Q33, run 2026-11-04-1738-sonnet-query

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Whose credit risk does a holder of the Halden Leasing 2028 notes take, and how is it rated?

Tests: Roles: the guarantor is the parent, not the ultimate parent.

Expected: risk_of = E10 rating = BBB+

✅ D1 sql run 1 graded by code · query session

The credit risk is E10's (the guarantor), with I05 rated BBB+. A29 downgraded I05 to BBB+ on 2026-04-15, in line with E10's own BBB+.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ D1 sql run 2 graded by code · query session

A holder takes the credit risk of E10, the guarantor of I05, which is rated BBB+ after A27.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ D1 sql run 3 graded by code · query session

The guarantor, Halden Bank (E10). I05 is issued by E11 and guaranteed by E10, whose current rating is BBB+ (A27).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ D1 sql run 4 graded by code · query session

The guarantor, Halden Bank (E10). I05 is guaranteed by E10 and is rated BBB+ after A29.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ D1 sql run 5 graded by code · query session

E10, rated BBB+. I05 is issued by E11 but guaranteed by E10 (A29 gives the note BBB+).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ D2 sql+markdown run 1 graded by code · query session

The holder takes the credit risk of E10, rated BBB+. I05 is guaranteed by E10, whose LTIDR is BBB+ (A27), and I05 is also BBB+ (A29).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ D2 sql+markdown run 2 graded by code · query session

The holder takes Halden Bank's credit risk (E10, the guarantor of I05). E10's current rating is BBB+ (A27).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ D2 sql+markdown run 3 graded by code · query session

The holder takes the credit risk of E10, the guarantor of I05, and the note is rated BBB+. This follows I05's rating after A29.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ D2 sql+markdown run 4 graded by code · query session

A holder takes E10's credit risk, rated BBB+. I05 is guaranteed by E10, and both I05 (A29) and E10 (A27) were cut to BBB+ in 2026.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ D2 sql+markdown run 5 graded by code · query session

The holder takes the credit risk of Halden Bank (E10), the guarantor of I05. I05 is rated BBB+ (A29), in line with E10's BBB+ (A27).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ D4 sparql run 1 graded by code · query session

The guarantor, Halden Bank (E10), rated BBB+. I05 was guaranteed by E10 (A29 rates the note BBB+, and E10's current rating is also BBB+).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ D4 sparql run 2 graded by code · query session

A holder takes the guarantor's risk, Halden Bank (E10), rated BBB+ (A27). The issuer is E11 and the guarantor is E10 on I05.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ D4 sparql run 3 graded by code · query session

The holder takes the risk of E10, the guarantor. I05 is rated BBB+ (A29).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ D4 sparql run 4 graded by code · query session

The risk is the guarantor's, E10 (Halden Bank), rated BBB+ (A27). I05 is issued by E11 and guaranteed by E10.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ D4 sparql run 5 graded by code · query session

E10, rated BBB+. I05 is issued by E11 but guaranteed by E10, whose issuer rating (A27) and I05's rating (A29) are both BBB+.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ D5 sparql+ontology run 1 graded by code · query session

E10 (Halden Bank), rated BBB+. I05 is guaranteed by E10, which was downgraded to BBB+ by A27.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ D5 sparql+ontology run 2 graded by code · query session

The holder takes the credit risk of E10, Halden Bank, rated BBB+. I05 is guaranteed by E10, and A29 gives I05 BBB+.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ D5 sparql+ontology run 3 graded by code · query session

The holder takes the credit risk of E10 (Halden Bank), the guarantor. I05 is rated BBB+ after A29 on 2026-04-15.

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ D5 sparql+ontology run 4 graded by code · query session

The holder takes the credit risk of Halden Bank (E10), the guarantor of I05. E10's rating is BBB+ and I05 is also BBB+ (A29).

JSON: {"risk_of": "E10", "rating": "BBB+"}

✅ D5 sparql+ontology run 5 graded by code · query session

The credit risk is E10's, rated BBB+. I05 is guaranteed by E10, which A27 downgraded to BBB+.

JSON: {"risk_of": "E10", "rating": "BBB+"}