D4 sparql, run 4: the query session
6 queries1 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
I'll start by exploring the data.
```sparql
SELECT ?s ?p ?o WHERE { ?s ?p ?o . FILTER(?s IN (lad:E01, lad:E02)) } LIMIT 100
```
```sparql
SELECT ?s ?l ?t ?c ?et ?par ?lei ?src WHERE { ?s a lad:Entity . OPTIONAL{?s rdfs:label ?l} OPTIONAL{?s lad:country ?c} OPTIONAL{?s lad:entityType ?et} OPTIONAL{?s lad:parent ?par} OPTIONAL{?s lad:lei ?lei} OPTIONAL{?s lad:sourceSystem ?src} } ORDER BY ?s
```
```sparql
SELECT ?s ?l ?cur ?d ?g ?i ?m ?sen WHERE { ?s a lad:Instrument . OPTIONAL{?s rdfs:label ?l} OPTIONAL{?s lad:currency ?cur} OPTIONAL{?s lad:description ?d} OPTIONAL{?s lad:guarantor ?g} OPTIONAL{?s lad:issuer ?i} OPTIONAL{?s lad:maturity ?m} OPTIONAL{?s lad:seniority ?sen} } ORDER BY ?s
```
```sparql
SELECT ?s ?thing ?date ?rating ?type ?ccy ?out ?watch ?action ?comment WHERE { ?s a lad:RatingAction . OPTIONAL{?s lad:ratedThing ?thing} OPTIONAL{?s lad:date ?date} OPTIONAL{?s lad:rating ?rating} OPTIONAL{?s lad:ratingType ?type} OPTIONAL{?s lad:ccyBasis ?ccy} OPTIONAL{?s lad:outlook ?out} OPTIONAL{?s lad:watch ?watch} OPTIONAL{?s lad:action ?action} OPTIONAL{?s lad:comment ?comment} } ORDER BY ?thing ?date
```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 |
| lad:E01 | rdf:type | lad:Entity |
| lad:E01 | rdfs:label | Kestrel Energy plc |
| lad:E02 | lad:lei | 213800PHEIYNJMHTDV74 |
| lad:E02 | lad:name | Northwind Holdings plc |
| lad:E02 | lad:country | GB |
| lad:E01 | lad:lei | 7245002OOPBG04092E43 |
| lad:E02 | rdf:type | lad:Entity |
| lad:E01 | lad:entityType | lad:etype-CORP |
| lad:E02 | rdfs:label | Northwind Holdings plc |
Query 2:
| s | l | t | c | et | par | 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 3:
| s | l | cur | d | g | i | m | sen |
|---|---|---|---|---|---|---|---|
| lad:I01 | Kestrel Energy 4.50% 2030 | GBP | Kestrel Energy 4.50% notes due 2030 | | lad:E01 | 2030-03-15 | lad:seniority-SU |
| lad:I02 | Kestrel Energy 6.25% 2031 | GBP | Kestrel Energy 6.25% notes due 2031 | | lad:E01 | 2031-09-30 | lad:seniority-SUB |
| lad:I03 | Northwind Finance 3.75% 2030 | EUR | Northwind Finance 3.75% notes due 2030 | lad:E02 | lad:E04 | 2030-05-01 | lad:seniority-SU |
| lad:I04 | Valdoria Telecom 5.00% 2029 | USD | Valdoria Telecom 5.00% notes due 2029 | | lad:E05 | 2029-11-20 | lad:seniority-SU |
| lad:I05 | Halden Leasing 2.90% 2028 | EUR | Halden Leasing 2.90% notes due 2028 | lad:E10 | lad:E11 | 2028-06-30 | lad:seniority-SU |
| lad:I06 | Corvenia Power 7.10% 2032 | USD | Corvenia Power 7.10% notes due 2032 | | lad:E15 | 2032-02-15 | lad:seniority-SUB |
| lad:I07 | Valdoria Telecom 4.25% 2027 | XVD | Valdoria Telecom 4.25% notes due 2027 | | lad:E05 | 2027-08-31 | lad:seniority-SU |
| lad:I08 | Corvenia Power 6.00% 2034 | USD | Corvenia Power 6.00% notes due 2034 | | lad:E15 | 2034-09-01 | lad:seniority-SU |
Query 4:
| s | thing | date | rating | type | ccy | out | watch | action | comment |
|---|---|---|---|---|---|---|---|---|---|
| lad:A37 | lad:CV | 2024-01-01 | A | lad:type-CC | | | | lad:action-AS | |
| lad:A38 | lad:CV | 2024-01-01 | BBB+ | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-AS | |
| lad:A39 | lad:CV | 2024-01-01 | A- | lad:type-LTIDR | lad:basis-LC | lad:outlook-STA | | lad:action-AS | |
| lad:A01 | lad:E01 | 2024-03-12 | A- | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-AS | |
| lad:A02 | lad:E01 | 2025-06-20 | BBB | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-DG | weaker cash flow after asset sale |
| lad:A03 | lad:E01 | 2026-02-10 | BBB | lad:type-LTIDR | lad:basis-FC | lad:outlook-NEG | | lad:action-AF | |
| lad:A04 | lad:E01 | 2026-02-10 | F2 | lad:type-STIDR | lad:basis-FC | | | lad:action-AF | |
| lad:A08 | lad:E02 | 2023-11-01 | A | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-AS | |
| lad:A09 | lad:E03 | 2025-09-15 | A | lad:type-LTIDR | lad:basis-FC | lad:outlook-POS | | lad:action-AF | |
| lad:A13 | lad:E05 | 2025-04-01 | BBB- | lad:type-LTIDR | lad:basis-LC | lad:outlook-STA | | lad:action-AS | |
| lad:A14 | lad:E05 | 2025-04-01 | BB | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-AS | |
| lad:A16 | lad:E06 | 2024-05-01 | A- | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-AS | |
| lad:A17 | lad:E06 | 2026-09-03 | A- | lad:type-LTIDR | lad:basis-FC | | lad:watch-RWN | lad:action-RW | |
| lad:A18 | lad:E07 | 2024-01-10 | BB | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-AS | |
| lad:A19 | lad:E07 | 2026-05-12 | WD | lad:type-LTIDR | lad:basis-FC | | | lad:action-WD | commercial reasons |
| lad:A20 | lad:E08 | 2024-06-01 | B | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-AS | |
| lad:A21 | lad:E08 | 2026-01-20 | CCC | lad:type-LTIDR | lad:basis-FC | | | lad:action-DG | |
| lad:A22 | lad:E08 | 2026-07-08 | RD | lad:type-LTIDR | lad:basis-FC | | | lad:action-DG | distressed debt exchange completed |
| lad:A24 | lad:E09 | 2023-05-01 | A | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-AS | |
| lad:A25 | lad:E09 | 2026-03-01 | A | lad:type-LTIDR | lad:basis-FC | lad:outlook-NEG | | lad:action-AF | |
| lad:A26 | lad:E10 | 2023-05-01 | A- | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-AS | support from parent |
| lad:A27 | lad:E10 | 2026-04-15 | BBB+ | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-DG | |
| lad:A46 | lad:E11 | 2025-02-01 | BBB | lad:type-CO | | | | lad:action-AS | |
| lad:A30 | lad:E12 | 2024-02-01 | BB- | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-AS | |
| lad:A31 | lad:E12 | 2025-08-01 | BB | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-UG | |
| lad:A32 | lad:E13 | 2024-07-01 | BBB | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-AS | |
| lad:A34 | lad:E14 | 2023-01-15 | A- | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-AS | |
| lad:A36 | lad:E14 | 2024-09-30 | BBB+ | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-DG | |
| lad:A35 | lad:E14 | 2025-11-20 | BBB+ | lad:type-LTIDR | lad:basis-FC | | lad:watch-RWN | lad:action-RW | |
| lad:A33 | lad:E14 | 2026-05-01 | BBB+ | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-AF | |
| lad:A40 | lad:E15 | 2024-03-01 | A+ | lad:type-LTIDR | lad:basis-LC | lad:outlook-STA | | lad:action-AS | |
| lad:A41 | lad:E15 | 2024-03-01 | A | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-AS | |
| lad:A43 | lad:E16 | 2024-04-01 | BBB- | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-AS | |
| lad:A44 | lad:E16 | 2026-06-01 | BB+ | lad:type-LTIDR | lad:basis-FC | lad:outlook-STA | | lad:action-DG | |
| lad:A05 | lad:I01 | 2024-03-12 | A- | lad:type-INST | | | | lad:action-AS | |
| lad:A06 | lad:I01 | 2025-06-20 | BBB | lad:type-INST | | | | lad:action-DG | |
| lad:A23 | lad:I02 | 2024-03-12 | BBB | lad:type-INST | | | | lad:action-AS | |
| lad:A07 | lad:I02 | 2025-06-20 | BB+ | lad:type-INST | | | | lad:action-DG | |
| lad:A10 | lad:I03 | 2023-11-01 | A | lad:type-INST | | | | lad:action-AS | |
| lad:A11 | lad:I03 | 2025-09-15 | A | lad:type-INST | | | | lad:action-AF | |
| lad:A15 | lad:I04 | 2025-04-01 | BB | lad:type-INST | | | | lad:action-AS | |
| lad:A28 | lad:I05 | 2023-06-01 | A- | lad:type-INST | | | | lad:action-AS | |
| lad:A29 | lad:I05 | 2026-04-15 | BBB+ | lad:type-INST | | | | lad:action-DG | |
| lad:A42 | lad:I06 | 2024-03-01 | A- | lad:type-INST | | | | lad:action-AS | |
| lad:A45 | lad:I07 | 2025-04-01 | BBB- | lad:type-INST | | | | lad:action-AS | |
| lad:A47 | lad:I08 | 2026-09-01 | A | lad:type-INST | | | | lad:action-EX | |
| lad:A12 | lad:VD | 2025-04-01 | BB | lad:type-CC | | | | lad:action-AS | |
Run more queries, or give the final answers.The model
```sparql
SELECT ?s ?p ?o WHERE { ?s ?p ?o . FILTER(!(?s a lad:Entity || ?s a lad:Instrument || ?s a lad:RatingAction)) } ORDER BY ?s ?p
```Query results
Query 1 failed: Expected SelectQuery, found 'FILTER' (at char 35), (line:1, col:36)
Run more queries, or give the final answers.The model
<parameter name="sparql">
</parameter>
```sparql
SELECT ?s ?p ?o WHERE { ?s ?p ?o . FILTER(STRSTARTS(STR(?s), "https://example.org/ladder/")) 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")) } 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:VD | rdf:type | lad:Entity |
| lad:VD | rdfs:label | Republic of Valdoria |
| lad:VD | lad:country | VD |
| lad:VD | lad:entityType | lad:etype-SOV |
| lad:VD | lad:name | Republic of Valdoria |
| lad:VD | lad:sourceSystem | RATINGS |
Run more queries, or give the final answers.The model
**Q1.** A-. The latest action on or before 1 Jan 2025 is A01 (2024-03-12); A02 downgraded it to BBB only on 2025-06-20.
**Q2.** No. A03 (2026-02-10) affirmed BBB and only moved the outlook to Negative.
**Q3.** No. I02 was cut to BB+ by A07 (2025-06-20), which is sub-investment grade.
**Q4.** Positive. E03 shares E02's LEI, so it is the same entity, and its A09 (2025-09-15) is the latest action, with a Positive outlook.
**Q5.** The risk is E02, the guarantor of I03, which is rated A (A08/A09, and I03 itself via A11).
**Q6.** The data records no reason. It only shows E05's FC rating (BB, A14) below its LC rating (BBB-, A13), and VD's Country Ceiling at BB (A12).
**Q7.** E08 (A21, A22), E10 (A27) and E16 (A44).
**Q8.** E08, which was at RD from A22 (2026-07-08).
**Q9.** 13. These are E01, E02 (E03 is the same entity), E05, E06, E08, E09, E10, E12, E13, E14, E15, E16 and CV. E07 is withdrawn, E11 has only a CO-type rating, and VD has only a ceiling.
**Q10.** Depends. The LC rating is BBB- (investment grade) and the FC rating is BB (not), per A13/A14.
**Q11.** BBB+ (A36).
**Q12.** A- (A34).
**Q13.** 1, from A36.
**Q14.** None. E12's first rating is A30 on 2024-02-01.
**Q15.** A- (A26). The downgrade A27 came on 2026-04-15, and E17 is a duplicate of E10 with no ratings.
**Q16.** No. The rating was BBB+ then (A36) and is BBB+ now (A33).
**Q17.** No. A17 is only a Rating Watch Negative and the rating stays A-.
**Q18.** E06 (A17). Marlow's watch was resolved by A33.
**Q19.** E01 (A03) and E09 (A25).
**Q20.** No. A19 is a rating withdrawal (WD), not a default.
**Q21.** E07 (A19).
**Q22.** E08 (A22, RD).
**Q23.** F2 (A04).
**Q24.** Yes. Its issuer rating is BBB (A03).
**Q25.** 6: I01, I03, I05, I06, I07 and I08.
**Q26.** A+ (A40).
**Q27.** A- (A42).
**Q28.** BBB+ (A38).
**Q29.** None. VD has only a Country Ceiling (A12, BB) and no issuer rating.
**Q30.** E05 (FC BB = VD ceiling BB) and E15 (FC A = CV ceiling A).
**Q31.** No. No company's FC issuer rating is above its country's ceiling.
**Q32.** E09, via E11 → E10 → E09.
**Q33.** The risk is E10, the guarantor of I05, which is rated BBB+ (A27).
**Q34.** No. E12 has no parent link to the E09 group.
**Q35.** 3: E09, E10 and E11. E17 duplicates E10.
**Q36.** 2: E02 and E04. E03 duplicates E02.
**Q37.** 17. There are 19 entity records, but E03 duplicates E02 and E17 duplicates E10, as shown by their shared LEIs.
**Q38.** No. They have different LEIs, countries and records (E06 and E13).
**Q39.** A, per A08/A09.
**Q40.** 6: E01, E02, E09, E12, E14 and E16.
**Q41.** BB+ (A44).
**Q42.** DE (E10). E17's LU entry is a duplicate research record.
**Q43.** 0. The only LU record, E17, is a duplicate of the DE-domiciled E10.
**Q44.** Yes. I07 is denominated in XVD, Valdoria's currency, which I take to be its local currency (the data does not define XVD).
**Q45.** No. I07 is an LC obligation, so the FC ceiling (BB) does not apply to its BBB- rating (A45, consistent with LC A13).
**Q46.** No. E11 has only a CO-type rating (A46), not an issuer default rating.
**Q47.** A (A47).
**Q48.** 8, since all instruments I01–I08 have ratings.
```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":6},"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":"A"},"Q48":{"count":8}}
```