D4 sparql, run 5: the query session

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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: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 50
```

```sparql
SELECT ?s ?l ?t ?c ?p WHERE { ?s a lad:Entity ; rdfs:label ?l . OPTIONAL{?s lad:entityType ?t} OPTIONAL{?s lad:country ?c} OPTIONAL{?s lad:parent ?p} } ORDER BY ?s
```

```sparql
SELECT ?s ?l ?iss ?g ?cur ?mat ?sen ?d WHERE { ?s a lad:Instrument ; rdfs:label ?l . OPTIONAL{?s lad:issuer ?iss} OPTIONAL{?s lad:guarantor ?g} OPTIONAL{?s lad:currency ?cur} OPTIONAL{?s lad:maturity ?mat} OPTIONAL{?s lad:seniority ?sen} OPTIONAL{?s lad:description ?d} } ORDER BY ?s
```

```sparql
SELECT ?s ?rt ?a ?date ?r ?ot ?w ?ccy ?cm ?type WHERE { ?s a lad:RatingAction ; lad:ratedThing ?rt ; lad:date ?date . OPTIONAL{?s lad:rating ?r} OPTIONAL{?s lad:action ?a} OPTIONAL{?s lad:outlook ?ot} OPTIONAL{?s lad:watch ?w} OPTIONAL{?s lad:ccyBasis ?ccy} OPTIONAL{?s lad:comment ?cm} OPTIONAL{?s lad:ratingType ?type} } ORDER BY ?rt ?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 | p |
|---|---|---|---|---|
| lad:CV | Republic of Corvenia | lad:etype-SOV | CV |  |
| lad:E01 | Kestrel Energy plc | lad:etype-CORP | GB |  |
| lad:E02 | Northwind Holdings plc | lad:etype-CORP | GB |  |
| lad:E03 | NORTHWIND HLDGS | lad:etype-CORP | GB |  |
| lad:E04 | Northwind Finance BV | lad:etype-FINSUB | NL | lad:E02 |
| lad:E05 | Valdoria Telecom SA | lad:etype-CORP | VD |  |
| lad:E06 | Orrin Bank AG | lad:etype-BANK | DE |  |
| lad:E07 | Pellam Retail Ltd | lad:etype-CORP | GB |  |
| lad:E08 | Saxby Shipping SA | lad:etype-CORP | GR |  |
| lad:E09 | Halden Group plc | lad:etype-CORP | GB |  |
| lad:E10 | Halden Bank AG | lad:etype-BANK | DE | lad:E09 |
| lad:E11 | Halden Leasing SA | lad:etype-FINSUB | FR | lad:E10 |
| lad:E12 | Halden Foods Ltd | lad:etype-CORP | GB |  |
| lad:E13 | Orrin Bancorp Inc | lad:etype-BANK | US |  |
| lad:E14 | Marlow Utilities plc | lad:etype-CORP | GB |  |
| lad:E15 | Corvenia Power SA | lad:etype-CORP | CV |  |
| lad:E16 | Brindle Capital Ltd | lad:etype-CORP | GB |  |
| lad:E17 | HALDEN BANK | lad:etype-BANK | LU |  |
| lad:VD | Republic of Valdoria | lad:etype-SOV | VD |  |

Query 3:

| s | l | iss | g | cur | mat | sen | d |
|---|---|---|---|---|---|---|---|
| lad:I01 | Kestrel Energy 4.50% 2030 | lad:E01 |  | GBP | 2030-03-15 | lad:seniority-SU | Kestrel Energy 4.50% notes due 2030 |
| lad:I02 | Kestrel Energy 6.25% 2031 | lad:E01 |  | GBP | 2031-09-30 | lad:seniority-SUB | Kestrel Energy 6.25% notes due 2031 |
| lad:I03 | Northwind Finance 3.75% 2030 | lad:E04 | lad:E02 | EUR | 2030-05-01 | lad:seniority-SU | Northwind Finance 3.75% notes due 2030 |
| lad:I04 | Valdoria Telecom 5.00% 2029 | lad:E05 |  | USD | 2029-11-20 | lad:seniority-SU | Valdoria Telecom 5.00% notes due 2029 |
| lad:I05 | Halden Leasing 2.90% 2028 | lad:E11 | lad:E10 | EUR | 2028-06-30 | lad:seniority-SU | Halden Leasing 2.90% notes due 2028 |
| lad:I06 | Corvenia Power 7.10% 2032 | lad:E15 |  | USD | 2032-02-15 | lad:seniority-SUB | Corvenia Power 7.10% notes due 2032 |
| lad:I07 | Valdoria Telecom 4.25% 2027 | lad:E05 |  | XVD | 2027-08-31 | lad:seniority-SU | Valdoria Telecom 4.25% notes due 2027 |
| lad:I08 | Corvenia Power 6.00% 2034 | lad:E15 |  | USD | 2034-09-01 | lad:seniority-SU | Corvenia Power 6.00% notes due 2034 |

Query 4:

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

Run more queries, or give the final answers.
The model 
```sparql
SELECT ?s ?p ?o WHERE { ?s ?p ?o . FILTER(!STRSTARTS(STR(?s), "https://example.org/ladder/E") && !STRSTARTS(STR(?s), "https://example.org/ladder/A") && !STRSTARTS(STR(?s), "https://example.org/ladder/I")) FILTER(?p != rdf:type || ?o != lad:Entity) } 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:entityType | lad:etype-SOV |
| lad:CV | lad:name | Republic of Corvenia |
| lad:CV | lad:sourceSystem | RATINGS |
| 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 
```sparql
SELECT ?s ?p ?o WHERE { ?s ?p ?o . FILTER(?s IN (lad:E02, lad:E03, lad:E06, lad:E13, lad:E10, lad:E17, lad:E09, lad:E04)) FILTER(?p IN (lad:lei, lad:name, lad:sourceSystem, lad:parent)) } ORDER BY ?s ?p
```
Query results 
Query 1:

| s | p | o |
|---|---|---|
| lad:E02 | lad:lei | 213800PHEIYNJMHTDV74 |
| lad:E02 | lad:name | Northwind Holdings plc |
| lad:E02 | lad:sourceSystem | RATINGS |
| lad:E03 | lad:lei | 213800PHEIYNJMHTDV74 |
| lad:E03 | lad:name | NORTHWIND HLDGS |
| lad:E03 | lad:sourceSystem | RESEARCH |
| lad:E04 | lad:lei | 213800LA5RYJLGXV2T85 |
| lad:E04 | lad:name | Northwind Finance BV |
| lad:E04 | lad:parent | lad:E02 |
| lad:E04 | lad:sourceSystem | RATINGS |
| lad:E06 | lad:lei | 549300AMVE3VRVG7HK43 |
| lad:E06 | lad:name | Orrin Bank AG |
| lad:E06 | lad:sourceSystem | RATINGS |
| lad:E09 | lad:lei | 815600ASM9EHDG931T89 |
| lad:E09 | lad:name | Halden Group plc |
| lad:E09 | lad:sourceSystem | RATINGS |
| lad:E10 | lad:lei | 391200QYPVFF2O9K2039 |
| lad:E10 | lad:name | Halden Bank AG |
| lad:E10 | lad:parent | lad:E09 |
| lad:E10 | lad:sourceSystem | RATINGS |
| lad:E13 | lad:lei | 815600O8X8K2F154N214 |
| lad:E13 | lad:name | Orrin Bancorp Inc |
| lad:E13 | lad:sourceSystem | RATINGS |
| lad:E17 | lad:lei | 391200QYPVFF2O9K2039 |
| lad:E17 | lad:name | HALDEN BANK |
| lad:E17 | lad:sourceSystem | RESEARCH |

Run more queries, or give the final answers.
The model 
**Q1.** A-. Kestrel Energy (E01) was assigned A- on 2024-03-12 (A01), and the next action was not until 2025-06-20.

**Q2.** No. E01's only 2026 actions (A03, A04, 2026-02-10) are affirmations: BBB with a Negative outlook, and F2.

**Q3.** No. The 2031 note (I02) was cut to BB+ on 2025-06-20 (A07), which is sub-investment grade.

**Q4.** Positive. E03 is a RESEARCH-system duplicate of E02, with the same LEI. Its latest action (A09, 2025-09-15) gives A / Positive, which is later than E02's Stable (A08, 2023).

**Q5.** The risk is E02 (Northwind Holdings), rated A. I03 is issued by E04 but guaranteed by E02, and I03 is rated A (A10, A11).

**Q6.** The data does not state a reason. E05's FC rating is BB (A14) and its LC rating is BBB- (A13). The Republic of Valdoria's country ceiling is BB (A12), which matches the FC rating, so a ceiling cap is the likely explanation.

**Q7.** E08 (A21, A22), E10 (A27) and E16 (A44). I05's 2026 downgrade is an instrument rating, not an issuer downgrade.

**Q8.** E08. It was rated RD from 2026-07-08 (A22).

**Q9.** 13. These are E01, E02 (with E03), E05, E06, E08, E09, E10, E12, E13, E14, E15, E16 and CV. E07 was withdrawn. E11's rating is a CO type, not an issuer rating. VD only has a country ceiling.

**Q10.** Depends. E05's LC rating is BBB- (investment grade) and its FC rating is BB (not).

**Q11.** BBB+. E14 was downgraded on 2024-09-30 (A36).

**Q12.** A-, assigned 2023-01-15 (A34).

**Q13.** 1. Only A36 is a downgrade; A35 is a watch and A33 is an affirmation.

**Q14.** None. E12's first rating was on 2024-02-01 (A30).

**Q15.** A-. This is E10's rating from A26, before the 2026-04-15 downgrade (A27). E17 is a duplicate record.

**Q16.** No. E14 was BBB+ on 2025-01-01 and is BBB+ now (A33).

**Q17.** No. E06 only had a Rating Watch Negative placed on 2026-09-03 (A17), with the rating kept at A-.

**Q18.** E06. E14's watch (A35) was resolved on 2026-05-01 (A33).

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

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

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

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

**Q23.** F2 (A04).

**Q24.** Yes. E01's issuer rating is BBB (A03).

**Q25.** 6. These are I01 (BBB), I03 (A), I05 (BBB+), I06 (A-), I07 (BBB-) and I08 (A). I02 (BB+) and I04 (BB) are below investment grade.

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

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

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

**Q29.** None. VD only has a country-ceiling record (A12, BB), not an issuer rating.

**Q30.** E05 and E15. E05's FC rating is BB, equal to VD's ceiling of BB. E15's FC rating is A, equal to CV's ceiling of A (A37).

**Q31.** No. No FC issuer rating is above its country ceiling.

**Q32.** E09. The chain is E11, then E10, then E09.

**Q33.** The risk is E10 (the guarantor), rated BBB+. I05 is issued by E11 but guaranteed by E10, and was downgraded to BBB+ on 2026-04-15 (A29).

**Q34.** No. E12 has no parent link to the Halden group, and the shared name is not evidence of a relationship.

**Q35.** 3. These are E09, E10 and E11. E17 is a duplicate of E10.

**Q36.** 2. These are E02 and E04. E03 is a duplicate of E02.

**Q37.** 17. There are 19 records, and E03 and E17 are duplicates sharing the LEIs of E02 and E10.

**Q38.** No. E06 and E13 have different LEIs and different countries (DE and US).

**Q39.** A. Both E02 and E03 show A, and E03's latest action is an affirmation (A09).

**Q40.** 6. These are E01, E02, E09, E12, E14 and E16. E07 is excluded because its rating was withdrawn.

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

**Q42.** DE. The RATINGS-system record E10 says DE, while the duplicate research record E17 says LU. I treated E10 as authoritative, but the conflict is unresolved.

**Q43.** 0. The only LU record, E17, is a duplicate of E10, which is DE in the RATINGS system. If E17 were treated as separate, the count would be 1.

**Q44.** Yes. I07 is denominated in XVD, which appears to be Valdoria's local currency. The data does not define XVD explicitly.

**Q45.** No. The BB ceiling constrains foreign-currency ratings. I07 is a local-currency obligation rated BBB- (A45).

**Q46.** No. E11's only rating (A46) is a CO type, not an issuer rating. I05 is rated, but that is an instrument rating.

**Q47.** A (A47, action EX on 2026-09-01).

**Q48.** 8. All eight instruments I01–I08 have a rating.

```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}
}
```