AG | DE | lad:etype-BANK | | 549300AMVE3VRVG7HK43 | RATINGS |
| lad:E07 | Pellam Retail Ltd | GB | lad:etype-CORP | | 969500B6IUACELPI2291 | RATINGS |
| lad:E08 | Saxby Shipping SA | GR | lad:etype-CORP | | 969500KOTZ1JFIZSG796 | RATINGS |
| lad:E09 | Halden Group plc | GB | lad:etype-CORP | | 815600ASM9EHDG931T89 | RATINGS |
| lad:E10 | Halden Bank AG | DE | lad:etype-BANK | lad:E09 | 391200QYPVFF2O9K2039 | RATINGS |
| lad:E11 | Halden Leasing SA | FR | lad:etype-FINSUB | lad:E10 | 549300XBZH4ULO9MQV55 | RATINGS |
| lad:E12 | Halden Foods Ltd | GB | lad:etype-CORP | | 213800IJDL4OJ4DG5T19 | RATINGS |
| lad:E13 | Orrin Bancorp Inc | US | lad:etype-BANK | | 815600O8X8K2F154N214 | RATINGS |
| lad:E14 | Marlow Utilities plc | GB | lad:etype-CORP | | 3912005AH2C1I9YF8106 | RATINGS |
| lad:E15 | Corvenia Power SA | CV | lad:etype-CORP | | 213800PBQVHVBBH6GV02 | RATINGS |
| lad:E16 | Brindle Capital Ltd | GB | lad:etype-CORP | | 5493003Z3PXXR7KNFM81 | QA |
| lad:E17 | HALDEN BANK | LU | lad:etype-BANK | | 391200QYPVFF2O9K2039 | RESEARCH |
| lad:VD | Republic of Valdoria | VD | lad:etype-SOV | | | RATINGS |
Query 2:
| a | thing | date | action | rating | type | outlook | watch | basis | comment |
|---|---|---|---|---|---|---|---|---|---|
| lad:A37 | lad:CV | 2024-01-01 | lad:action-AS | A | lad:type-CC | | | | |
| lad:A38 | lad:CV | 2024-01-01 | lad:action-AS | BBB+ | lad:type-LTIDR | lad:outlook-STA | | lad:basis-FC | |
| lad:A39 | lad:CV | 2024-01-01 | lad:action-AS | A- | lad:type-LTIDR | lad:outlook-STA | | lad:basis-LC | |
| lad:A01 | lad:E01 | 2024-03-12 | lad:action-AS | A- | lad:type-LTIDR | lad:outlook-STA | | lad:basis-FC | |
| lad:A02 | lad:E01 | 2025-06-20 | lad:action-DG | BBB | lad:type-LTIDR | lad:outlook-STA | | lad:basis-FC | weaker cash flow after asset sale |
| lad:A03 | lad:E01 | 2026-02-10 | lad:action-AF | BBB | lad:type-LTIDR | lad:outlook-NEG | | lad:basis-FC | |
| lad:A04 | lad:E01 | 2026-02-10 | lad:action-AF | F2 | lad:type-STIDR | | | lad:basis-FC | |
| lad:A08 | lad:E02 | 2023-11-01 | lad:action-AS | A | lad:type-LTIDR | lad:outlook-STA | | lad:basis-FC | |
| lad:A09 | lad:E03 | 2025-09-15 | lad:action-AF | A | lad:type-LTIDR | lad:outlook-POS | | lad:basis-FC | |
| lad:A13 | lad:E05 | 2025-04-01 | lad:action-AS | BBB- | lad:type-LTIDR | lad:outlook-STA | | lad:basis-LC | |
| lad:A14 | lad:E05 | 2025-04-01 | lad:action-AS | BB | lad:type-LTIDR | lad:outlook-STA | | lad:basis-FC | |
| lad:A16 | lad:E06 | 2024-05-01 | lad:action-AS | A- | lad:type-LTIDR | lad:outlook-STA | | lad:basis-FC | |
| lad:A17 | lad:E06 | 2026-09-03 | lad:action-RW | A- | lad:type-LTIDR | | lad:watch-RWN | lad:basis-FC | |
| lad:A18 | lad:E07 | 2024-01-10 | lad:action-AS | BB | lad:type-LTIDR | lad:outlook-STA | | lad:basis-FC | |
| lad:A19 | lad:E07 | 2026-05-12 | lad:action-WD | WD | lad:type-LTIDR | | | lad:basis-FC | commercial reasons |
| lad:A20 | lad:E08 | 2024-06-01 | lad:action-AS | B | lad:type-LTIDR | lad:outlook-STA | | lad:basis-FC | |
| lad:A21 | lad:E08 | 2026-01-20 | lad:action-DG | CCC | lad:type-LTIDR | | | lad:basis-FC | |
| lad:A22 | lad:E08 | 2026-07-08 | lad:action-DG | RD | lad:type-LTIDR | | | lad:basis-FC | distressed debt exchange completed |
| lad:A24 | lad:E09 | 2023-05-01 | lad:action-AS | A | lad:type-LTIDR | lad:outlook-STA | | lad:basis-FC | |
| lad:A25 | lad:E09 | 2026-03-01 | lad:action-AF | A | lad:type-LTIDR | lad:outlook-NEG | | lad:basis-FC | |
| lad:A26 | lad:E10 | 2023-05-01 | lad:action-AS | A- | lad:type-LTIDR | lad:outlook-STA | | lad:basis-FC | support from parent |
| lad:A27 | lad:E10 | 2026-04-15 | lad:action-DG | BBB+ | lad:type-LTIDR | lad:outlook-STA | | lad:basis-FC | |
| lad:A46 | lad:E11 | 2025-02-01 | lad:action-AS | BBB | lad:type-CO | | | | |
| lad:A30 | lad:E12 | 2024-02-01 | lad:action-AS | BB- | lad:type-LTIDR | lad:outlook-STA | | lad:basis-FC | |
| lad:A31 | lad:E12 | 2025-08-01 | lad:action-UG | BB | lad:type-LTIDR | lad:outlook-STA | | lad:basis-FC | |
| lad:A32 | lad:E13 | 2024-07-01 | lad:action-AS | BBB | lad:type-LTIDR | lad:outlook-STA | | lad:basis-FC | |
| lad:A34 | lad:E14 | 2023-01-15 | lad:action-AS | A- | lad:type-LTIDR | lad:outlook-STA | | lad:basis-FC | |
| lad:A36 | lad:E14 | 2024-09-30 | lad:action-DG | BBB+ | lad:type-LTIDR | lad:outlook-STA | | lad:basis-FC | |
| lad:A35 | lad:E14 | 2025-11-20 | lad:action-RW | BBB+ | lad:type-LTIDR | | lad:watch-RWN | lad:basis-FC | |
| lad:A33 | lad:E14 | 2026-05-01 | lad:action-AF | BBB+ | lad:type-LTIDR | lad:outlook-STA | | lad:basis-FC | |
| lad:A40 | lad:E15 | 2024-03-01 | lad:action-AS | A+ | lad:type-LTIDR | lad:outlook-STA | | lad:basis-LC | |
| lad:A41 | lad:E15 | 2024-03-01 | lad:action-AS | A | lad:type-LTIDR | lad:outlook-STA | | lad:basis-FC | |
| lad:A43 | lad:E16 | 2024-04-01 | lad:action-AS | BBB- | lad:type-LTIDR | lad:outlook-STA | | lad:basis-FC | |
| lad:A44 | lad:E16 | 2026-06-01 | lad:action-DG | BB+ | lad:type-LTIDR | lad:outlook-STA | | lad:basis-FC | |
| lad:A05 | lad:I01 | 2024-03-12 | lad:action-AS | A- | lad:type-INST | | | | |
| lad:A06 | lad:I01 | 2025-06-20 | lad:action-DG | BBB | lad:type-INST | | | | |
| lad:A23 | lad:I02 | 2024-03-12 | lad:action-AS | BBB | lad:type-INST | | | | |
| lad:A07 | lad:I02 | 2025-06-20 | lad:action-DG | BB+ | lad:type-INST | | | | |
| lad:A10 | lad:I03 | 2023-11-01 | lad:action-AS | A | lad:type-INST | | | | |
| lad:A11 | lad:I03 | 2025-09-15 | lad:action-AF | A | lad:type-INST | | | | |
| lad:A15 | lad:I04 | 2025-04-01 | lad:action-AS | BB | lad:type-INST | | | | |
| lad:A28 | lad:I05 | 2023-06-01 | lad:action-AS | A- | lad:type-INST | | | | |
| lad:A29 | lad:I05 | 2026-04-15 | lad:action-DG | BBB+ | lad:type-INST | | | | |
| lad:A42 | lad:I06 | 2024-03-01 | lad:action-AS | A- | lad:type-INST | | | | |
| lad:A45 | lad:I07 | 2025-04-01 | lad:action-AS | BBB- | lad:type-INST | | | | |
| lad:A47 | lad:I08 | 2026-09-01 | lad:action-EX | A | lad:type-INST | | | | |
| lad:A12 | lad:VD | 2025-04-01 | lad:action-AS | BB | lad:type-CC | | | | |
Query 3:
| s | p | o |
|---|---|---|
| lad:VD | lad:sourceSystem | RATINGS |
| lad:CV | lad:entityType | lad:etype-SOV |
| lad:CV | rdfs:label | Republic of Corvenia |
| lad:CV | rdf:type | lad:Entity |
| lad:VD | lad:entityType | lad:etype-SOV |
| lad:VD | rdf:type | lad:Entity |
| lad:VD | lad:name | Republic of Valdoria |
| lad:CV | lad:name | Republic of Corvenia |
| lad:VD | rdfs:label | Republic of Valdoria |
| lad:VD | lad:country | VD |
| lad:CV | lad:sourceSystem | RATINGS |
| lad:CV | lad:country | CV |
Run more queries, or give the final answers.The model
```sparql
SELECT ?s ?p ?o WHERE { VALUES ?s { lad:action-EX lad:action-AF lad:action-WD lad:action-RW lad:type-CO lad:type-CC lad:basis-LC lad:outlook-STA } ?s ?p ?o }
```Query results
Query 1:
(no rows)
Run more queries, or give the final answers.The model
**Q1.** A-. Kestrel's FC LT IDR was A- from A01 (2024-03-12). It was only cut to BBB on 2025-06-20 (A02).
**Q2.** No. Kestrel's only 2026 actions are affirmations on 2026-02-10 (A03, A04), with the outlook moved to Negative.
**Q3.** No. The 2031 note (I02) is rated BB+ since the downgrade on 2025-06-20 (A07), which is sub-investment grade.
**Q4.** Positive. E03 (NORTHWIND HLDGS) shares E02's LEI, so I treat them as the same entity. E03's latest action, A09 (2025-09-15), has a Positive outlook, and E02's own record is the older A08.
**Q5.** The guarantor, E02, because I03 was issued by E04 and guaranteed by E02. I03 is rated A (A11).
**Q6.** The data doesn't state a reason. The pattern is consistent with a country-ceiling cap: E05's FC rating is BB (A14), equal to Valdoria's Country Ceiling of BB (A12), while its LC rating is BBB- (A13).
**Q7.** E08, E10 and E16 had issuer-rating downgrades in 2026 (A21, A22, A27, A44). I05, the instrument issued by E11, was also downgraded (A29), but E11 itself has no issuer rating.
**Q8.** E08. It was rated RD on 2026-07-08 (A22) with no later action.
**Q9.** 13. The issuers are E01, E02 (with E03 as the same entity), E05, E06, E08, E09, E10, E12, E13, E14, E15, E16 and CV. E07 is excluded because its rating was withdrawn (A19).
**Q10.** Depends. E05 is BB on an FC basis (A14) and BBB- on an LC basis (A13).
**Q11.** BBB+. Marlow was downgraded to BBB+ on 2024-09-30 (A36).
**Q12.** A-, from A34.
**Q13.** 1, from A36. A35 is only a watch, and A33 affirmed the rating.
**Q14.** None. Halden Foods' first rating is A30, dated 2024-02-01.
**Q15.** A-, from A26 for E10. E17 is the same entity and has no actions of its own.
**Q16.** No. Marlow was BBB+ on 2025-01-01 and is still BBB+ after the watch period (A35, A33).
**Q17.** No. Orrin Bank's only 2026 action is a Rating Watch Negative (A17) at A-, which is not a downgrade.
**Q18.** E06 (A17, unresolved). E14's watch was resolved by A33.
**Q19.** E01 (A03) and E09 (A25).
**Q20.** No. Pellam's rating was withdrawn for commercial reasons (A19), and no default is recorded.
**Q21.** E07, whose rating was withdrawn (A19).
**Q22.** E08, rated RD in A22.
**Q23.** F2, from A04.
**Q24.** Yes. The issuer rating is BBB (A03).
**Q25.** 5: I01, I03, I05, I06 and I07. I08's only record, A47, has the action code "EX", which the data doesn't define, so I excluded it as not a settled rating. If it counts, the answer is 6.
**Q26.** A+ (A40).
**Q27.** A- (A42).
**Q28.** BBB+ (A38).
**Q29.** None. Valdoria has only a Country Ceiling (BB, A12), which is not an issuer rating.
**Q30.** E05 (BB against the ceiling of BB) and E15 (A against the ceiling of A).
**Q31.** No. No company's FC issuer rating is above its ceiling.
**Q32.** E09. E11's parent is E10, whose parent is E09.
**Q33.** E10, the guarantor of I05 (which E11 issued). I05 is rated BBB+ (A29).
**Q34.** No. E12 has no parent link to E09, so the data does not put it in the group.
**Q35.** 3: E09, E10 and E11. E17 duplicates E10.
**Q36.** 2: E02 and E04. E03 duplicates E02.
**Q37.** 17. There are 19 records, and E03 and E17 are duplicates by LEI of E02 and E10.
**Q38.** No. They have different LEIs and different countries (E06 is DE, E13 is US).
**Q39.** A. The rating is unchanged since A08, affirmed in A09.
**Q40.** 6: E01, E02, E09, E12, E14 and E16. E07 is excluded because its rating was withdrawn.
**Q41.** BB+ (A44).
**Q42.** DE. E10 says DE. The LU record E17 is a research duplicate with the same LEI.
**Q43.** 0. The only LU record, E17, is a duplicate of the DE entity E10, so I don't count it as a distinct LU entity.
**Q44.** Yes. I07 is denominated in XVD, which appears to be Valdoria's local currency (inferred from the code, not stated in the data).
**Q45.** Yes. I07 is rated BBB- (A45), above Valdoria's ceiling of BB (A12).
**Q46.** No. E11 has only a type-CO rating (A46), not an issuer (LTIDR) rating.
**Q47.** None. I08's only record, A47, is an "EX" action that the data doesn't define, so I can't treat it as a settled rating. It shows A.
**Q48.** 7: I01 to I07. I08 is excluded for the reason in Q25.
```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": "DE"},
"Q43": {"count": 0},
"Q44": {"local_currency": "yes"},
"Q45": {"above_ceiling": "yes"},
"Q46": {"issuer_rating": "no"},
"Q47": {"rating": "none"},
"Q48": {"count": 7}
}
```