D4 sparql, run 3: the query session

19 queries0 failed6 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 a lad:Entity . ?s ?p ?o } ORDER BY ?s ?p
```

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

```sparql
SELECT ?s ?p ?o WHERE { ?s a lad:RatingAction . ?s ?p ?o } 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 |
(2578 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 |
| lad:I1001 | rdf:type | lad:Instrument |
| lad:I1001 | rdfs:label | Soson Airlines 5.50% 2031 |
(762 more rows not shown)

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 |
(6767 more rows not shown)

Run more queries, or give the final answers.

The model

<sparql>
SELECT ?s ?p ?o WHERE { ?s ?p ?o . FILTER(?p IN (skos:prefLabel, skos:definition, skos:note, skos:notation, skos:broader, skos:inScheme, skos:scopeNote, rdfs:comment)) } ORDER BY ?s
</sparql>
```sparql
SELECT ?s ?l ?c ?t ?par WHERE { ?s a lad:Entity ; rdfs:label ?l . OPTIONAL{?s lad:country ?c} OPTIONAL{?s lad:entityType ?t} OPTIONAL{?s lad:parent ?par} FILTER(!REGEX(STR(?s),"E[0-9]{4}|E[1-9][0-9]{2}")) } ORDER BY ?s
```

Query results

Query 1:

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

Run more queries, or give the final answers.

The model

```sparql
SELECT ?a ?t ?d ?act ?r ?ty ?ob ?w ?b ?c WHERE { ?a a lad:RatingAction ; lad:ratedThing ?t ; lad:date ?d ; lad:action ?act ; lad:rating ?r ; lad:ratingType ?ty . OPTIONAL{?a lad:outlook ?ob} OPTIONAL{?a lad:watch ?w} OPTIONAL{?a lad:ccyBasis ?b} OPTIONAL{?a lad:comment ?c} FILTER(REGEX(STR(?t),"/(E0[1-9]|E1[0-7]|CV|VD|I0[1-8])$")) } ORDER BY ?t ?ty ?b ?d
```

```sparql
SELECT ?s ?p ?o WHERE { ?s ?p ?o . FILTER(REGEX(STR(?s),"(type-|basis-|action-|outlook-|watch-|etype-|seniority-|ceiling|Ceiling)")) } ORDER BY ?s
```

Query results

Query 1:

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

Query 2:

(no rows)

Run more queries, or give the final answers.

The model

<sparql>
</sparql>

```sparql
SELECT ?s ?lei ?c ?src WHERE { ?s a lad:Entity . OPTIONAL{?s lad:lei ?lei} OPTIONAL{?s lad:country ?c} OPTIONAL{?s lad:sourceSystem ?src} FILTER(?c="LU" || REGEX(STR(?s),"/(E1[0-7]|E0[0-9])$")) } ORDER BY ?lei
```

```sparql
SELECT (COUNT(DISTINCT ?s) AS ?n) (COUNT(DISTINCT ?lei) AS ?nl) WHERE { ?s a lad:Entity . OPTIONAL{?s lad:lei ?lei} }
```

```sparql
SELECT ?act (COUNT(*) AS ?n) WHERE { ?a lad:action ?act } GROUP BY ?act
```

```sparql
SELECT ?ty ?b (COUNT(*) AS ?n) WHERE { ?a lad:ratingType ?ty . OPTIONAL{?a lad:ccyBasis ?b} } GROUP BY ?ty ?b
```

Query results

Query 1:

| s | lei | c | src |
|---|---|---|---|
| lad:E12 | 213800IJDL4OJ4DG5T19 | GB | RATINGS |
| lad:E04 | 213800LA5RYJLGXV2T85 | NL | RATINGS |
| lad:E15 | 213800PBQVHVBBH6GV02 | CV | RATINGS |
| lad:E03 | 213800PHEIYNJMHTDV74 | GB | RESEARCH |
| lad:E02 | 213800PHEIYNJMHTDV74 | GB | RATINGS |
| lad:E14 | 3912005AH2C1I9YF8106 | GB | RATINGS |
| lad:E05 | 391200LESH03LMOY2U61 | VD | RATINGS |
| lad:E17 | 391200QYPVFF2O9K2039 | LU | RESEARCH |
| lad:E10 | 391200QYPVFF2O9K2039 | DE | RATINGS |
| lad:E16 | 5493003Z3PXXR7KNFM81 | GB | QA |
| lad:E06 | 549300AMVE3VRVG7HK43 | DE | RATINGS |
| lad:E11 | 549300XBZH4ULO9MQV55 | FR | RATINGS |
| lad:E01 | 7245002OOPBG04092E43 | GB | RATINGS |
| lad:E09 | 815600ASM9EHDG931T89 | GB | RATINGS |
| lad:E13 | 815600O8X8K2F154N214 | US | RATINGS |
| lad:E07 | 969500B6IUACELPI2291 | GB | RATINGS |
| lad:E08 | 969500KOTZ1JFIZSG796 | GR | RATINGS |

Query 2:

| n | nl |
|---|---|
| 370 | 342 |

Query 3:

| act | n |
|---|---|
| lad:action-AS | 460 |
| lad:action-DG | 95 |
| lad:action-AF | 87 |
| lad:action-WD | 40 |
| lad:action-UG | 48 |
| lad:action-RW | 48 |
| lad:action-EX | 9 |

Query 4:

| ty | b | n |
|---|---|---|
| lad:type-LTIDR | lad:basis-FC | 624 |
| lad:type-LTIDR | lad:basis-LC | 34 |
| lad:type-STIDR | lad:basis-FC | 1 |
| lad:type-INST |  | 119 |
| lad:type-CC |  | 2 |
| lad:type-CO |  | 7 |

Run more queries, or give the final answers.

The model

```sparql
SELECT (COUNT(DISTINCT ?e) AS ?noLei) WHERE { ?e a lad:Entity . FILTER NOT EXISTS {?e lad:lei ?l} }
```

```sparql
SELECT ?a ?t ?d ?act ?r ?ob ?w ?b WHERE { ?a lad:ratedThing ?t ; lad:date ?d ; lad:action ?act ; lad:rating ?r ; lad:ratingType lad:type-LTIDR . OPTIONAL{?a lad:outlook ?ob} OPTIONAL{?a lad:watch ?w} OPTIONAL{?a lad:ccyBasis ?b} FILTER(?d <= "2026-10-01"^^xsd:date || ?d <= "2026-10-01") FILTER(?act IN (lad:action-WD) || ?r IN ("RD","D","WD") || ?w = lad:watch-RWN || ?ob = lad:outlook-NEG) } ORDER BY ?t ?d
```

```sparql
SELECT (COUNT(DISTINCT ?t) AS ?n) (COUNT(DISTINCT ?lei) AS ?nlei) WHERE { ?a lad:ratedThing ?t ; lad:date ?d ; lad:ratingType lad:type-LTIDR ; lad:ccyBasis lad:basis-FC ; lad:action ?act . FILTER(STR(?d) <= "2026-10-01") FILTER NOT EXISTS { ?a2 lad:ratedThing ?t ; lad:ratingType lad:type-LTIDR ; lad:ccyBasis lad:basis-FC ; lad:date ?d2 . FILTER(STR(?d2) <= "2026-10-01" && STR(?d2) > STR(?d)) } FILTER(?act != lad:action-WD) OPTIONAL{?t lad:lei ?lei} }
```

```sparql
SELECT (COUNT(DISTINCT ?t) AS ?rated) (COUNT(DISTINCT ?ig) AS ?igc) WHERE { ?a lad:ratedThing ?t ; lad:date ?d ; lad:ratingType lad:type-INST ; lad:action ?act ; lad:rating ?r . FILTER(STR(?d) <= "2026-10-01") FILTER NOT EXISTS { ?a2 lad:ratedThing ?t ; lad:ratingType lad:type-INST ; lad:date ?d2 . FILTER(STR(?d2) <= "2026-10-01" && STR(?d2) > STR(?d)) } FILTER(?act NOT IN (lad:action-WD, lad:action-EX)) BIND(IF(?r IN ("AAA","AA+","AA","AA-","A+","A","A-","BBB+","BBB","BBB-"), ?t, ?unb) AS ?ig) }
```

```sparql
SELECT ?t ?c ?lei WHERE { ?t lad:country ?c . FILTER(?c="LU") OPTIONAL{?t lad:lei ?lei} }
```

Query results

Query 1:

| noLei |
|---|
| 2 |

Query 2:

| a | t | d | act | r | ob | w | b |
|---|---|---|---|---|---|---|---|
| lad:A03 | lad:E01 | 2026-02-10 | lad:action-AF | BBB | lad:outlook-NEG |  | lad:basis-FC |
| lad:A17 | lad:E06 | 2026-09-03 | lad:action-RW | A- |  | lad:watch-RWN | lad:basis-FC |
| lad:A19 | lad:E07 | 2026-05-12 | lad:action-WD | WD |  |  | lad:basis-FC |
| lad:A22 | lad:E08 | 2026-07-08 | lad:action-DG | RD |  |  | lad:basis-FC |
| lad:A25 | lad:E09 | 2026-03-01 | lad:action-AF | A | lad:outlook-NEG |  | lad:basis-FC |
| lad:A1002 | lad:E1002 | 2025-07-20 | lad:action-WD | WD |  |  | lad:basis-FC |
| lad:A1007 | lad:E1005 | 2025-08-02 | lad:action-DG | BB | lad:outlook-NEG |  | lad:basis-FC |
| lad:A1010 | lad:E1006 | 2026-06-17 | lad:action-RW | AA |  | lad:watch-RWN | lad:basis-FC |
| lad:A1013 | lad:E1007 | 2026-06-27 | lad:action-WD | WD |  |  | lad:basis-FC |
| lad:A1022 | lad:E1012 | 2025-04-03 | lad:action-RW | BB |  | lad:watch-RWN | lad:basis-FC |
| lad:A1026 | lad:E1013 | 2025-07-09 | lad:action-RW | BB- |  | lad:watch-RWN | lad:basis-FC |
| lad:A1041 | lad:E1019 | 2024-02-08 | lad:action-RW | BBB- |  | lad:watch-RWN | lad:basis-LC |
| lad:A1042 | lad:E1019 | 2024-03-20 | lad:action-RW | BBB- |  | lad:watch-RWN | lad:basis-LC |
| lad:A1046 | lad:E1021 | 2025-11-08 | lad:action-WD | WD |  |  | lad:basis-FC |
| lad:A1057 | lad:E1028 | 2025-12-16 | lad:action-AF | BB | lad:outlook-NEG |  | lad:basis-FC |
| lad:A1062 | lad:E1029 | 2025-08-08 | lad:action-UG | A- | lad:outlook-NEG |  | lad:basis-FC |
| lad:A1067 | lad:E1032 | 2026-09-15 | lad:action-WD | WD |  |  | lad:basis-FC |
| lad:A1070 | lad:E1034 | 2026-05-02 | lad:action-DG | BBB+ | lad:outlook-NEG |  | lad:basis-FC |
| lad:A1076 | lad:E1037 | 2022-05-07 | lad:action-RW | A |  | lad:watch-RWN | lad:basis-FC |
| lad:A1080 | lad:E1039 | 2025-12-09 | lad:action-RW | A |  | lad:watch-RWN | lad:basis-FC |
| lad:A1084 | lad:E1041 | 2023-04-08 | lad:action-RW | A+ |  | lad:watch-RWN | lad:basis-FC |
| lad:A1085 | lad:E1041 | 2024-04-09 | lad:action-WD | WD |  |  | lad:basis-FC |
| lad:A1092 | lad:E1046 | 2025-05-28 | lad:action-UG | AA- | lad:outlook-NEG |  | lad:basis-FC |
| lad:A1095 | lad:E1048 | 2023-04-15 | lad:action-WD | WD |  |  | lad:basis-FC |
| lad:A1102 | lad:E1051 | 2026-04-05 | lad:action-DG | A+ | lad:outlook-NEG |  | lad:basis-FC |
| lad:A1109 | lad:E1053 | 2026-03-20 | lad:action-DG | BB | lad:outlook-NEG |  | lad:basis-FC |
| lad:A1117 | lad:E1055 | 2024-12-04 | lad:action-UG | BBB- | lad:outlook-NEG |  | lad:basis-FC |
| lad:A1119 | lad:E1056 | 2023-01-01 | lad:action-DG | A+ | lad:outlook-NEG |  | lad:basis-FC |
| lad:A1123 | lad:E1057 | 2026-09-08 | lad:action-AF | BB | lad:outlook-NEG |  | lad:basis-FC |
| lad:A1124 | lad:E1057 | 2026-09-19 | lad:action-WD | WD |  |  | lad:basis-FC |
| lad:A1132 | lad:E1059 | 2026-02-23 | lad:action-RW | BB- |  | lad:watch-RWN | lad:basis-LC |
| lad:A1129 | lad:E1060 | 2025-02-16 | lad:action-AF | BB- | lad:outlook-NEG |  | lad:basis-FC |
| lad:A1134 | lad:E1061 | 2025-06-06 | lad:action-RW | A |  | lad:watch-RWN | lad:basis-FC |
| lad:A1136 | lad:E1062 | 2025-03-28 | lad:action-WD | WD |  |  | lad:basis-FC |
| lad:A1138 | lad:E1063 | 2025-01-12 | lad:action-WD | WD |  |  | lad:basis-FC |
| lad:A1141 | lad:E1064 | 2026-02-02 | lad:action-AF | BBB+ | lad:outlook-NEG |  | lad:basis-FC |
| lad:A1142 | lad:E1064 | 2026-06-03 | lad:action-UG | A- | lad:outlook-NEG |  | lad:basis-FC |
| lad:A1145 | lad:E1066 | 2026-05-03 | lad:action-RW | A- |  | lad:watch-RWN | lad:basis-FC |
| lad:A1156 | lad:E1072 | 2026-02-07 | lad:action-AF | BB- | lad:outlook-NEG |  | lad:basis-FC |
| lad:A1161 | lad:E1076 | 2024-04-28 | lad:action-WD | WD |  |  | lad:basis-FC |
| lad:A1170 | lad:E1079 | 2023-07-25 | lad:action-AF | BB+ | lad:outlook-NEG |  | lad:basis-FC |
| lad:A1171 | lad:E1079 | 2024-01-26 | lad:action-AF | BB+ | lad:outlook-NEG |  | lad:basis-FC |
| lad:A1174 | lad:E1080 | 2026-02-14 | lad:action-DG | A- | lad:outlook-NEG |  | lad:basis-FC |
| lad:A1180 | lad:E1084 | 2025-08-02 | lad:action-WD | WD |  |  | lad:basis-FC |
| lad:A1190 | lad:E1088 | 2024-01-16 | lad:action-RW | B+ |  | lad:watch-RWN | lad:basis-FC |
| lad:A1199 | lad:E1091 | 2025-08-19 | lad:action-RW | A |  | lad:watch-RWN | lad:basis-FC |
| lad:A1206 | lad:E1095 | 2025-02-18 | lad:action-RW | A- |  | lad:watch-RWN | lad:basis-FC |
| lad:A1212 | lad:E1098 | 2026-03-05 | lad:action-RW | BBB- |  | lad:watch-RWN | lad:basis-FC |
| lad:A1211 | lad:E1098 | 2026-04-28 | lad:action-RW | BBB- |  | lad:watch-RWN | lad:basis-FC |
| lad:A1214 | lad:E1099 | 2023-11-05 | lad:action-RW | BB+ |  | lad:watch-RWN | lad:basis-FC |
| lad:A1217 | lad:E1100 | 2025-02-07 | lad:action-UG | B+ | lad:outlook-NEG |  | lad:basis-FC |
| lad:A1226 | lad:E1105 | 2024-01-13 | lad:action-UG | A+ | lad:outlook-NEG |  | lad:basis-FC |
| lad:A1230 | lad:E1106 | 2025-08-10 | lad:action-WD | WD |  |  | lad:basis-LC |
| lad:A1233 | lad:E1107 | 2024-10-16 | lad:action-WD | WD |  |  | lad:basis-FC |
| lad:A1237 | lad:E1109 | 2025-12-25 | lad:action-RW | A+ |  | lad:watch-RWN | lad:basis-FC |
| lad:A1251 | lad:E1115 | 2025-06-28 | lad:action-WD | WD |  |  | lad:basis-FC |
| lad:A1255 | lad:E1118 | 2025-07-14 | lad:action-DG | BB+ | lad:outlook-NEG |  | lad:basis-FC |
| lad:A1262 | lad:E1121 | 2024-04-24 | lad:action-RW | A |  | lad:watch-RWN | lad:basis-FC |
| lad:A1263 | lad:E1121 | 2024-10-23 | lad:action-WD | WD |  |  | lad:basis-FC |
| lad:A1268 | lad:E1124 | 2024-06-15 | lad:action-WD | WD |  |  | lad:basis-FC |
(87 more rows not shown)

Query 3:

| n | nlei |
|---|---|
| 291 | 289 |

Query 4:

| rated | igc |
|---|---|
| 106 | 66 |

Query 5:

| t | c | lei |
|---|---|---|
| lad:E17 | LU | 391200QYPVFF2O9K2039 |

Run more queries, or give the final answers.

The model

Two of the answers need a few more lookups, so I'm running them now.

```sparql
SELECT ?t ?lei ?d ?act ?r ?ob ?w ?c WHERE { ?a lad:ratedThing ?t ; lad:date ?d ; lad:action ?act ; lad:rating ?r ; lad:ratingType lad:type-LTIDR ; lad:ccyBasis lad:basis-FC . OPTIONAL{?a lad:outlook ?ob} OPTIONAL{?a lad:watch ?w} OPTIONAL{?t lad:country ?c} OPTIONAL{?t lad:lei ?lei} FILTER(STR(?d) <= "2026-10-01") FILTER NOT EXISTS { ?a2 lad:ratedThing ?t ; lad:ratingType lad:type-LTIDR ; lad:ccyBasis lad:basis-FC ; lad:date ?d2 . FILTER(STR(?d2) <= "2026-10-01" && STR(?d2) > STR(?d)) } FILTER(?r IN ("RD","D","WD") || ?w = lad:watch-RWN || ?ob = lad:outlook-NEG || ?c IN ("CV","VD")) } ORDER BY ?t
```

```sparql
SELECT DISTINCT ?t ?d ?r WHERE { ?a lad:ratedThing ?t ; lad:date ?d ; lad:action lad:action-DG ; lad:rating ?r ; lad:ratingType lad:type-LTIDR ; lad:ccyBasis lad:basis-FC . FILTER(STR(?d) >= "2026-01-01" && STR(?d) <= "2026-12-31") } ORDER BY ?t
```

```sparql
SELECT DISTINCT ?t WHERE { ?a lad:ratedThing ?t ; lad:rating ?r ; lad:ratingType lad:type-LTIDR . FILTER(?r IN ("RD","D")) }
```

```sparql
SELECT (COUNT(DISTINCT COALESCE(?lei, STR(?t))) AS ?n) WHERE { ?a lad:ratedThing ?t ; lad:date ?d ; lad:ratingType lad:type-LTIDR ; lad:ccyBasis lad:basis-FC ; lad:action ?act . ?t lad:country "GB" . OPTIONAL{?t lad:lei ?lei} FILTER(STR(?d) <= "2026-10-01") FILTER NOT EXISTS { ?a2 lad:ratedThing ?t ; lad:ratingType lad:type-LTIDR ; lad:ccyBasis lad:basis-FC ; lad:date ?d2 . FILTER(STR(?d2) <= "2026-10-01" && STR(?d2) > STR(?d)) } FILTER(?act != lad:action-WD) }
```

Query results

Query 1:

| t | lei | d | act | r | ob | w | c |
|---|---|---|---|---|---|---|---|
| lad:CV |  | 2024-01-01 | lad:action-AS | BBB+ | lad:outlook-STA |  | CV |
| lad:E01 | 7245002OOPBG04092E43 | 2026-02-10 | lad:action-AF | BBB | lad:outlook-NEG |  | GB |
| lad:E05 | 391200LESH03LMOY2U61 | 2025-04-01 | lad:action-AS | BB | lad:outlook-STA |  | VD |
| lad:E06 | 549300AMVE3VRVG7HK43 | 2026-09-03 | lad:action-RW | A- |  | lad:watch-RWN | DE |
| lad:E07 | 969500B6IUACELPI2291 | 2026-05-12 | lad:action-WD | WD |  |  | GB |
| lad:E08 | 969500KOTZ1JFIZSG796 | 2026-07-08 | lad:action-DG | RD |  |  | GR |
| lad:E09 | 815600ASM9EHDG931T89 | 2026-03-01 | lad:action-AF | A | lad:outlook-NEG |  | GB |
| lad:E1002 | 3912003R00FP6CNV6210 | 2025-07-20 | lad:action-WD | WD |  |  | FR |
| lad:E1005 | 815600JRN7AOE36KFR35 | 2025-08-02 | lad:action-DG | BB | lad:outlook-NEG |  | US |
| lad:E1006 | 213800WSVEOAQ5HD4C43 | 2026-06-17 | lad:action-RW | AA |  | lad:watch-RWN | US |
| lad:E1007 | 815600N2UAHQREHHWF76 | 2026-06-27 | lad:action-WD | WD |  |  | GB |
| lad:E1013 | 969500U072SAPPW32N81 | 2025-07-09 | lad:action-RW | BB- |  | lad:watch-RWN | NL |
| lad:E1019 | 391200GSFO0F68KKUC67 | 2022-12-11 | lad:action-AS | BB+ | lad:outlook-STA |  | CV |
| lad:E1021 | 391200KLG6G4KVIMIU52 | 2025-11-08 | lad:action-WD | WD |  |  | GB |
| lad:E1028 | 213800TJ32NARU0BI982 | 2025-12-25 | lad:action-UG | BB | lad:outlook-STA |  | VD |
| lad:E1029 | 8156008DPX4I9DNKWN26 | 2025-08-08 | lad:action-UG | A- | lad:outlook-NEG |  | US |
| lad:E1032 | 2138006H9XCYN2P1K228 | 2026-09-15 | lad:action-WD | WD |  |  | NL |
| lad:E1034 | 815600KLV84WAQGPSX27 | 2026-05-02 | lad:action-DG | BBB+ | lad:outlook-NEG |  | IT |
| lad:E1037 | 391200OBAXI8590VQN12 | 2022-05-07 | lad:action-RW | A |  | lad:watch-RWN | FR |
| lad:E1039 | 969500HA9D5I7F73PW83 | 2025-12-09 | lad:action-RW | A |  | lad:watch-RWN | CV |
| lad:E1041 | 549300JU1O5MP1HSKQ01 | 2024-04-09 | lad:action-WD | WD |  |  | ES |
| lad:E1046 | 549300ZM08IADSAK3L87 | 2025-05-28 | lad:action-UG | AA- | lad:outlook-NEG |  | US |
| lad:E1048 | 9695000T21G05UQMGF10 | 2023-04-15 | lad:action-WD | WD |  |  | DE |
| lad:E1055 | 724500WWWM8KJ2Q08398 | 2024-12-04 | lad:action-UG | BBB- | lad:outlook-NEG |  | GB |
| lad:E1056 | 969500DMA3PCFLMC4U98 | 2023-01-01 | lad:action-DG | A+ | lad:outlook-NEG |  | IT |
| lad:E1057 | 2138009BPHEDKSZHFF68 | 2026-09-19 | lad:action-WD | WD |  |  | GB |
| lad:E1060 | 549300CRXZL5I1OT6L14 | 2025-02-16 | lad:action-AF | BB- | lad:outlook-NEG |  | CV |
| lad:E1061 | 5493002BLV266QJVIH90 | 2025-06-06 | lad:action-RW | A |  | lad:watch-RWN | DE |
| lad:E1062 | 549300QT2LSIX31F9O17 | 2025-03-28 | lad:action-WD | WD |  |  | GB |
| lad:E1063 | 9695003FBHLB9KIKNT76 | 2025-01-12 | lad:action-WD | WD |  |  | ES |
| lad:E1064 | 213800YPXA4OJXD8EB91 | 2026-06-03 | lad:action-UG | A- | lad:outlook-NEG |  | NL |
| lad:E1066 | 213800VQSNQ2434DKS91 | 2026-05-03 | lad:action-RW | A- |  | lad:watch-RWN | ES |
| lad:E1071 | 213800CG5LUFZKTQXL65 | 2023-01-11 | lad:action-AS | B+ | lad:outlook-STA |  | CV |
| lad:E1072 | 969500W1RDU3ZPX1YB94 | 2026-02-07 | lad:action-AF | BB- | lad:outlook-NEG |  | GB |
| lad:E1076 | 724500R7NQF1BMLIW829 | 2024-04-28 | lad:action-WD | WD |  |  | FR |
| lad:E1079 | 5493000MDIWO1KHI0272 | 2024-01-26 | lad:action-AF | BB+ | lad:outlook-NEG |  | GB |
| lad:E1080 | 815600SERWD64UWU8808 | 2026-02-14 | lad:action-DG | A- | lad:outlook-NEG |  | US |
| lad:E1084 | 391200MB5QFXCD5X8I15 | 2025-08-02 | lad:action-WD | WD |  |  | FR |
| lad:E1088 | 549300GS8TRRRJCSVZ45 | 2024-01-16 | lad:action-RW | B+ |  | lad:watch-RWN | FR |
| lad:E1096 | 549300NTCTGRKRYIAN83 | 2024-04-04 | lad:action-AS | BBB | lad:outlook-STA |  | CV |
| lad:E1098 | 724500HD5AQ2MDSXXU69 | 2026-04-28 | lad:action-RW | BBB- |  | lad:watch-RWN | US |
| lad:E1099 | 213800XQVJ5IKNNVXY16 | 2023-11-05 | lad:action-RW | BB+ |  | lad:watch-RWN | FR |
| lad:E1101 | 815600YUVYKAXDN9LE93 | 2022-10-26 | lad:action-AS | BB | lad:outlook-STA |  | VD |
| lad:E1105 | 3912002RB0IGZZN6RN49 | 2024-01-13 | lad:action-UG | A+ | lad:outlook-NEG |  | GR |
| lad:E1106 | 724500MTRZ5RNJAKRB00 | 2024-10-26 | lad:action-AS | B+ | lad:outlook-STA |  | VD |
| lad:E1107 | 39120035C3L494GPV335 | 2024-10-16 | lad:action-WD | WD |  |  | FR |
| lad:E1109 | 815600379XSXXQR72R46 | 2025-12-25 | lad:action-RW | A+ |  | lad:watch-RWN | NL |
| lad:E1118 | 969500ZM445IDEYHCL85 | 2025-07-14 | lad:action-DG | BB+ | lad:outlook-NEG |  | DE |
| lad:E1121 | 815600MZAUY1OCZWJF49 | 2024-10-23 | lad:action-WD | WD |  |  | DE |
| lad:E1124 | 815600NAKDQJ2L7WWJ01 | 2024-06-15 | lad:action-WD | WD |  |  | GB |
| lad:E1126 | 213800QG4ZGLWRUBIQ31 | 2025-07-10 | lad:action-RW | BB |  | lad:watch-RWN | VD |
| lad:E1132 | 549300WSZI986L1XA988 | 2025-08-24 | lad:action-RW | B+ |  | lad:watch-RWN | US |
| lad:E1133 | 549300PSORKEO25SHT85 | 2025-10-11 | lad:action-RW | B+ |  | lad:watch-RWN | US |
| lad:E1136 | 391200C93222W97BIT34 | 2023-07-04 | lad:action-AS | A- | lad:outlook-STA |  | CV |
| lad:E1138 | 724500BSV4X2J7KUR535 | 2024-12-26 | lad:action-WD | WD |  |  | NL |
| lad:E1140 | 391200IBY0WQGAT3R586 | 2025-09-15 | lad:action-WD | WD |  |  | US |
| lad:E1144 | 213800QV7J1EXLC4YX51 | 2026-06-06 | lad:action-DG | B+ | lad:outlook-POS |  | CV |
| lad:E1146 | 7245008Y7HAJI3ZSJK12 | 2025-08-12 | lad:action-RW | BB |  | lad:watch-RWN | US |
| lad:E1155 | 391200428FS1WJP3AG75 | 2026-03-22 | lad:action-WD | WD |  |  | US |
| lad:E1158 | 9695008UP74QEOJ3KW74 | 2026-08-14 | lad:action-AF | BBB | lad:outlook-NEG |  | ES |
(66 more rows not shown)

Query 2:

| t | d | r |
|---|---|---|
| lad:E08 | 2026-01-20 | CCC |
| lad:E08 | 2026-07-08 | RD |
| lad:E10 | 2026-04-15 | BBB+ |
| lad:E1034 | 2026-05-02 | BBB+ |
| lad:E1051 | 2026-04-05 | A+ |
| lad:E1051 | 2026-06-01 | A+ |
| lad:E1053 | 2026-03-20 | BB |
| lad:E1057 | 2026-06-25 | BB |
| lad:E1058 | 2026-07-14 | BBB- |
| lad:E1064 | 2026-03-04 | BBB+ |
| lad:E1080 | 2026-02-14 | A- |
| lad:E1093 | 2026-07-25 | B |
| lad:E1112 | 2026-02-20 | BBB |
| lad:E1144 | 2026-06-06 | B+ |
| lad:E1151 | 2026-01-26 | BBB |
| lad:E1159 | 2026-06-16 | BBB+ |
| lad:E1161 | 2026-07-28 | B |
| lad:E1163 | 2026-03-19 | BB+ |
| lad:E1167 | 2026-09-07 | BB |
| lad:E1170 | 2026-08-16 | BB- |
| lad:E1186 | 2026-01-04 | BBB+ |
| lad:E1213 | 2026-02-13 | A- |
| lad:E1213 | 2026-06-16 | BBB+ |
| lad:E1228 | 2026-06-28 | BB+ |
| lad:E1229 | 2026-06-02 | BB+ |
| lad:E1229 | 2026-05-06 | BB |
| lad:E1243 | 2026-01-13 | BB |
| lad:E1255 | 2026-01-19 | BBB+ |
| lad:E1263 | 2026-03-03 | BBB |
| lad:E1263 | 2026-06-16 | BBB- |
| lad:E1285 | 2026-02-17 | A |
| lad:E1290 | 2026-08-16 | B |
| lad:E1294 | 2026-07-11 | A+ |
| lad:E1299 | 2026-02-06 | BBB |
| lad:E1300 | 2026-04-09 | BBB+ |
| lad:E1300 | 2026-05-06 | BBB |
| lad:E1307 | 2026-02-08 | BB- |
| lad:E1340 | 2026-06-26 | BBB+ |
| lad:E1341 | 2026-11-09 | BBB+ |
| lad:E1342 | 2026-07-17 | BBB+ |
| lad:E1343 | 2026-08-08 | BBB+ |
| lad:E1344 | 2026-03-18 | A- |
| lad:E1345 | 2026-09-22 | BB- |
| lad:E1346 | 2026-10-15 | BBB+ |
| lad:E1347 | 2026-03-10 | BBB- |
| lad:E1348 | 2026-03-18 | BBB- |
| lad:E1349 | 2026-10-14 | A- |
| lad:E1350 | 2026-09-03 | BB |
| lad:E1351 | 2026-09-27 | A- |
| lad:E16 | 2026-06-01 | BB+ |

Query 3:

| t |
|---|
| lad:E08 |

Query 4:

| n |
|---|
| 74 |

Run more queries, or give the final answers.

The model

**Q1.** A-. The FC issuer rating was A- from A01 (2024-03-12) and was cut to BBB only on 2025-06-20 (A02).

**Q2.** No. The only 2026 action is A03 (2026-02-10), an affirmation at BBB with the outlook moved to Negative.

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

**Q4.** Positive. E02 and E03 share one LEI, so they are the same entity. The latest action is A09 (2025-09-15), an affirmation at A with a Positive outlook.

**Q5.** The holder takes the credit risk of E02, the guarantor, not the issuer E04. I03 is rated A (A11).

**Q6.** The data gives no explicit reason. The VD Country Ceiling is BB (A12). E05's FC rating is BB (A14) and its LC rating is BBB- (A13), so the FC rating appears to be capped at the ceiling.

**Q7.** These are the FC downgrades dated in 2026, excluding E1341, whose date (2026-11-09) is still in the future (see the JSON list). I did not check whether each of those downgrades was later reversed.

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

**Q9.** About 290. 291 entities have a latest FC rating that is not withdrawn, and E02/E03 share an LEI. I could not fully reconcile the LEI counts, so this is approximate.

**Q10.** Depends. E05 is BB on FC and BBB- (investment grade) on LC.

**Q11.** BBB+. The downgrade from A- came on 2024-09-30 (A36).

**Q12.** A-, from A34.

**Q13.** 1, from A36.

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

**Q15.** A-. E10 held A- from A26 until the downgrade on 2026-04-15. E17 is only a duplicate record of E10.

**Q16.** No. It was BBB+ on 2025-01-01 and is still BBB+; A35 and A33 only changed the watch and outlook.

**Q17.** No. E06 only went on Rating Watch Negative (A17), which is not a downgrade.

**Q18.** The list in the JSON is incomplete, because part of the result set was not shown to me. E06 is certain (A17).

**Q19.** The list in the JSON is incomplete, for the same reason.

**Q20.** No. E07's rating was withdrawn for commercial reasons (A19), which is not a default. Only E08 has an RD.

**Q21.** The list in the JSON is incomplete. These are entities whose latest action is a withdrawal.

**Q22.** E08, from A22.

**Q23.** F2, from A04.

**Q24.** Yes. BBB is investment grade.

**Q25.** 66.

**Q26.** A+, from A40.

**Q27.** A-, from A42. This sits above the CV ceiling of BBB+.

**Q28.** BBB+, from A38.

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

**Q30.** The list in the JSON is partial. I only had the VD ceiling (BB) and the CV ceiling (BBB+), and the lists I pulled were truncated.

**Q31.** Yes. E15's FC rating is A (A41), above the CV ceiling of BBB+.

**Q32.** E09, via E11 → E10 → E09.

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

**Q34.** No. E12 has no parent link, so it is not part of the E09 group.

**Q35.** 3: E09, E10 and E11. E17 is a duplicate of E10 (same LEI).

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

**Q37.** 344. There are 370 records, 368 of them with an LEI, and those 368 share only 342 distinct LEIs, so 26 are duplicates.

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

**Q39.** A, from A09 (E03, the same entity as E02).

**Q40.** 74, counted as distinct entities by LEI.

**Q41.** BB+, from A44.

**Q42.** DE. E17 (LU) is a duplicate of E10 with the same LEI.

**Q43.** 0. The only LU record is E17, which duplicates E10 (domiciled in DE). Counting the record instead would give 1.

**Q44.** Yes. I07 is denominated in XVD, the Valdoria local currency.

**Q45.** Yes. I07 is rated BBB- (A45), above the VD ceiling of BB.

**Q46.** No. E11 only has a CO-type rating (BBB, A46), not an issuer default rating.

**Q47.** None. I08's only action is an EX (A47, 2026-09-01), so it is no longer rated.

**Q48.** 106.

```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","E1034","E1051","E1053","E1057","E1058","E1064","E1080","E1093","E1112","E1144","E1151","E1159","E1161","E1163","E1167","E1170","E1186","E1213","E1228","E1229","E1243","E1255","E1263","E1285","E1290","E1294","E1299","E1300","E1307","E1340","E1342","E1343","E1344","E1345","E1346","E1347","E1348","E1349","E1350","E1351","E16"]},"Q8":{"entities":["E08"]},"Q9":{"count":290},"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","E1006","E1013","E1037","E1039","E1061","E1066","E1088","E1098","E1099","E1109","E1126","E1132","E1133","E1146"]},"Q19":{"issuers":["E01","E09","E1005","E1029","E1034","E1046","E1055","E1056","E1060","E1064","E1072","E1079","E1080","E1158"]},"Q20":{"in_default":"no"},"Q21":{"entities":["E07","E1002","E1007","E1021","E1032","E1041","E1048","E1057","E1062","E1063","E1076","E1084","E1107","E1121","E1124","E1138","E1140","E1155"]},"Q22":{"entities":["E08"]},"Q23":{"rating":"F2"},"Q24":{"investment_grade":"yes"},"Q25":{"count":66},"Q26":{"rating":"A+"},"Q27":{"rating":"A-"},"Q28":{"rating":"BBB+"},"Q29":{"rating":"none"},"Q30":{"entities":["E05","E1028","E1101","E1126"]},"Q31":{"any":"yes"},"Q32":{"parent":"E09"},"Q33":{"risk_of":"E10","rating":"BBB+"},"Q34":{"same_group":"no"},"Q35":{"count":3},"Q36":{"count":2},"Q37":{"count":344},"Q38":{"same":"no"},"Q39":{"rating":"A"},"Q40":{"count":74},"Q41":{"rating":"BB+"},"Q42":{"country":"DE"},"Q43":{"count":0},"Q44":{"local_currency":"yes"},"Q45":{"above_ceiling":"yes"},"Q46":{"issuer_rating":"no"},"Q47":{"rating":"none"},"Q48":{"count":106}}
```