D4 sparql, run 3: the query session

← back to the run

7 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_placeholder">
</invoke>
```sparql
SELECT ?s ?p ?o WHERE { ?s ?p ?o . ?s a lad:Entity } ORDER BY ?s ?p
```

```sparql
SELECT ?s ?p ?o WHERE { ?s ?p ?o . ?s a lad:Instrument } ORDER BY ?s ?p
```

```sparql
SELECT ?s ?p ?o WHERE { ?s ?p ?o . ?s a lad:RatingAction } 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: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 2:

| 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 3:

| 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 
```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)) } 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, lad:description, rdfs:label)) } 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
```
Query results 
Query 1:

| s | props |
|---|---|
| lad:CV | =Republic of Corvenia; country=CV; entityType=etype-SOV; sourceSystem=RATINGS |
| lad:E01 | =Kestrel Energy plc; country=GB; entityType=etype-CORP; sourceSystem=RATINGS |
| lad:E02 | =Northwind Holdings plc; country=GB; entityType=etype-CORP; sourceSystem=RATINGS |
| lad:E03 | =NORTHWIND HLDGS; country=GB; entityType=etype-CORP; sourceSystem=RESEARCH |
| lad:E04 | =Northwind Finance BV; country=NL; entityType=etype-FINSUB; parent=E02; sourceSystem=RATINGS |
| lad:E05 | =Valdoria Telecom SA; country=VD; entityType=etype-CORP; sourceSystem=RATINGS |
| lad:E06 | =Orrin Bank AG; country=DE; entityType=etype-BANK; sourceSystem=RATINGS |
| lad:E07 | =Pellam Retail Ltd; country=GB; entityType=etype-CORP; sourceSystem=RATINGS |
| lad:E08 | =Saxby Shipping SA; country=GR; entityType=etype-CORP; sourceSystem=RATINGS |
| lad:E09 | =Halden Group plc; country=GB; entityType=etype-CORP; sourceSystem=RATINGS |
| lad:E10 | =Halden Bank AG; country=DE; entityType=etype-BANK; parent=E09; sourceSystem=RATINGS |
| lad:E11 | =Halden Leasing SA; country=FR; entityType=etype-FINSUB; parent=E10; sourceSystem=RATINGS |
| lad:E12 | =Halden Foods Ltd; country=GB; entityType=etype-CORP; sourceSystem=RATINGS |
| lad:E13 | =Orrin Bancorp Inc; country=US; entityType=etype-BANK; sourceSystem=RATINGS |
| lad:E14 | =Marlow Utilities plc; country=GB; entityType=etype-CORP; sourceSystem=RATINGS |
| lad:E15 | =Corvenia Power SA; country=CV; entityType=etype-CORP; sourceSystem=RATINGS |
| lad:E16 | =Brindle Capital Ltd; country=GB; entityType=etype-CORP; sourceSystem=QA |
| lad:E17 | =HALDEN BANK; country=LU; entityType=etype-BANK; sourceSystem=RESEARCH |
| lad:VD | =Republic of Valdoria; country=VD; entityType=etype-SOV; sourceSystem=RATINGS |

Query 2:

| s | props |
|---|---|
| lad:I01 | currency=GBP; issuer=E01; maturity=2030-03-15; seniority=seniority-SU |
| lad:I02 | currency=GBP; issuer=E01; maturity=2031-09-30; seniority=seniority-SUB |
| lad:I03 | currency=EUR; guarantor=E02; issuer=E04; maturity=2030-05-01; seniority=seniority-SU |
| lad:I04 | currency=USD; issuer=E05; maturity=2029-11-20; seniority=seniority-SU |
| lad:I05 | currency=EUR; guarantor=E10; issuer=E11; maturity=2028-06-30; seniority=seniority-SU |
| lad:I06 | currency=USD; issuer=E15; maturity=2032-02-15; seniority=seniority-SUB |
| lad:I07 | currency=XVD; issuer=E05; maturity=2027-08-31; seniority=seniority-SU |
| lad:I08 | currency=USD; issuer=E15; 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| lad:A21 | action=action-DG; ccyBasis=basis-FC; date=2026-01-20; ratedThing=E08; rating=CCC; ratingType=type-LTIDR |
| 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 |
| lad:A24 | action=action-AS; ccyBasis=basis-FC; date=2023-05-01; outlook=outlook-STA; ratedThing=E09; rating=A; ratingType=type-LTIDR |
| 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 |
| 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 |
| 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 |
| 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 |
| lad:A35 | action=action-RW; ccyBasis=basis-FC; date=2025-11-20; ratedThing=E14; rating=BBB+; ratingType=type-LTIDR; 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 |
| 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 |
| 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 |

Run more queries, or give the final answers.
The model 
```sparql
SELECT ?c ?p ?o WHERE { ?c ?p ?o . FILTER(STRSTARTS(STR(?c),"https://example.org/ladder/")) FILTER(REGEX(STR(?c),"/(type|action|watch|outlook|basis|etype|seniority)-")) FILTER(?p != rdf:type) } ORDER BY ?c ?p
```
Query results 
Query 1:

(no rows)

Run more queries, or give the final answers.
The model 
**Q1.** A-. E01's long-term FC rating was A- from A01 (2024-03-12) until the downgrade to BBB in A02 (2025-06-20).

**Q2.** No. A03 (2026-02-10) affirmed BBB with a Negative outlook.

**Q3.** No. The 2031 note (I02) was downgraded to BB+ in A07, which is below investment grade.

**Q4.** Positive. E02 and E03 share one LEI, so I treat them as one entity. The latest action is A09 (E03, 2025-09-15), which affirmed A with a Positive outlook.

**Q5.** The holder takes the credit risk of E02, the guarantor of I03, rated A (A08/A09). The note's own rating is also A (A11).

**Q6.** The data points to the Country Ceiling: VD's ceiling is BB (A12), which matches E05's FC rating of BB (A14). The LC rating is BBB- (A13). The data has no explicit statement of this reason.

**Q7.** E08, E10 and E16. They were downgraded in A21/A22, A27 and A44 respectively. A17 (E06) is only a watch action, and I05's downgrade (A29) is an instrument rating.

**Q8.** E08. A22 rated it RD on 2026-07-08.

**Q9.** 13. These are E01, E02 (with E03), E05, E06, E08, E09, E10, E12, E13, E14, E15, E16 and CV. E07 was withdrawn (A19). VD has only a Country Ceiling, and E11 has only a type-CO rating, which I did not count as an issuer rating.

**Q10.** Depends. The LC rating is BBB- (investment grade, A13) and the FC rating is BB (not investment grade, A14).

**Q11.** BBB+. A36 (2024-09-30) downgraded E14 to BBB+. A35 only placed it on watch later.

**Q12.** A-. This is from A34 (2023-01-15).

**Q13.** 1. Only A36 is a downgrade for E14.

**Q14.** None. E12's first rating is A30, dated 2024-02-01.

**Q15.** A-. This is from A26. E17 is a duplicate record with no ratings.

**Q16.** No. The rating was BBB+ on 2025-01-01 and is BBB+ now (A35, A33). Only the watch status came and went.

**Q17.** No. A17 placed E06 on Rating Watch Negative but kept A-.

**Q18.** E06 (A17, 2026-09-03). E14's earlier watch (A35) was superseded by A33 with no watch.

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

**Q20.** No. E07's rating was withdrawn for commercial reasons (A19), which is not a default.

**Q21.** E07. Its rating was withdrawn (A19).

**Q22.** E08, which reached RD in A22.

**Q23.** F2 (A04).

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

**Q25.** 5: I01 (BBB), I03 (A), I05 (BBB+), I06 (A-) and I07 (BBB-). I08's A rating ended with action EX (A47). I'm assuming EX means the rating ended, since the data does not define it.

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

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

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

**Q29.** None. VD has only a Country Ceiling rating of BB (A12), no issuer rating.

**Q30.** E05 (FC BB = VD ceiling BB) and E15 (FC A = CV ceiling A).

**Q31.** No. No FC issuer rating exceeds its country's ceiling.

**Q32.** E09. E11's parent is E10, whose parent is E09.

**Q33.** The holder takes the credit risk of E10, the guarantor of I05. E10 is rated BBB+ (A27) and the note is BBB+ (A29).

**Q34.** No. E12 has no parent link to the Halden group.

**Q35.** 3: E09, E10 and E11.

**Q36.** 2: E02 and E04. E03 is a duplicate record of E02.

**Q37.** 17. There are 19 records, minus the duplicates E03 (same LEI as E02) and E17 (the name matches E10, but E17 has no LEI, so this is inferred).

**Q38.** No. E06 and E13 are separate records, in DE and US, with different entity records.

**Q39.** A (A08/A09).

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

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

**Q42.** DE (E10). E17's LU record looks like a duplicate.

**Q43.** 0. The only LU record is E17, which I treat as a duplicate of the DE-domiciled E10. If E17 counts as separate, it would be 1.

**Q44.** Yes. I07 is denominated in XVD, which I take to be Valdoria's currency.

**Q45.** No. The Country Ceiling caps foreign-currency ratings, and I07 is local-currency.

**Q46.** No. E11 has only a type-CO rating (A46), not a long-term issuer rating.

**Q47.** None. A47 (EX, 2026-09-01) ended the A rating on I08, assuming EX means the rating ended.

**Q48.** 7: I01 to I07. I08 is excluded because of A47.

```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":"no"},"Q46":{"issuer_rating":"no"},"Q47":{"rating":"none"},"Q48":{"count":7}}
```