Q5, run 2026-11-04-1738-sonnet-query
Whose credit risk does a holder of the Northwind Finance 2030 notes take, and how is it rated?
Tests: Roles: issuer versus guarantor; a finance subsidiary's guaranteed debt carries the guarantor's risk.
Expected: risk_of = E02 rating = A
sql run 1
The credit risk is E02's, rated A. I03 is issued by E04 and guaranteed by E02, and its rating (A10/A11) matches E02's A.
JSON: {"risk_of": "E02", "rating": "A"}
sql run 2
A holder takes the credit risk of E02, the guarantor of I03, which is rated A (A08 and A09).
JSON: {"risk_of": "E02", "rating": "A"}
sql run 3
The guarantor, Northwind Holdings (E02). I03 is issued by E04 and guaranteed by E02, whose latest rating is A (A09).
JSON: {"risk_of": "E02", "rating": "A"}
sql run 4
The guarantor, Northwind Holdings (E02). I03 is issued by E04 and guaranteed by E02, and the note is rated A.
JSON: {"risk_of": "E02", "rating": "A"}
sql run 5
E02, rated A. I03 is issued by E04 but guaranteed by E02, so the holder takes E02's risk (A10/A11 rate the note A too).
JSON: {"risk_of": "E02", "rating": "A"}
sql+markdown run 1
The holder takes the credit risk of E02, rated A. I03 is guaranteed by E02, whose LTIDR is A (A08, A09), and I03 is also rated A (A10, A11).
JSON: {"risk_of": "E02", "rating": "A"}
sql+markdown run 2
The holder takes Northwind Holdings' credit risk (E02, the guarantor of I03). E02's rating is A (A08, A09), and I03 itself is rated A.
JSON: {"risk_of": "E02", "rating": "A"}
sql+markdown run 3
The holder takes the credit risk of E02, the guarantor of I03, and the note is rated A. The issuer E04 is a finance subsidiary, and I03's latest rating is A (A10/A11).
JSON: {"risk_of": "E02", "rating": "A"}
sql+markdown run 4
A holder takes E02's credit risk, rated A. I03 is guaranteed by E02, and both I03 (A11) and E02 (A08) are rated A.
JSON: {"risk_of": "E02", "rating": "A"}
sql+markdown run 5
The holder takes the credit risk of Northwind Holdings (E02), rated A. The notes (I03) are issued by the finance subsidiary E04 but guaranteed by E02, and I03 is rated A (A10, A11).
JSON: {"risk_of": "E02", "rating": "A"}
sparql run 1
The guarantor, Northwind Holdings (E02), rated A. I03 was issued by E04 and guaranteed by E02, and its rating of A (A11) matches E02's.
JSON: {"risk_of": "E02", "rating": "A"}
sparql run 2
A holder takes the credit risk of the guarantor Northwind Holdings (E02), rated A (A08/A09). The issuer is E04 and the guarantor is E02 on I03.
JSON: {"risk_of": "E02", "rating": "A"}
sparql run 3
The holder takes the credit risk of E02, the guarantor, not the issuer E04. I03 is rated A (A11).
JSON: {"risk_of": "E02", "rating": "A"}
sparql run 4
The risk is the guarantor's, E02 (Northwind Holdings), rated A. I03 is issued by E04 and guaranteed by E02.
JSON: {"risk_of": "E02", "rating": "A"}
sparql run 5
E02, rated A. I03 is issued by E04 but guaranteed by E02, so the holder takes E02's credit risk (A08/A09, I03 rated A).
JSON: {"risk_of": "E02", "rating": "A"}
sparql+ontology run 1
E02 (Northwind Holdings), rated A. I03 is guaranteed by E02, whose latest rating is A (A09).
JSON: {"risk_of": "E02", "rating": "A"}
sparql+ontology run 2
The holder takes the credit risk of E02, Northwind Holdings, rated A. I03 is guaranteed by E02, and I03 is itself rated A (A10 and A11).
JSON: {"risk_of": "E02", "rating": "A"}
sparql+ontology run 3
The holder takes the credit risk of E02 (Northwind Holdings), the guarantor of I03 (issuer E04). The note is rated A, per A10 and A11, in line with E02's A.
JSON: {"risk_of": "E02", "rating": "A"}
sparql+ontology run 4
The holder takes the credit risk of Northwind Holdings (E02), which guarantees the note (I03). I03 is rated A (A10, affirmed in A11), in line with E02's A.
JSON: {"risk_of": "E02", "rating": "A"}
sparql+ontology run 5
The credit risk is E02's, rated A. I03 is guaranteed by E02, whose LTIDR is A (A08, A09).
JSON: {"risk_of": "E02", "rating": "A"}