D1 sql, run 3: the query session

26 queries0 failed7 rounds

The opening prompt

## The data

You can't see the data, but you can query it. It is in DuckDB, in the tables below. Write DuckDB SQL.

To run queries, reply with one or more fenced blocks (```sql), 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.

All columns are text (VARCHAR); dates are ISO strings.

- `entities` (370 rows): entity_id, name, lei, country, entity_type, parent_id, source_system
- `instruments` (115 rows): instrument_id, description, issuer_id, guarantor_id, seniority, currency, maturity
- `rating_actions` (787 rows): action_id, date, rated_id, rating_type, ccy_basis, action, rating, outlook, watch, comment

## 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.

```sql
SELECT * FROM entities ORDER BY entity_id LIMIT 400;
```

```sql
SELECT * FROM instruments ORDER BY instrument_id;
```

```sql
SELECT rating_type, ccy_basis, action, outlook, watch, count(*) FROM rating_actions GROUP BY ALL ORDER BY ALL;
```

Query results

Query 1:

| entity_id | name | lei | country | entity_type | parent_id | source_system |
|---|---|---|---|---|---|---|
| CV | Republic of Corvenia |  | CV | SOV |  | RATINGS |
| E01 | Kestrel Energy plc | 7245002OOPBG04092E43 | GB | CORP |  | RATINGS |
| E02 | Northwind Holdings plc | 213800PHEIYNJMHTDV74 | GB | CORP |  | RATINGS |
| E03 | NORTHWIND HLDGS | 213800PHEIYNJMHTDV74 | GB | CORP |  | RESEARCH |
| E04 | Northwind Finance BV | 213800LA5RYJLGXV2T85 | NL | FINSUB | E02 | RATINGS |
| E05 | Valdoria Telecom SA | 391200LESH03LMOY2U61 | VD | CORP |  | RATINGS |
| E06 | Orrin Bank AG | 549300AMVE3VRVG7HK43 | DE | BANK |  | RATINGS |
| E07 | Pellam Retail Ltd | 969500B6IUACELPI2291 | GB | CORP |  | RATINGS |
| E08 | Saxby Shipping SA | 969500KOTZ1JFIZSG796 | GR | CORP |  | RATINGS |
| E09 | Halden Group plc | 815600ASM9EHDG931T89 | GB | CORP |  | RATINGS |
| E10 | Halden Bank AG | 391200QYPVFF2O9K2039 | DE | BANK | E09 | RATINGS |
| E1001 | Tunod Steel SA | 3912003R00FP6CNV6210 | FR | CORP |  | RATINGS |
| E1002 | TUNOD STEEL SA | 3912003R00FP6CNV6210 | FR | CORP |  | RESEARCH |
| E1003 | Rilol Telecom plc | 3912009W4J483WB8PZ97 | GB | BANK |  | RATINGS |
| E1004 | Munem Retail SA | 969500IBYK0X2ZT52780 | ES | CORP |  | RATINGS |
| E1005 | Setan Airlines Inc | 815600JRN7AOE36KFR35 | US | CORP |  | RATINGS |
| E1006 | Soson Airlines Inc | 213800WSVEOAQ5HD4C43 | US | CORP | E1005 | RATINGS |
| E1007 | Golod Property plc | 815600N2UAHQREHHWF76 | GB | BANK |  | RATINGS |
| E1008 | Sotil Retail plc | 213800RPNJ2OSQ387M40 | GB | CORP |  | RATINGS |
| E1009 | Malam Chemicals Inc | 3912006EIY6TU9NVSC86 | US | CORP |  | RATINGS |
| E1010 | Buvir Industries Inc | 3912004R2GZJL49URX69 | US | CORP |  | RATINGS |
| E1011 | Falom Media Inc | 549300XX6U9N4Y7KPH74 | US | BANK |  | RATINGS |
| E1012 | Posad Industries SA | 9695002JIQI5QYDN0G98 | FR | CORP |  | RATINGS |
| E1013 | Pisol Pharma BV | 969500U072SAPPW32N81 | NL | BANK | E1004 | RATINGS |
| E1014 | Toral Utilities BV | 391200J700D8T2H18W16 | NL | CORP |  | RATINGS |
| E1015 | Civen Steel Inc | 815600JSNIJ4UFCBF662 | US | CORP |  | RATINGS |
| E1016 | Ponar Telecom SA | 5493008DQ96XI37KZG24 | ES | BANK |  | RATINGS |
| E1017 | Nisid Steel SA | 391200K600X7LWZTTM85 | FR | BANK |  | RATINGS |
| E1018 | Tosem Mining Inc | 549300SEMGL6OXLWHQ59 | US | CORP |  | RATINGS |
| E1019 | Losol Mining SA | 391200GSFO0F68KKUC67 | CV | CORP |  | RATINGS |
| E1020 | Finel Media AG | 549300FCSHHELSCZX562 | DE | CORP |  | RATINGS |
| E1021 | Niner Pharma plc | 391200KLG6G4KVIMIU52 | GB | CORP |  | RATINGS |
| E1022 | NINER PHARMA | 391200KLG6G4KVIMIU52 | GB | CORP |  | RESEARCH |
| E1023 | Heled Water plc | 3912006FHXTH5V6WNK07 | GB | CORP |  | RATINGS |
| E1024 | Susin Shipping BV | 3912005J04HB7X0GTN24 | NL | CORP |  | RATINGS |
| E1025 | Tulol Shipping SA | 2138007MIV2OS05PET94 | ES | BANK |  | RATINGS |
| E1026 | Vunam Water BV | 969500C8XYHXZBFMUO41 | NL | CORP |  | RATINGS |
| E1027 | Tesad Media Inc | 969500T86HNH5S920X18 | US | CORP |  | RATINGS |
| E1028 | Mutir Retail SA | 213800TJ32NARU0BI982 | VD | CORP |  | RATINGS |
| E1029 | Leson Telecom Inc | 8156008DPX4I9DNKWN26 | US | BANK |  | RATINGS |
| E1030 | LESON TELECOM INC | 8156008DPX4I9DNKWN26 | US | BANK |  | RESEARCH |
| E1031 | Kuvir Logistics SA | 969500GRHP48SQNEWH44 | ES | CORP |  | RATINGS |
| E1032 | Helom Chemicals BV | 2138006H9XCYN2P1K228 | NL | BANK |  | RATINGS |
| E1033 | Kunid Pharma SA | 213800Q84PS4FTJJB947 | ES | CORP | E1004 | RATINGS |
| E1034 | Tanad Capital SpA | 815600KLV84WAQGPSX27 | IT | CORP |  | RATINGS |
| E1035 | Kavod Utilities AG | 724500YHN51API4SE179 | DE | CORP |  | RATINGS |
| E1036 | Lilor Retail AG | 9695000N72OQ0Q07IW61 | DE | CORP |  | RATINGS |
| E1037 | Natil Retail SA | 391200OBAXI8590VQN12 | FR | CORP |  | RATINGS |
| E1038 | Lanon Telecom BV | 549300EZ4HXP0L5RAZ01 | NL | CORP |  | RATINGS |
| E1039 | Pulor Airlines SA | 969500HA9D5I7F73PW83 | CV | BANK |  | RATINGS |
| E1040 | Dorid Mining AG | 549300SPMD9MEMFWMR12 | DE | CORP |  | RATINGS |
| E1041 | Hiral Steel SA | 549300JU1O5MP1HSKQ01 | ES | CORP |  | RATINGS |
| E1042 | Rerod Steel BV | 391200LC6V921W096L49 | NL | CORP |  | RATINGS |
| E1043 | Vitom Property plc | 5493007IVTPIWJZLFF29 | GB | CORP |  | RATINGS |
| E1044 | Hesid Telecom Inc | 3912003Y7VZHUGN50755 | US | BANK |  | RATINGS |
| E1045 | Nesid Logistics Inc | 96950029VB162U3K1976 | US | BANK |  | RATINGS |
| E1046 | Ditin Shipping Inc | 549300ZM08IADSAK3L87 | US | BANK | E1026 | RATINGS |
| E1047 | Vaved Pharma plc | 391200WGA8OE30KZUD08 | GB | CORP | E1020 | RATINGS |
| E1048 | Lised Pharma AG | 9695000T21G05UQMGF10 | DE | CORP |  | RATINGS |
| E1049 | Paser Utilities plc | 391200R2EH7FELZFOV27 | GB | CORP |  | RATINGS |
(310 more rows not shown)

Query 2:

| instrument_id | description | issuer_id | guarantor_id | seniority | currency | maturity |
|---|---|---|---|---|---|---|
| I01 | Kestrel Energy 4.50% notes due 2030 | E01 |  | SU | GBP | 2030-03-15 |
| I02 | Kestrel Energy 6.25% notes due 2031 | E01 |  | SUB | GBP | 2031-09-30 |
| I03 | Northwind Finance 3.75% notes due 2030 | E04 | E02 | SU | EUR | 2030-05-01 |
| I04 | Valdoria Telecom 5.00% notes due 2029 | E05 |  | SU | USD | 2029-11-20 |
| I05 | Halden Leasing 2.90% notes due 2028 | E11 | E10 | SU | EUR | 2028-06-30 |
| I06 | Corvenia Power 7.10% notes due 2032 | E15 |  | SUB | USD | 2032-02-15 |
| I07 | Valdoria Telecom 4.25% notes due 2027 | E05 |  | SU | XVD | 2027-08-31 |
| I08 | Corvenia Power 6.00% notes due 2034 | E15 |  | SU | USD | 2034-09-01 |
| I1001 | Soson Airlines 5.50% notes due 2031 | E1006 |  | SUB | USD | 2035-06-30 |
| I1002 | Golod Property 8.75% notes due 2031 | E1007 |  | SU | USD | 2033-06-30 |
| I1003 | Sotil Retail 3.00% notes due 2031 | E1008 |  | SU | GBP | 2034-06-30 |
| I1004 | Malam Chemicals 2.25% notes due 2035 | E1009 |  | SU | USD | 2028-06-30 |
| I1005 | Posad Industries 4.00% notes due 2033 | E1012 |  | SU | EUR | 2031-06-30 |
| I1006 | Pisol Pharma 4.75% notes due 2030 | E1013 |  | SUB | USD | 2030-06-30 |
| I1007 | Toral Utilities 7.75% notes due 2028 | E1014 |  | SU | EUR | 2033-06-30 |
| I1008 | Ponar Telecom 4.75% notes due 2035 | E1016 |  | SU | EUR | 2033-06-30 |
| I1009 | Tosem Mining 2.75% notes due 2031 | E1018 |  | SUB | USD | 2036-06-30 |
| I1010 | Finel Media 6.50% notes due 2035 | E1020 |  | SU | EUR | 2036-06-30 |
| I1011 | Niner Pharma 3.25% notes due 2029 | E1021 |  | SU | USD | 2035-06-30 |
| I1012 | Heled Water 6.25% notes due 2030 | E1023 |  | SU | GBP | 2031-06-30 |
| I1013 | Kuvir Logistics 2.00% notes due 2027 | E1031 |  | SU | EUR | 2027-06-30 |
| I1014 | Kavod Utilities 2.50% notes due 2032 | E1035 |  | SU | USD | 2036-06-30 |
| I1015 | Lanon Telecom 4.75% notes due 2033 | E1038 |  | SUB | EUR | 2032-06-30 |
| I1016 | Hiral Steel 6.00% notes due 2035 | E1041 |  | SU | USD | 2034-06-30 |
| I1017 | Lised Pharma 4.50% notes due 2036 | E1048 |  | SU | EUR | 2029-06-30 |
| I1018 | Paser Utilities 3.75% notes due 2027 | E1049 |  | SUB | GBP | 2034-06-30 |
| I1019 | Sunar Holdings 8.50% notes due 2036 | E1050 |  | SUB | USD | 2034-06-30 |
| I1020 | Witad Steel 5.00% notes due 2033 | E1052 |  | SU | EUR | 2027-06-30 |
| I1021 | Duver Shipping 8.50% notes due 2032 | E1056 |  | SU | EUR | 2030-06-30 |
| I1022 | Levem Foods 6.50% notes due 2035 | E1067 |  | SUB | EUR | 2030-06-30 |
| I1023 | Mored Utilities 4.25% notes due 2032 | E1071 |  | SUB | USD | 2033-06-30 |
| I1024 | Ganed Holdings 5.75% notes due 2035 | E1077 |  | SU | EUR | 2032-06-30 |
| I1025 | Menir Shipping 7.50% notes due 2028 | E1078 |  | SUB | EUR | 2034-06-30 |
| I1026 | Nevar Property 6.75% notes due 2036 | E1079 |  | SU | GBP | 2028-06-30 |
| I1027 | Gilen Capital 2.00% notes due 2031 | E1082 |  | SUB | USD | 2034-06-30 |
| I1028 | Givim Mining 5.75% notes due 2036 | E1085 |  | SU | EUR | 2034-06-30 |
| I1029 | Gorar Steel 7.25% notes due 2033 | E1086 |  | SUB | USD | 2035-06-30 |
| I1030 | Vitid Holdings 5.75% notes due 2032 | E1087 |  | SU | EUR | 2034-06-30 |
| I1031 | Koved Holdings 2.50% notes due 2032 | E1088 |  | SUB | EUR | 2033-06-30 |
| I1032 | Getel Utilities 7.25% notes due 2033 | E1090 |  | SU | USD | 2032-06-30 |
| I1033 | Vavam Pharma 8.75% notes due 2032 | E1103 |  | SUB | USD | 2032-06-30 |
| I1034 | Kisil Logistics 8.50% notes due 2031 | E1108 |  | SU | EUR | 2033-06-30 |
| I1035 | Verod Logistics 3.00% notes due 2035 | E1114 |  | SU | GBP | 2029-06-30 |
| I1036 | Piren Foods 2.50% notes due 2030 | E1115 |  | SU | USD | 2033-06-30 |
| I1037 | Reter Shipping 8.00% notes due 2028 | E1118 |  | SU | EUR | 2027-06-30 |
| I1038 | Conan Capital 4.75% notes due 2033 | E1131 |  | SU | EUR | 2031-06-30 |
| I1039 | Larid Steel 8.50% notes due 2028 | E1141 |  | SU | GBP | 2033-06-30 |
| I1040 | Woner Media 5.75% notes due 2027 | E1143 |  | SUB | EUR | 2027-06-30 |
| I1041 | Kanim Pharma 3.25% notes due 2033 | E1145 |  | SUB | EUR | 2036-06-30 |
| I1042 | Daren Mining 5.75% notes due 2030 | E1147 |  | SU | EUR | 2035-06-30 |
| I1043 | Honel Shipping 4.50% notes due 2028 | E1149 |  | SUB | EUR | 2029-06-30 |
| I1044 | Wavad Foods 6.75% notes due 2035 | E1155 |  | SU | USD | 2036-06-30 |
| I1045 | Ruven Airlines 5.75% notes due 2032 | E1156 |  | SUB | EUR | 2036-06-30 |
| I1046 | Diled Steel 8.75% notes due 2027 | E1160 |  | SU | EUR | 2029-06-30 |
| I1047 | Wunam Telecom 5.25% notes due 2032 | E1162 |  | SU | EUR | 2029-06-30 |
| I1048 | Wenar Water 8.25% notes due 2028 | E1163 |  | SUB | EUR | 2028-06-30 |
| I1049 | Ranim Shipping 8.00% notes due 2028 | E1166 |  | SUB | USD | 2036-06-30 |
| I1050 | Fivan Holdings 2.25% notes due 2035 | E1168 |  | SU | EUR | 2027-06-30 |
| I1051 | Molar Shipping 3.25% notes due 2031 | E1188 |  | SU | EUR | 2028-06-30 |
| I1052 | Divid Property 4.25% notes due 2033 | E1189 |  | SUB | GBP | 2032-06-30 |
(55 more rows not shown)

Query 3:

| rating_type | ccy_basis | action | outlook | watch | count_star() |
|---|---|---|---|---|---|
| CC |  | AS |  |  | 2 |
| CO |  | AS |  |  | 7 |
| INST |  | AF |  |  | 1 |
| INST |  | AS |  |  | 106 |
| INST |  | DG |  |  | 3 |
| INST |  | EX |  |  | 9 |
| LTIDR | FC | AF | NEG |  | 22 |
| LTIDR | FC | AF | POS |  | 15 |
| LTIDR | FC | AF | STA |  | 44 |
| LTIDR | FC | AS | STA |  | 326 |
| LTIDR | FC | DG | NEG |  | 27 |
| LTIDR | FC | DG | POS |  | 24 |
| LTIDR | FC | DG | STA |  | 35 |
| LTIDR | FC | DG |  |  | 2 |
| LTIDR | FC | RW |  | RWN | 45 |
| LTIDR | FC | UG | NEG |  | 8 |
| LTIDR | FC | UG | POS |  | 10 |
| LTIDR | FC | UG | STA |  | 27 |
| LTIDR | FC | WD |  |  | 39 |
| LTIDR | LC | AF | POS |  | 1 |
| LTIDR | LC | AF | STA |  | 3 |
| LTIDR | LC | AS | STA |  | 19 |
| LTIDR | LC | DG | NEG |  | 1 |
| LTIDR | LC | DG | POS |  | 1 |
| LTIDR | LC | DG | STA |  | 2 |
| LTIDR | LC | RW |  | RWN | 3 |
| LTIDR | LC | UG | POS |  | 1 |
| LTIDR | LC | UG | STA |  | 2 |
| LTIDR | LC | WD |  |  | 1 |
| STIDR | FC | AF |  |  | 1 |

Run more queries, or give the final answers.

The model

```sql
SELECT * FROM rating_actions WHERE rated_id IN ('E01','E02','E03','E04','E05','E06','E07','E08','E09','E10','E11','E12','E13','E14','E15','E16','CV','VD','I01','I02','I03','I04','I05','I06','I07','I08') ORDER BY rated_id, date;
```

```sql
SELECT * FROM rating_actions WHERE rating_type IN ('CC','CO') OR comment IS NOT NULL AND comment<>'' ORDER BY date LIMIT 150;
```

```sql
SELECT * FROM entities WHERE entity_id NOT LIKE 'E1%' OR entity_id IN ('E11','E12','E13','E14','E15','E16') ORDER BY entity_id;
```

Query results

Query 1:

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

Query 2:

| action_id | date | rated_id | rating_type | ccy_basis | action | rating | outlook | watch | comment |
|---|---|---|---|---|---|---|---|---|---|
| A1095 | 2023-04-15 | E1048 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A26 | 2023-05-01 | E10 | LTIDR | FC | AS | A- | STA |  | support from parent |
| A1356 | 2023-07-26 | E1166 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A1685 | 2023-10-15 | E1320 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A1422 | 2023-11-03 | E1200 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A37 | 2024-01-01 | CV | CC |  | AS | A |  |  |  |
| A1085 | 2024-04-09 | E1041 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A1522 | 2024-04-18 | E1244 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A1161 | 2024-04-28 | E1076 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A1268 | 2024-06-15 | E1124 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A1680 | 2024-07-07 | E1316 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A1708 | 2024-08-17 | E1333 | CO |  | AS | BBB+ |  |  |  |
| A1233 | 2024-10-16 | E1107 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A1263 | 2024-10-23 | E1121 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A1594 | 2024-11-17 | E1279 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A1296 | 2024-12-26 | E1138 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A1138 | 2025-01-12 | E1063 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A1496 | 2025-01-24 | E1233 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A46 | 2025-02-01 | E11 | CO |  | AS | BBB |  |  |  |
| A1136 | 2025-03-28 | E1062 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A12 | 2025-04-01 | VD | CC |  | AS | BB |  |  |  |
| A1473 | 2025-06-12 | E1225 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A1700 | 2025-06-13 | E1327 | CO |  | AS | BBB- |  |  |  |
| A1664 | 2025-06-19 | E1308 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A02 | 2025-06-20 | E01 | LTIDR | FC | DG | BBB | STA |  | weaker cash flow after asset sale |
| A1704 | 2025-06-27 | E1330 | CO |  | AS | BB+ |  |  |  |
| A1251 | 2025-06-28 | E1115 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A1002 | 2025-07-20 | E1002 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A1180 | 2025-08-02 | E1084 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A1230 | 2025-08-10 | E1106 | LTIDR | LC | WD | WD |  |  | commercial reasons |
| A1540 | 2025-08-13 | E1254 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A1298 | 2025-09-15 | E1140 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A1046 | 2025-11-08 | E1021 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A1430 | 2025-11-16 | E1205 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A1433 | 2025-11-20 | E1206 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A1590 | 2025-12-14 | E1277 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A1339 | 2026-02-27 | E1158 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A1371 | 2026-03-12 | E1172 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A1332 | 2026-03-22 | E1155 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A1650 | 2026-03-26 | E1303 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A1462 | 2026-04-11 | E1219 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A19 | 2026-05-12 | E07 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A1459 | 2026-05-22 | E1218 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A1013 | 2026-06-27 | E1007 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A1715 | 2026-07-04 | E1338 | CO |  | AS | BBB+ |  |  |  |
| A22 | 2026-07-08 | E08 | LTIDR | FC | DG | RD |  |  | distressed debt exchange completed |
| A1698 | 2026-09-02 | E1326 | CO |  | AS | BB |  |  |  |
| A1067 | 2026-09-15 | E1032 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A1124 | 2026-09-19 | E1057 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A1342 | 2026-09-22 | E1159 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A1499 | 2026-09-22 | E1234 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A1713 | 2026-11-16 | E1337 | CO |  | AS | BBB+ |  |  |  |

Query 3:

| entity_id | name | lei | country | entity_type | parent_id | source_system |
|---|---|---|---|---|---|---|
| CV | Republic of Corvenia |  | CV | SOV |  | RATINGS |
| E01 | Kestrel Energy plc | 7245002OOPBG04092E43 | GB | CORP |  | RATINGS |
| E02 | Northwind Holdings plc | 213800PHEIYNJMHTDV74 | GB | CORP |  | RATINGS |
| E03 | NORTHWIND HLDGS | 213800PHEIYNJMHTDV74 | GB | CORP |  | RESEARCH |
| E04 | Northwind Finance BV | 213800LA5RYJLGXV2T85 | NL | FINSUB | E02 | RATINGS |
| E05 | Valdoria Telecom SA | 391200LESH03LMOY2U61 | VD | CORP |  | RATINGS |
| E06 | Orrin Bank AG | 549300AMVE3VRVG7HK43 | DE | BANK |  | RATINGS |
| E07 | Pellam Retail Ltd | 969500B6IUACELPI2291 | GB | CORP |  | RATINGS |
| E08 | Saxby Shipping SA | 969500KOTZ1JFIZSG796 | GR | CORP |  | RATINGS |
| E09 | Halden Group plc | 815600ASM9EHDG931T89 | GB | CORP |  | RATINGS |
| E11 | Halden Leasing SA | 549300XBZH4ULO9MQV55 | FR | FINSUB | E10 | RATINGS |
| E12 | Halden Foods Ltd | 213800IJDL4OJ4DG5T19 | GB | CORP |  | RATINGS |
| E13 | Orrin Bancorp Inc | 815600O8X8K2F154N214 | US | BANK |  | RATINGS |
| E14 | Marlow Utilities plc | 3912005AH2C1I9YF8106 | GB | CORP |  | RATINGS |
| E15 | Corvenia Power SA | 213800PBQVHVBBH6GV02 | CV | CORP |  | RATINGS |
| E16 | Brindle Capital Ltd | 5493003Z3PXXR7KNFM81 | GB | CORP |  | QA |
| VD | Republic of Valdoria |  | VD | SOV |  | RATINGS |

Run more queries, or give the final answers.

The model

<invoke name="sql">
</invoke>
```sql
SELECT DISTINCT rating FROM rating_actions ORDER BY 1;
```

```sql
SELECT a.*, e.name, e.lei, e.country FROM rating_actions a LEFT JOIN entities e ON e.entity_id=a.rated_id WHERE a.rating_type LIKE '%IDR' AND a.date>='2026-01-01' AND a.action IN ('DG') ORDER BY a.date;
```

```sql
WITH l AS (SELECT *, row_number() OVER (PARTITION BY rated_id, rating_type, coalesce(ccy_basis,'') ORDER BY date DESC, action_id DESC) rn FROM rating_actions WHERE date<='2026-10-01' AND rated_id IN (SELECT entity_id FROM entities)) SELECT l.*, e.lei, e.country, e.name FROM l JOIN entities e ON e.entity_id=l.rated_id WHERE rn=1 AND rating_type='LTIDR' AND (watch='RWN' OR outlook='NEG' OR rating IN ('RD','D','C','WD') AND action<>'WD') ORDER BY rated_id;
```

```sql
SELECT count(*) n_ent, count(DISTINCT lei) n_lei, count(DISTINCT coalesce(lei,entity_id)) n_lei2, sum(country='LU') lu, count(DISTINCT CASE WHEN country='LU' THEN coalesce(lei,entity_id) END) lu_d FROM entities;
```

```sql
SELECT lei, string_agg(entity_id||':'||name||':'||source_system, ' | ') FROM entities WHERE lei IS NOT NULL AND lei<>'' GROUP BY lei HAVING count(*)>1 ORDER BY 1;
```

Query results

Query 1:

| rating |
|---|
| A |
| A+ |
| A- |
| AA |
| AA- |
| B |
| B+ |
| B- |
| BB |
| BB+ |
| BB- |
| BBB |
| BBB+ |
| BBB- |
| CCC |
| F2 |
| RD |
| WD |

Query 2:

| action_id | date | rated_id | rating_type | ccy_basis | action | rating | outlook | watch | comment | name | lei | country |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| A1395 | 2026-01-04 | E1186 | LTIDR | FC | DG | BBB+ | STA |  |  | Toren Capital AG | 549300OCOVKZOF4FO259 | DE |
| A1516 | 2026-01-13 | E1243 | LTIDR | FC | DG | BB | STA |  |  | Herar Foods SA | 2138008SWUJK7JUSMR14 | CV |
| A1545 | 2026-01-19 | E1255 | LTIDR | FC | DG | BBB+ | STA |  |  | Melan Holdings SA | 7245002EC45UEUXQJA30 | ES |
| A21 | 2026-01-20 | E08 | LTIDR | FC | DG | CCC |  |  |  | Saxby Shipping SA | 969500KOTZ1JFIZSG796 | GR |
| A1326 | 2026-01-26 | E1151 | LTIDR | FC | DG | BBB | POS |  |  | Nunan Media SA | 549300XHVH0VBXX4D156 | ES |
| A1636 | 2026-02-06 | E1299 | LTIDR | FC | DG | BBB | POS |  |  | FANER STEEL SA | 815600RCZP0ISY44E024 | ES |
| A1660 | 2026-02-08 | E1307 | LTIDR | FC | DG | BB- | POS |  |  | Vevom Retail SA | 969500CNC5SOCN5K2N29 | VD |
| A1450 | 2026-02-13 | E1213 | LTIDR | FC | DG | A- | STA |  |  | Winim Mining SA | 549300A64I73OEIC4R87 | FR |
| A1174 | 2026-02-14 | E1080 | LTIDR | FC | DG | A- | NEG |  |  | Gatad Property Inc | 815600SERWD64UWU8808 | US |
| A1608 | 2026-02-17 | E1285 | LTIDR | FC | DG | A | POS |  |  | Laril Retail plc | 391200J1XGI3MNYV2584 | GB |
| A1244 | 2026-02-20 | E1112 | LTIDR | FC | DG | BBB | POS |  |  | Calem Logistics Inc | 969500QJ1AV6AZJSB088 | US |
| A1561 | 2026-03-03 | E1263 | LTIDR | FC | DG | BBB | STA |  |  | Sotin Property Inc | 213800TWNH19JCPPPE80 | US |
| A1140 | 2026-03-04 | E1064 | LTIDR | FC | DG | BBB+ | STA |  |  | Renil Media BV | 213800YPXA4OJXD8EB91 | NL |
| A1732 | 2026-03-10 | E1347 | LTIDR | FC | DG | BBB- | NEG |  |  | Nunan Capital plc | 724500649FYULZG25F44 | GB |
| A1734 | 2026-03-18 | E1348 | LTIDR | FC | DG | BBB- | NEG |  |  | Wosed Holdings AG | 724500JEL6C1PJZEDM26 | DE |
| A1726 | 2026-03-18 | E1344 | LTIDR | FC | DG | A- | NEG |  |  | Naled Utilities plc | 724500N069ZCQGY1UI76 | GB |
| A1350 | 2026-03-19 | E1163 | LTIDR | FC | DG | BB+ | POS |  |  | Wenar Water SpA | 549300SBMAQCEKT3IC98 | IT |
| A1109 | 2026-03-20 | E1053 | LTIDR | FC | DG | BB | NEG |  |  | Soter Water SA | 5493001E7O9QDD98PV36 | ES |
| A1102 | 2026-04-05 | E1051 | LTIDR | FC | DG | A+ | NEG |  |  | Kenar Water SA | 724500WO4TZY2027IZ62 | GR |
| A1639 | 2026-04-09 | E1300 | LTIDR | FC | DG | BBB+ | STA |  |  | Livar Chemicals plc | 391200Z1OH1HXMHTW971 | GB |
| A27 | 2026-04-15 | E10 | LTIDR | FC | DG | BBB+ | STA |  |  | Halden Bank AG | 391200QYPVFF2O9K2039 | DE |
| A1070 | 2026-05-02 | E1034 | LTIDR | FC | DG | BBB+ | NEG |  |  | Tanad Capital SpA | 815600KLV84WAQGPSX27 | IT |
| A1482 | 2026-05-06 | E1229 | LTIDR | FC | DG | BB | STA |  |  | Fetam Mining SA | 549300GJM0MMFEH84V77 | CV |
| A1640 | 2026-05-06 | E1300 | LTIDR | FC | DG | BBB | NEG |  |  | Livar Chemicals plc | 391200Z1OH1HXMHTW971 | GB |
| A44 | 2026-06-01 | E16 | LTIDR | FC | DG | BB+ | STA |  |  | Brindle Capital Ltd | 5493003Z3PXXR7KNFM81 | GB |
| A1104 | 2026-06-01 | E1051 | LTIDR | FC | DG | A+ | POS |  |  | Kenar Water SA | 724500WO4TZY2027IZ62 | GR |
| A1481 | 2026-06-02 | E1229 | LTIDR | FC | DG | BB+ | STA |  |  | Fetam Mining SA | 549300GJM0MMFEH84V77 | CV |
| A1310 | 2026-06-06 | E1144 | LTIDR | FC | DG | B+ | POS |  |  | Witan Logistics SA | 213800QV7J1EXLC4YX51 | CV |
| A1562 | 2026-06-16 | E1263 | LTIDR | FC | DG | BBB- | NEG |  |  | Sotin Property Inc | 213800TWNH19JCPPPE80 | US |
| A1341 | 2026-06-16 | E1159 | LTIDR | FC | DG | BBB+ | POS |  |  | Benem Property AG | 213800VMJXKPLM9ZIL74 | DE |
| A1451 | 2026-06-16 | E1213 | LTIDR | FC | DG | BBB+ | POS |  |  | Winim Mining SA | 549300A64I73OEIC4R87 | FR |
| A1122 | 2026-06-25 | E1057 | LTIDR | FC | DG | BB | STA |  |  | Batan Foods plc | 2138009BPHEDKSZHFF68 | GB |
| A1718 | 2026-06-26 | E1340 | LTIDR | FC | DG | BBB+ | NEG |  |  | Biram Steel plc | 213800CSTQH7UO0A8E29 | GB |
| A1479 | 2026-06-28 | E1228 | LTIDR | FC | DG | BB+ | NEG |  |  | Cevad Chemicals plc | 724500JFK718P3DNW233 | GB |
| A22 | 2026-07-08 | E08 | LTIDR | FC | DG | RD |  |  | distressed debt exchange completed | Saxby Shipping SA | 969500KOTZ1JFIZSG796 | GR |
| A1627 | 2026-07-11 | E1294 | LTIDR | FC | DG | A+ | NEG |  |  | Runor Media SpA | 391200WPOJY9F1NTH725 | IT |
| A1127 | 2026-07-14 | E1058 | LTIDR | FC | DG | BBB- | POS |  |  | Wasil Shipping SA | 969500Y1Y66M1421WE10 | GR |
| A1722 | 2026-07-17 | E1342 | LTIDR | FC | DG | BBB+ | NEG |  |  | Cuvol Water AG | 7245000RRKYSQSJ2DB31 | DE |
| A1202 | 2026-07-25 | E1093 | LTIDR | FC | DG | B | STA |  |  | Nulil Airlines plc | 969500IYLWO8RRIOIL83 | GB |
| A1344 | 2026-07-28 | E1161 | LTIDR | FC | DG | B | NEG |  |  | DILED STEEL SA | 969500PM41NS2PBZU440 | FR |
| A1724 | 2026-08-08 | E1343 | LTIDR | FC | DG | BBB+ | NEG |  |  | Bolem Energy plc | 969500F1DAQZF8FNJS41 | GB |
| A1620 | 2026-08-16 | E1290 | LTIDR | FC | DG | B | POS |  |  | Nural Water plc | 5493005YGBG4Z7ZGH950 | GB |
| A1366 | 2026-08-16 | E1170 | LTIDR | FC | DG | BB- | STA |  |  | SEREN TELECOM | 549300XV49ES64RGNQ00 | GB |
| A1738 | 2026-09-03 | E1350 | LTIDR | FC | DG | BB | NEG |  |  | Palol Airlines plc | 213800GZMC02BI2WJX12 | GB |
| A1360 | 2026-09-07 | E1167 | LTIDR | FC | DG | BB | STA |  |  | Fitad Foods BV | 5493000NGCMTDC4BZ653 | NL |
| A1728 | 2026-09-22 | E1345 | LTIDR | FC | DG | BB- | NEG |  |  | Wesen Retail plc | 391200T3GEO5X4SJMO02 | GB |
| A1740 | 2026-09-27 | E1351 | LTIDR | FC | DG | A- | NEG |  |  | Bisad Property plc | 969500MERFFSB2CHQE09 | GB |
| A1736 | 2026-10-14 | E1349 | LTIDR | FC | DG | A- | NEG |  |  | Parod Pharma SA | 724500PGN9P0AMIWNV47 | FR |
| A1730 | 2026-10-15 | E1346 | LTIDR | FC | DG | BBB+ | NEG |  |  | Kalem Property AG | 391200MMTFNAN4NBM054 | DE |
| A1720 | 2026-11-09 | E1341 | LTIDR | FC | DG | BBB+ | NEG |  |  | Panar Airlines SA | 549300IFOJRHYHEP5N72 | FR |

Query 3:

| action_id | date | rated_id | rating_type | ccy_basis | action | rating | outlook | watch | comment | rn | lei | country | name |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| A03 | 2026-02-10 | E01 | LTIDR | FC | AF | BBB | NEG |  |  | 1 | 7245002OOPBG04092E43 | GB | Kestrel Energy plc |
| A17 | 2026-09-03 | E06 | LTIDR | FC | RW | A- |  | RWN |  | 1 | 549300AMVE3VRVG7HK43 | DE | Orrin Bank AG |
| A22 | 2026-07-08 | E08 | LTIDR | FC | DG | RD |  |  | distressed debt exchange completed | 1 | 969500KOTZ1JFIZSG796 | GR | Saxby Shipping SA |
| A25 | 2026-03-01 | E09 | LTIDR | FC | AF | A | NEG |  |  | 1 | 815600ASM9EHDG931T89 | GB | Halden Group plc |
| A1007 | 2025-08-02 | E1005 | LTIDR | FC | DG | BB | NEG |  |  | 1 | 815600JRN7AOE36KFR35 | US | Setan Airlines Inc |
| A1010 | 2026-06-17 | E1006 | LTIDR | FC | RW | AA |  | RWN |  | 1 | 213800WSVEOAQ5HD4C43 | US | Soson Airlines Inc |
| A1026 | 2025-07-09 | E1013 | LTIDR | FC | RW | BB- |  | RWN |  | 1 | 969500U072SAPPW32N81 | NL | Pisol Pharma BV |
| A1042 | 2024-03-20 | E1019 | LTIDR | LC | RW | BBB- |  | RWN |  | 1 | 391200GSFO0F68KKUC67 | CV | Losol Mining SA |
| A1062 | 2025-08-08 | E1029 | LTIDR | FC | UG | A- | NEG |  |  | 1 | 8156008DPX4I9DNKWN26 | US | Leson Telecom Inc |
| A1070 | 2026-05-02 | E1034 | LTIDR | FC | DG | BBB+ | NEG |  |  | 1 | 815600KLV84WAQGPSX27 | IT | Tanad Capital SpA |
| A1076 | 2022-05-07 | E1037 | LTIDR | FC | RW | A |  | RWN |  | 1 | 391200OBAXI8590VQN12 | FR | Natil Retail SA |
| A1080 | 2025-12-09 | E1039 | LTIDR | FC | RW | A |  | RWN |  | 1 | 969500HA9D5I7F73PW83 | CV | Pulor Airlines SA |
| A1092 | 2025-05-28 | E1046 | LTIDR | FC | UG | AA- | NEG |  |  | 1 | 549300ZM08IADSAK3L87 | US | Ditin Shipping Inc |
| A1117 | 2024-12-04 | E1055 | LTIDR | FC | UG | BBB- | NEG |  |  | 1 | 724500WWWM8KJ2Q08398 | GB | Muran Property plc |
| A1119 | 2023-01-01 | E1056 | LTIDR | FC | DG | A+ | NEG |  |  | 1 | 969500DMA3PCFLMC4U98 | IT | Duver Shipping SpA |
| A1132 | 2026-02-23 | E1059 | LTIDR | LC | RW | BB- |  | RWN |  | 1 | 549300CRXZL5I1OT6L14 | CV | Kelim Media SA |
| A1129 | 2025-02-16 | E1060 | LTIDR | FC | AF | BB- | NEG |  |  | 1 | 549300CRXZL5I1OT6L14 | CV | KELIM MEDIA SA |
| A1134 | 2025-06-06 | E1061 | LTIDR | FC | RW | A |  | RWN |  | 1 | 5493002BLV266QJVIH90 | DE | Dotan Retail AG |
| A1142 | 2026-06-03 | E1064 | LTIDR | FC | UG | A- | NEG |  |  | 1 | 213800YPXA4OJXD8EB91 | NL | Renil Media BV |
| A1145 | 2026-05-03 | E1066 | LTIDR | FC | RW | A- |  | RWN |  | 1 | 213800VQSNQ2434DKS91 | ES | Lolil Industries SA |
| A1156 | 2026-02-07 | E1072 | LTIDR | FC | AF | BB- | NEG |  |  | 1 | 969500W1RDU3ZPX1YB94 | GB | Delil Chemicals plc |
| A1171 | 2024-01-26 | E1079 | LTIDR | FC | AF | BB+ | NEG |  |  | 1 | 5493000MDIWO1KHI0272 | GB | Nevar Property plc |
| A1174 | 2026-02-14 | E1080 | LTIDR | FC | DG | A- | NEG |  |  | 1 | 815600SERWD64UWU8808 | US | Gatad Property Inc |
| A1190 | 2024-01-16 | E1088 | LTIDR | FC | RW | B+ |  | RWN |  | 1 | 549300GS8TRRRJCSVZ45 | FR | Koved Holdings SA |
| A1211 | 2026-04-28 | E1098 | LTIDR | FC | RW | BBB- |  | RWN |  | 1 | 724500HD5AQ2MDSXXU69 | US | Wirim Water Inc |
| A1214 | 2023-11-05 | E1099 | LTIDR | FC | RW | BB+ |  | RWN |  | 1 | 213800XQVJ5IKNNVXY16 | FR | Nasad Shipping SA |
| A1226 | 2024-01-13 | E1105 | LTIDR | FC | UG | A+ | NEG |  |  | 1 | 3912002RB0IGZZN6RN49 | GR | Betin Pharma SA |
| A1237 | 2025-12-25 | E1109 | LTIDR | FC | RW | A+ |  | RWN |  | 1 | 815600379XSXXQR72R46 | NL | Susal Energy BV |
| A1255 | 2025-07-14 | E1118 | LTIDR | FC | DG | BB+ | NEG |  |  | 1 | 969500ZM445IDEYHCL85 | DE | Reter Shipping AG |
| A1272 | 2025-07-10 | E1126 | LTIDR | FC | RW | BB |  | RWN |  | 1 | 213800QG4ZGLWRUBIQ31 | VD | Goter Capital SA |
| A1284 | 2025-08-24 | E1132 | LTIDR | FC | RW | B+ |  | RWN |  | 1 | 549300WSZI986L1XA988 | US | Deler Logistics Inc |
| A1287 | 2025-10-11 | E1133 | LTIDR | FC | RW | B+ |  | RWN |  | 1 | 549300PSORKEO25SHT85 | US | Sorir Water Inc |
| A1317 | 2025-08-12 | E1146 | LTIDR | FC | RW | BB |  | RWN |  | 1 | 7245008Y7HAJI3ZSJK12 | US | Taril Industries Inc |
| A1338 | 2026-08-14 | E1158 | LTIDR | FC | AF | BBB | NEG |  |  | 1 | 9695008UP74QEOJ3KW74 | ES | Nular Energy SA |
| A1344 | 2026-07-28 | E1161 | LTIDR | FC | DG | B | NEG |  |  | 1 | 969500PM41NS2PBZU440 | FR | DILED STEEL SA |
| A1362 | 2023-10-12 | E1168 | LTIDR | FC | RW | BBB- |  | RWN |  | 1 | 549300N9NKGSRIO34Y39 | US | Fivan Holdings Inc |
| A1387 | 2025-01-06 | E1181 | LTIDR | FC | RW | A- |  | RWN |  | 1 | 3912006PQEEWVJETOG62 | IT | Mosal Logistics SpA |
| A1398 | 2024-09-05 | E1188 | LTIDR | FC | UG | BB- | NEG |  |  | 1 | 815600O0Y6S2CPCDAA82 | GR | Molar Shipping SA |
| A1404 | 2025-05-24 | E1190 | LTIDR | FC | UG | BBB | NEG |  |  | 1 | 549300ENXJ8RIUXUHZ80 | GB | Piran Logistics plc |
| A1410 | 2025-01-20 | E1194 | LTIDR | FC | RW | A |  | RWN |  | 1 | 815600GVTRTKVHG8BO41 | CV | Litem Industries SA |
| A1427 | 2023-09-02 | E1203 | LTIDR | FC | RW | BBB+ |  | RWN |  | 1 | 724500W08E6JP9P9NC97 | DE | Fusir Steel AG |
| A1442 | 2024-09-09 | E1210 | LTIDR | FC | RW | BB |  | RWN |  | 1 | 549300HWTXXHJP2HKU38 | DE | MALID MINING SPA |
| A1445 | 2024-09-26 | E1211 | LTIDR | FC | AF | BBB- | NEG |  |  | 1 | 2138006JVQYZA2IAU357 | GB | Cinam Energy plc |
| A1479 | 2026-06-28 | E1228 | LTIDR | FC | DG | BB+ | NEG |  |  | 1 | 724500JFK718P3DNW233 | GB | Cevad Chemicals plc |
| A1508 | 2026-07-27 | E1238 | LTIDR | FC | RW | AA- |  | RWN |  | 1 | 5493004IM0PRT8BSDK29 | GR | Wevin Capital SA |
| A1514 | 2025-09-11 | E1242 | LTIDR | FC | RW | BBB |  | RWN |  | 1 | 213800VNDQV0VN6FVU72 | IT | Botin Logistics SpA |
| A1531 | 2026-05-02 | E1248 | LTIDR | FC | AF | A- | NEG |  |  | 1 | 213800XN4WOS9M0UP985 | US | Hivod Mining Inc |
| A1555 | 2025-09-05 | E1260 | LTIDR | FC | RW | BBB- |  | RWN |  | 1 | 969500D8VQO3X7NDHQ76 | US | Votim Industries Inc |
| A1558 | 2024-10-13 | E1262 | LTIDR | FC | AF | B+ | NEG |  |  | 1 | 549300H1N0EQEAZLE362 | ES | MUNAM WATER SA |
| A1562 | 2026-06-16 | E1263 | LTIDR | FC | DG | BBB- | NEG |  |  | 1 | 213800TWNH19JCPPPE80 | US | Sotin Property Inc |
| A1564 | 2024-05-18 | E1264 | LTIDR | FC | RW | B+ |  | RWN |  | 1 | 549300HH75F3NXLKV336 | GB | Devam Water plc |
| A1568 | 2026-07-20 | E1266 | LTIDR | FC | RW | BBB |  | RWN |  | 1 | 724500CD625Q9LIJG838 | NL | Culed Chemicals BV |
| A1570 | 2023-12-15 | E1267 | LTIDR | FC | RW | A- |  | RWN |  | 1 | 8156006G7EEYC0O0U554 | FR | Gutin Water SA |
| A1577 | 2025-10-15 | E1271 | LTIDR | FC | AF | A- | NEG |  |  | 1 | 213800M91M3NKSWT8K97 | DE | Rarid Logistics AG |
| A1600 | 2024-03-20 | E1282 | LTIDR | FC | AF | BB+ | NEG |  |  | 1 | 724500GZZJO3VTZ5OY05 | US | Falan Mining Inc |
| A1627 | 2026-07-11 | E1294 | LTIDR | FC | DG | A+ | NEG |  |  | 1 | 391200WPOJY9F1NTH725 | IT | Runor Media SpA |
| A1633 | 2026-09-01 | E1297 | LTIDR | FC | RW | BBB |  | RWN |  | 1 | 7245002QMS1HJ8LWKI72 | IT | Kotim Pharma SpA |
| A1640 | 2026-05-06 | E1300 | LTIDR | FC | DG | BBB | NEG |  |  | 1 | 391200Z1OH1HXMHTW971 | GB | Livar Chemicals plc |
| A1676 | 2024-06-26 | E1314 | LTIDR | FC | RW | BBB |  | RWN |  | 1 | 815600VWY9ZIH3XVHE31 | GB | Dulem Retail plc |
| A1682 | 2024-09-11 | E1317 | LTIDR | FC | RW | BB |  | RWN |  | 1 | 391200YYRT4OCYJBQT44 | DE | Wisir Telecom AG |
(10 more rows not shown)

Query 4:

| n_ent | n_lei | n_lei2 | lu | lu_d |
|---|---|---|---|---|
| 370 | 342 | 344 | 1 | 1 |

Query 5:

| lei | string_agg(((((entity_id || ':') || "name") || ':') || source_system), ' | ') |
|---|---|
| 213800PHEIYNJMHTDV74 | E02:Northwind Holdings plc:RATINGS | E03:NORTHWIND HLDGS:RESEARCH |
| 3912003R00FP6CNV6210 | E1001:Tunod Steel SA:RATINGS | E1002:TUNOD STEEL SA:RESEARCH |
| 391200E9TAHDZV7CY568 | E1147:Daren Mining SA:RATINGS | E1148:DAREN MINING SA:RESEARCH |
| 391200JN4T4KY2HCRU75 | E1116:Hener Energy plc:RATINGS | E1117:HENER ENERGY:RESEARCH |
| 391200KLG6G4KVIMIU52 | E1021:Niner Pharma plc:RATINGS | E1022:NINER PHARMA:RESEARCH |
| 391200QYPVFF2O9K2039 | E10:Halden Bank AG:RATINGS | E17:HALDEN BANK:RESEARCH |
| 391200USHZVHBK9FHP01 | E1179:Cotan Foods SA:RATINGS | E1180:COTAN FOODS SA:RESEARCH |
| 5493004IM0PRT8BSDK29 | E1238:Wevin Capital SA:RATINGS | E1239:WEVIN CAPITAL SA:RESEARCH |
| 549300A64I73OEIC4R87 | E1213:Winim Mining SA:RATINGS | E1214:WINIM MINING SA:RESEARCH |
| 549300CRXZL5I1OT6L14 | E1059:Kelim Media SA:RATINGS | E1060:KELIM MEDIA SA:RESEARCH |
| 549300E50JHDJNBUGF22 | E1152:Kivel Property plc:RATINGS | E1153:KIVEL PROPERTY:RESEARCH |
| 549300H1N0EQEAZLE362 | E1261:Munam Water SA:RATINGS | E1262:MUNAM WATER SA:RESEARCH |
| 549300HWTXXHJP2HKU38 | E1209:Malid Mining SpA:RATINGS | E1210:MALID MINING SPA:RESEARCH |
| 549300NTCTGRKRYIAN83 | E1096:Ravon Capital SA:RATINGS | E1097:RAVON CAPITAL SA:RESEARCH |
| 549300XV49ES64RGNQ00 | E1169:Seren Telecom plc:RATINGS | E1170:SEREN TELECOM:RESEARCH |
| 724500BSV4X2J7KUR535 | E1138:Konel Energy BV:RATINGS | E1139:KONEL ENERGY BV:RESEARCH |
| 724500UQKUINIUB80J18 | E1318:Sutem Water plc:RATINGS | E1319:SUTEM WATER:RESEARCH |
| 724500YEJSJ19G17TW94 | E1258:Nirad Retail SA:RATINGS | E1259:NIRAD RETAIL SA:RESEARCH |
| 8156008DPX4I9DNKWN26 | E1029:Leson Telecom Inc:RATINGS | E1030:LESON TELECOM INC:RESEARCH |
| 815600HDI8Y3IWGOOH22 | E1103:Vavam Pharma Inc:RATINGS | E1104:VAVAM PHARMA INC:RESEARCH |
| 815600LRX1P8142NMF42 | E1245:Gater Holdings SA:RATINGS | E1246:GATER HOLDINGS SA:RESEARCH |
| 815600RCZP0ISY44E024 | E1298:Faner Steel SA:RATINGS | E1299:FANER STEEL SA:RESEARCH |
| 9695000PSF2HLPO9AE57 | E1310:Natil Retail SpA:RATINGS | E1311:NATIL RETAIL SPA:RESEARCH |
| 969500KYKHRI6N2WRN19 | E1156:Ruven Airlines AG:RATINGS | E1157:RUVEN AIRLINES:RESEARCH |
| 969500PM41NS2PBZU440 | E1160:Diled Steel SA:RATINGS | E1161:DILED STEEL SA:RESEARCH |
| 969500QXEZ0NSV6EIW69 | E1253:Vusir Telecom SA:RATINGS | E1254:VUSIR TELECOM SA:RESEARCH |

Run more queries, or give the final answers.

The model

```sql
SELECT entity_id,name,parent_id,lei FROM entities WHERE parent_id IS NOT NULL AND parent_id<>'' ORDER BY parent_id;
```

```sql
SELECT * FROM entities WHERE country IN ('LU') OR name ILIKE '%halden%' OR name ILIKE '%northwind%' OR name ILIKE '%orrin%';
```

```sql
-- status at 2026-10-01 per entity/type/basis (non-INST)
CREATE OR REPLACE TEMP VIEW st AS
WITH l AS (SELECT *, row_number() OVER (PARTITION BY rated_id, rating_type, coalesce(ccy_basis,'') ORDER BY date DESC, action_id DESC) rn FROM rating_actions WHERE date<='2026-10-01' AND rating_type IN ('LTIDR','INST'))
SELECT * FROM l WHERE rn=1;
SELECT rating_type, count(DISTINCT rated_id) FILTER (WHERE rating<>'WD') n_rated, count(*) FILTER (WHERE rating<>'WD') FROM st GROUP BY 1;
```

```sql
SELECT * FROM st WHERE rating_type='INST' ORDER BY rated_id;
```

```sql
-- FC LTIDR at ceiling for CV / VD countries, and above
SELECT s.rated_id, e.name, e.country, e.lei, s.rating, s.date FROM st s JOIN entities e ON e.entity_id=s.rated_id WHERE s.rating_type='LTIDR' AND s.ccy_basis='FC' AND e.country IN ('CV','VD') AND s.rating<>'WD' ORDER BY e.country, s.rating;
```

```sql
-- Q22 ever RD/D; Q21 had rating, now none
SELECT rated_id, rating, date FROM rating_actions WHERE rating IN ('RD','D','C') ORDER BY 1;
```

```sql
SELECT DISTINCT a.rated_id, e.lei, e.name FROM rating_actions a JOIN entities e ON e.entity_id=a.rated_id WHERE a.rating_type='LTIDR' AND a.rated_id NOT IN (SELECT rated_id FROM st WHERE rating_type='LTIDR' AND rating<>'WD' AND rating<>'RD') ORDER BY 1;
```

Query results

Query 1:

| entity_id | name | parent_id | lei |
|---|---|---|---|
| E04 | Northwind Finance BV | E02 | 213800LA5RYJLGXV2T85 |
| E10 | Halden Bank AG | E09 | 391200QYPVFF2O9K2039 |
| E11 | Halden Leasing SA | E10 | 549300XBZH4ULO9MQV55 |
| E1013 | Pisol Pharma BV | E1004 | 969500U072SAPPW32N81 |
| E1033 | Kunid Pharma SA | E1004 | 213800Q84PS4FTJJB947 |
| E1066 | Lolil Industries SA | E1004 | 213800VQSNQ2434DKS91 |
| E1006 | Soson Airlines Inc | E1005 | 213800WSVEOAQ5HD4C43 |
| E1098 | Wirim Water Inc | E1006 | 724500HD5AQ2MDSXXU69 |
| E1110 | Rinar Industries SA | E1007 | 815600DZBIB9VS57NE44 |
| E1177 | Kiver Capital AG | E1010 | 213800J4ER8QI0XDZ847 |
| E1149 | Honel Shipping BV | E1013 | 969500DV6LOBOACJKE42 |
| E1059 | Kelim Media SA | E1015 | 549300CRXZL5I1OT6L14 |
| E1047 | Vaved Pharma plc | E1020 | 391200WGA8OE30KZUD08 |
| E1330 | Niner Pharma Finance SA | E1021 | 969500PPIIF0MLO97E32 |
| E1228 | Cevad Chemicals plc | E1023 | 724500JFK718P3DNW233 |
| E1183 | Danad Pharma plc | E1025 | 96950015W720OD9VIA28 |
| E1331 | Tulol Shipping Finance BV | E1025 | 391200D59Z1B4XWDGA48 |
| E1046 | Ditin Shipping Inc | E1026 | 549300ZM08IADSAK3L87 |
| E1095 | Hunel Foods Inc | E1027 | 549300YCPCEYTT7UCP57 |
| E1337 | Lanon Telecom Finance plc | E1038 | 391200EERFGANN46Y270 |
| E1326 | Witad Steel Finance BV | E1052 | 969500WJEQ7O6V8P8X79 |
| E1292 | Bavon Industries plc | E1061 | 549300RN36RWXRZPV988 |
| E1114 | Verod Logistics plc | E1063 | 213800VNSK3FDUWI9Q67 |
| E1215 | Penen Retail Inc | E1063 | 8156003V8NY694JQQA11 |
| E1197 | Kaval Property plc | E1066 | 8156000IN4HMEEM2ON82 |
| E1332 | Sanin Mining Finance SA | E1068 | 21380077GIA72K258C76 |
| E1329 | Ganen Shipping Finance plc | E1069 | 549300ZZB6Z4QUIPZW48 |
| E1075 | Nilim Industries Inc | E1071 | 815600GT8SEYXSQI7W78 |
| E1271 | Rarid Logistics AG | E1071 | 213800M91M3NKSWT8K97 |
| E1338 | Hivor Industries Finance BV | E1073 | 724500WX98LDWMIZLF21 |
| E1174 | Fivel Retail SpA | E1073 | 724500P05MC40B0POA10 |
| E1273 | Furer Property SA | E1074 | 724500Y582IZ7KJ6AG72 |
| E1276 | Nevil Holdings SpA | E1074 | 2138005AK9MHXT35J172 |
| E1089 | Hanir Airlines SA | E1078 | 969500WJX7JXMZXN4L42 |
| E1333 | Gilen Capital Finance plc | E1082 | 213800HVPSP99Z2KCJ88 |
| E1101 | Doror Telecom SA | E1083 | 815600YUVYKAXDN9LE93 |
| E1325 | Poval Chemicals Finance SA | E1084 | 9695001YLTVXK1L24J01 |
| E1248 | Hivod Mining Inc | E1107 | 213800XN4WOS9M0UP985 |
| E1327 | Nuner Holdings Finance plc | E1119 | 391200SWQKZG1IRLG226 |
| E1179 | Cotan Foods SA | E1162 | 391200USHZVHBK9FHP01 |
| E1293 | Datod Airlines plc | E1166 | 391200BREGDXY5M1LW07 |
| E1336 | Navor Holdings Finance SA | E1176 | 391200G55M6O27UJS152 |
| E1191 | Boler Steel SA | E1177 | 815600G5CMC2QEQUCG23 |
| E1275 | Fusin Steel Inc | E1189 | 815600G1ZFK3SU6EZU96 |
| E1233 | Kavid Industries AG | E1198 | 3912001DEUC7UPZYE471 |
| E1335 | Belor Telecom Finance plc | E1234 | 9695001Q1J0GREF1Y798 |
| E1339 | Wivin Airlines Finance SA | E1241 | 724500Y59GQFHLXXCT69 |
| E1328 | Palad Mining Finance BV | E1244 | 969500NW5R0G6TCAZA92 |
| E1334 | Votim Industries Finance BV | E1260 | 3912005LQY8PFMP9D487 |
| E1315 | Wetid Shipping AG | E1278 | 391200G0CPKPNGKWC253 |

Query 2:

| entity_id | name | lei | country | entity_type | parent_id | source_system |
|---|---|---|---|---|---|---|
| E02 | Northwind Holdings plc | 213800PHEIYNJMHTDV74 | GB | CORP |  | RATINGS |
| E03 | NORTHWIND HLDGS | 213800PHEIYNJMHTDV74 | GB | CORP |  | RESEARCH |
| E04 | Northwind Finance BV | 213800LA5RYJLGXV2T85 | NL | FINSUB | E02 | RATINGS |
| E06 | Orrin Bank AG | 549300AMVE3VRVG7HK43 | DE | BANK |  | RATINGS |
| E09 | Halden Group plc | 815600ASM9EHDG931T89 | GB | CORP |  | RATINGS |
| E10 | Halden Bank AG | 391200QYPVFF2O9K2039 | DE | BANK | E09 | RATINGS |
| E11 | Halden Leasing SA | 549300XBZH4ULO9MQV55 | FR | FINSUB | E10 | RATINGS |
| E12 | Halden Foods Ltd | 213800IJDL4OJ4DG5T19 | GB | CORP |  | RATINGS |
| E13 | Orrin Bancorp Inc | 815600O8X8K2F154N214 | US | BANK |  | RATINGS |
| E17 | HALDEN BANK | 391200QYPVFF2O9K2039 | LU | BANK |  | RESEARCH |

Query 3:

| rating_type | n_rated | count_star() FILTER (WHERE (rating != 'WD')) |
|---|---|---|
| INST | 112 | 112 |
| LTIDR | 293 | 309 |

Query 4:

| action_id | date | rated_id | rating_type | ccy_basis | action | rating | outlook | watch | comment | rn |
|---|---|---|---|---|---|---|---|---|---|---|
| A06 | 2025-06-20 | I01 | INST |  | DG | BBB |  |  |  | 1 |
| A07 | 2025-06-20 | I02 | INST |  | DG | BB+ |  |  |  | 1 |
| A11 | 2025-09-15 | I03 | INST |  | AF | A |  |  |  | 1 |
| A15 | 2025-04-01 | I04 | INST |  | AS | BB |  |  |  | 1 |
| A29 | 2026-04-15 | I05 | INST |  | DG | BBB+ |  |  |  | 1 |
| A42 | 2024-03-01 | I06 | INST |  | AS | A- |  |  |  | 1 |
| A45 | 2025-04-01 | I07 | INST |  | AS | BBB- |  |  |  | 1 |
| A47 | 2026-09-01 | I08 | INST |  | EX | A |  |  |  | 1 |
| A1014 | 2023-06-03 | I1002 | INST |  | AS | BB- |  |  |  | 1 |
| A1016 | 2022-12-09 | I1003 | INST |  | AS | BBB- |  |  |  | 1 |
| A1018 | 2022-05-02 | I1004 | INST |  | AS | A |  |  |  | 1 |
| A1024 | 2024-11-09 | I1005 | INST |  | AS | BB |  |  |  | 1 |
| A1027 | 2022-06-02 | I1006 | INST |  | AS | B+ |  |  |  | 1 |
| A1033 | 2026-05-23 | I1008 | INST |  | EX | B+ |  |  |  | 1 |
| A1038 | 2025-08-11 | I1009 | INST |  | AS | A- |  |  |  | 1 |
| A1044 | 2024-06-15 | I1010 | INST |  | AS | A- |  |  |  | 1 |
| A1047 | 2022-06-19 | I1011 | INST |  | AS | BBB- |  |  |  | 1 |
| A1051 | 2026-07-22 | I1012 | INST |  | EX | A- |  |  |  | 1 |
| A1065 | 2025-12-06 | I1013 | INST |  | AS | BB+ |  |  |  | 1 |
| A1073 | 2022-10-23 | I1014 | INST |  | AS | A- |  |  |  | 1 |
| A1086 | 2023-01-01 | I1016 | INST |  | AS | A+ |  |  |  | 1 |
| A1096 | 2022-12-22 | I1017 | INST |  | AS | BB |  |  |  | 1 |
| A1098 | 2022-04-18 | I1018 | INST |  | AS | BB+ |  |  |  | 1 |
| A1100 | 2025-09-02 | I1019 | INST |  | AS | BB+ |  |  |  | 1 |
| A1107 | 2024-03-25 | I1020 | INST |  | AS | BB+ |  |  |  | 1 |
| A1120 | 2026-09-18 | I1021 | INST |  | EX | AA- |  |  |  | 1 |
| A1147 | 2022-07-09 | I1022 | INST |  | AS | BB+ |  |  |  | 1 |
| A1153 | 2023-01-11 | I1023 | INST |  | AS | B |  |  |  | 1 |
| A1165 | 2022-05-09 | I1024 | INST |  | AS | BB |  |  |  | 1 |
| A1168 | 2022-02-01 | I1025 | INST |  | AS | BB+ |  |  |  | 1 |
| A1172 | 2022-06-05 | I1026 | INST |  | AS | BB+ |  |  |  | 1 |
| A1177 | 2024-12-28 | I1027 | INST |  | AS | BBB |  |  |  | 1 |
| A1183 | 2022-04-17 | I1028 | INST |  | AS | A- |  |  |  | 1 |
| A1185 | 2025-02-24 | I1029 | INST |  | AS | A+ |  |  |  | 1 |
| A1188 | 2024-10-14 | I1030 | INST |  | AS | BBB- |  |  |  | 1 |
| A1191 | 2022-07-14 | I1031 | INST |  | AS | B |  |  |  | 1 |
| A1195 | 2024-07-05 | I1032 | INST |  | AS | BB- |  |  |  | 1 |
| A1224 | 2024-12-05 | I1033 | INST |  | AS | B |  |  |  | 1 |
| A1235 | 2025-03-25 | I1034 | INST |  | AS | A- |  |  |  | 1 |
| A1248 | 2024-09-12 | I1035 | INST |  | AS | BB |  |  |  | 1 |
| A1252 | 2022-09-01 | I1036 | INST |  | AS | A+ |  |  |  | 1 |
| A1256 | 2022-10-15 | I1037 | INST |  | AS | BBB- |  |  |  | 1 |
| A1281 | 2025-11-01 | I1038 | INST |  | AS | BBB+ |  |  |  | 1 |
| A1302 | 2023-01-03 | I1039 | INST |  | AS | AA- |  |  |  | 1 |
| A1307 | 2023-02-16 | I1040 | INST |  | AS | A+ |  |  |  | 1 |
| A1314 | 2025-06-04 | I1041 | INST |  | AS | BB |  |  |  | 1 |
| A1321 | 2025-04-10 | I1042 | INST |  | AS | A+ |  |  |  | 1 |
| A1323 | 2025-11-14 | I1043 | INST |  | AS | A+ |  |  |  | 1 |
| A1333 | 2025-02-14 | I1044 | INST |  | AS | BB- |  |  |  | 1 |
| A1335 | 2025-09-01 | I1045 | INST |  | AS | A |  |  |  | 1 |
| A1345 | 2026-05-18 | I1046 | INST |  | EX | B+ |  |  |  | 1 |
| A1347 | 2025-10-19 | I1047 | INST |  | AS | A+ |  |  |  | 1 |
| A1351 | 2023-09-18 | I1048 | INST |  | AS | BB+ |  |  |  | 1 |
| A1357 | 2026-03-17 | I1049 | INST |  | EX | BB- |  |  |  | 1 |
| A1363 | 2023-07-22 | I1050 | INST |  | AS | BBB- |  |  |  | 1 |
| A1399 | 2023-09-26 | I1051 | INST |  | AS | B+ |  |  |  | 1 |
| A1402 | 2023-06-07 | I1052 | INST |  | AS | BBB |  |  |  | 1 |
| A1405 | 2023-07-09 | I1053 | INST |  | AS | BBB- |  |  |  | 1 |
| A1413 | 2025-04-07 | I1054 | INST |  | AS | A+ |  |  |  | 1 |
| A1419 | 2024-02-23 | I1055 | INST |  | AS | A |  |  |  | 1 |
(52 more rows not shown)

Query 5:

| rated_id | name | country | lei | rating | date |
|---|---|---|---|---|---|
| E15 | Corvenia Power SA | CV | 213800PBQVHVBBH6GV02 | A | 2024-03-01 |
| E1039 | Pulor Airlines SA | CV | 969500HA9D5I7F73PW83 | A | 2025-12-09 |
| E1194 | Litem Industries SA | CV | 815600GVTRTKVHG8BO41 | A | 2025-01-20 |
| E1136 | Lenom Shipping SA | CV | 391200C93222W97BIT34 | A- | 2023-07-04 |
| E1071 | Mored Utilities SA | CV | 213800CG5LUFZKTQXL65 | B+ | 2023-01-11 |
| E1245 | Gater Holdings SA | CV | 815600LRX1P8142NMF42 | B+ | 2025-09-11 |
| E1144 | Witan Logistics SA | CV | 213800QV7J1EXLC4YX51 | B+ | 2026-06-06 |
| E1243 | Herar Foods SA | CV | 2138008SWUJK7JUSMR14 | BB | 2026-08-19 |
| E1304 | Peson Shipping SA | CV | 969500BPQVYYSLHHCK81 | BB | 2026-07-25 |
| E1283 | Norad Airlines SA | CV | 724500B6N6CB70KO0R91 | BB | 2024-11-03 |
| E1019 | Losol Mining SA | CV | 391200GSFO0F68KKUC67 | BB+ | 2022-12-11 |
| E1185 | Tosal Property SA | CV | 724500H78R8WU6K0T524 | BB+ | 2025-02-28 |
| E1223 | Hilim Shipping SA | CV | 549300DESCLQXTLMLJ26 | BB+ | 2023-08-20 |
| E1229 | Fetam Mining SA | CV | 549300GJM0MMFEH84V77 | BB+ | 2026-06-02 |
| E1060 | KELIM MEDIA SA | CV | 549300CRXZL5I1OT6L14 | BB- | 2025-02-16 |
| E1217 | Worol Logistics SA | CV | 815600AJPH2BBLTIYW38 | BB- | 2025-09-07 |
| E1096 | Ravon Capital SA | CV | 549300NTCTGRKRYIAN83 | BBB | 2024-04-04 |
| CV | Republic of Corvenia | CV |  | BBB+ | 2024-01-01 |
| E1106 | Reril Pharma SA | VD | 724500MTRZ5RNJAKRB00 | B+ | 2024-10-26 |
| E05 | Valdoria Telecom SA | VD | 391200LESH03LMOY2U61 | BB | 2025-04-01 |
| E1236 | Nitel Retail SA | VD | 3912002FNTE1EKOY9W74 | BB | 2023-09-17 |
| E1101 | Doror Telecom SA | VD | 815600YUVYKAXDN9LE93 | BB | 2022-10-26 |
| E1126 | Goter Capital SA | VD | 213800QG4ZGLWRUBIQ31 | BB | 2025-07-10 |
| E1028 | Mutir Retail SA | VD | 213800TJ32NARU0BI982 | BB | 2025-12-25 |
| E1307 | Vevom Retail SA | VD | 969500CNC5SOCN5K2N29 | BB- | 2026-09-25 |
| E1313 | Divim Holdings SA | VD | 213800P5J80HH9LC8L85 | BB- | 2025-09-02 |

Query 6:

| rated_id | rating | date |
|---|---|---|
| E08 | RD | 2026-07-08 |

Query 7:

| rated_id | lei | name |
|---|---|---|
| E07 | 969500B6IUACELPI2291 | Pellam Retail Ltd |
| E08 | 969500KOTZ1JFIZSG796 | Saxby Shipping SA |
| E1002 | 3912003R00FP6CNV6210 | TUNOD STEEL SA |
| E1007 | 815600N2UAHQREHHWF76 | Golod Property plc |
| E1021 | 391200KLG6G4KVIMIU52 | Niner Pharma plc |
| E1032 | 2138006H9XCYN2P1K228 | Helom Chemicals BV |
| E1041 | 549300JU1O5MP1HSKQ01 | Hiral Steel SA |
| E1048 | 9695000T21G05UQMGF10 | Lised Pharma AG |
| E1057 | 2138009BPHEDKSZHFF68 | Batan Foods plc |
| E1062 | 549300QT2LSIX31F9O17 | Puver Shipping plc |
| E1063 | 9695003FBHLB9KIKNT76 | Kotom Media SA |
| E1076 | 724500R7NQF1BMLIW829 | Rulid Capital SA |
| E1084 | 391200MB5QFXCD5X8I15 | Poval Chemicals SA |
| E1107 | 39120035C3L494GPV335 | Warod Capital SA |
| E1121 | 815600MZAUY1OCZWJF49 | Matal Foods AG |
| E1124 | 815600NAKDQJ2L7WWJ01 | Dolom Steel plc |
| E1138 | 724500BSV4X2J7KUR535 | Konel Energy BV |
| E1140 | 391200IBY0WQGAT3R586 | Danem Industries Inc |
| E1155 | 391200428FS1WJP3AG75 | Wavad Foods Inc |
| E1159 | 213800VMJXKPLM9ZIL74 | Benem Property AG |
| E1166 | 8156008Z86BWAKVE7I73 | Ranim Shipping Inc |
| E1172 | 549300F5R74KW6K96H13 | Vitid Property SA |
| E1200 | 724500L96DLBJOLSDZ06 | Ganid Holdings plc |
| E1205 | 391200H4MC1UG4HGZY09 | Misam Shipping SA |
| E1206 | 815600IJD373PYH08A24 | Rival Chemicals Inc |
| E1218 | 9695003B8HVZN6WVB082 | Putan Chemicals SA |
| E1219 | 815600YLA1GXMHYMXP16 | Sanen Property BV |
| E1225 | 724500AXGCJXTB1DVL94 | Kolom Utilities SA |
| E1233 | 3912001DEUC7UPZYE471 | Kavid Industries AG |
| E1234 | 815600HZK0IK4Q5GF769 | Belor Telecom SpA |
| E1244 | 969500SQSSYT8HOYOP58 | Palad Mining Inc |
| E1254 | 969500QXEZ0NSV6EIW69 | VUSIR TELECOM SA |
| E1277 | 391200922SWGGGCXM514 | Lesol Steel SA |
| E1308 | 549300IGMPC8HEIKND87 | Bavom Logistics AG |
| E1316 | 2138005XQUSYXQWKHP15 | Rinal Foods BV |
| E1320 | 549300P8CEPUO96H4Y59 | Cetem Industries SpA |

Run more queries, or give the final answers.

The model

```sql
CREATE OR REPLACE TEMP VIEW s2 AS
SELECT l.*, coalesce(nullif(e.lei,''),e.entity_id) k, e.country, e.source_system FROM (SELECT *, row_number() OVER (PARTITION BY rated_id, rating_type, coalesce(ccy_basis,'') ORDER BY date DESC, action_id DESC) rn FROM rating_actions WHERE date<='2026-10-01') l JOIN entities e ON e.entity_id=l.rated_id WHERE rn=1;
SELECT 'Q9' q, count(DISTINCT k)::varchar v FROM s2 WHERE rating_type='LTIDR' AND rating<>'WD'
UNION ALL SELECT 'Q40', count(DISTINCT k)::varchar FROM s2 WHERE rating_type='LTIDR' AND rating<>'WD' AND country='GB'
UNION ALL SELECT 'Q48', count(DISTINCT rated_id)::varchar FROM s2 WHERE rating_type='INST' AND action<>'EX' AND rating<>'WD'
UNION ALL SELECT 'Q25', count(DISTINCT rated_id)::varchar FROM s2 WHERE rating_type='INST' AND action<>'EX' AND rating IN ('AA','AA-','A+','A','A-','BBB+','BBB','BBB-');
SELECT 'RWN' t, rated_id, k, ccy_basis, rating, date FROM s2 WHERE rating_type='LTIDR' AND watch='RWN' UNION ALL SELECT 'NEG', rated_id, k, ccy_basis, rating, date FROM s2 WHERE rating_type='LTIDR' AND outlook='NEG' AND rating<>'WD' ORDER BY 1,3;
SELECT a.rated_id, a.date, a.k, (SELECT string_agg(b.rated_id||':'||b.rating||':'||b.action, ',') FROM s2 b WHERE b.k=a.k AND b.rating_type='LTIDR' AND b.rated_id<>a.rated_id) other FROM s2 a WHERE a.rating_type='LTIDR' AND a.rating='WD' ORDER BY 1;
```

Query results

Query 1:

| rated_id | date | k | other |
|---|---|---|---|
| E07 | 2026-05-12 | 969500B6IUACELPI2291 |  |
| E1002 | 2025-07-20 | 3912003R00FP6CNV6210 |  |
| E1007 | 2026-06-27 | 815600N2UAHQREHHWF76 |  |
| E1021 | 2025-11-08 | 391200KLG6G4KVIMIU52 |  |
| E1032 | 2026-09-15 | 2138006H9XCYN2P1K228 |  |
| E1041 | 2024-04-09 | 549300JU1O5MP1HSKQ01 |  |
| E1048 | 2023-04-15 | 9695000T21G05UQMGF10 |  |
| E1057 | 2026-09-19 | 2138009BPHEDKSZHFF68 |  |
| E1062 | 2025-03-28 | 549300QT2LSIX31F9O17 |  |
| E1063 | 2025-01-12 | 9695003FBHLB9KIKNT76 |  |
| E1076 | 2024-04-28 | 724500R7NQF1BMLIW829 |  |
| E1084 | 2025-08-02 | 391200MB5QFXCD5X8I15 |  |
| E1106 | 2025-08-10 | 724500MTRZ5RNJAKRB00 |  |
| E1107 | 2024-10-16 | 39120035C3L494GPV335 |  |
| E1121 | 2024-10-23 | 815600MZAUY1OCZWJF49 |  |
| E1124 | 2024-06-15 | 815600NAKDQJ2L7WWJ01 |  |
| E1138 | 2024-12-26 | 724500BSV4X2J7KUR535 |  |
| E1140 | 2025-09-15 | 391200IBY0WQGAT3R586 |  |
| E1155 | 2026-03-22 | 391200428FS1WJP3AG75 |  |
| E1159 | 2026-09-22 | 213800VMJXKPLM9ZIL74 |  |
| E1166 | 2023-07-26 | 8156008Z86BWAKVE7I73 |  |
| E1172 | 2026-03-12 | 549300F5R74KW6K96H13 |  |
| E1200 | 2023-11-03 | 724500L96DLBJOLSDZ06 |  |
| E1205 | 2025-11-16 | 391200H4MC1UG4HGZY09 |  |
| E1206 | 2025-11-20 | 815600IJD373PYH08A24 |  |
| E1218 | 2026-05-22 | 9695003B8HVZN6WVB082 |  |
| E1219 | 2026-04-11 | 815600YLA1GXMHYMXP16 |  |
| E1225 | 2025-06-12 | 724500AXGCJXTB1DVL94 |  |
| E1233 | 2025-01-24 | 3912001DEUC7UPZYE471 |  |
| E1234 | 2026-09-22 | 815600HZK0IK4Q5GF769 |  |
| E1244 | 2024-04-18 | 969500SQSSYT8HOYOP58 |  |
| E1254 | 2025-08-13 | 969500QXEZ0NSV6EIW69 |  |
| E1277 | 2025-12-14 | 391200922SWGGGCXM514 |  |
| E1279 | 2024-11-17 | 8156000D8CUMX9DLYO45 |  |
| E1308 | 2025-06-19 | 549300IGMPC8HEIKND87 |  |
| E1316 | 2024-07-07 | 2138005XQUSYXQWKHP15 |  |
| E1320 | 2023-10-15 | 549300P8CEPUO96H4Y59 |  |

Run more queries, or give the final answers.

The model

```sql
CREATE OR REPLACE TEMP VIEW s2 AS SELECT l.*, coalesce(nullif(e.lei,''),e.entity_id) k, e.country, e.source_system FROM (SELECT *, row_number() OVER (PARTITION BY rated_id, rating_type, coalesce(ccy_basis,'') ORDER BY date DESC, action_id DESC) rn FROM rating_actions WHERE date<='2026-10-01') l JOIN entities e ON e.entity_id=l.rated_id WHERE rn=1;
```

```sql
SELECT 'Q9' q, count(DISTINCT k)::varchar v FROM s2 WHERE rating_type='LTIDR' AND rating<>'WD' UNION ALL SELECT 'Q40', count(DISTINCT k)::varchar FROM s2 WHERE rating_type='LTIDR' AND rating<>'WD' AND country='GB' UNION ALL SELECT 'Q48', count(DISTINCT rated_id)::varchar FROM s2 WHERE rating_type='INST' AND action<>'EX' AND rating<>'WD' UNION ALL SELECT 'Q25', count(DISTINCT rated_id)::varchar FROM s2 WHERE rating_type='INST' AND action<>'EX' AND rating IN ('AA','AA-','A+','A','A-','BBB+','BBB','BBB-');
```

```sql
SELECT 'RWN' t, rated_id, k, ccy_basis, rating, date FROM s2 WHERE rating_type='LTIDR' AND watch='RWN' UNION ALL SELECT 'NEG', rated_id, k, ccy_basis, rating, date FROM s2 WHERE rating_type='LTIDR' AND outlook='NEG' AND rating<>'WD' ORDER BY 1,3;
```

```sql
SELECT rated_id, date, rating, action FROM rating_actions WHERE rated_id IN ('E01','E02','E03','E04','E05','E14','E15','E16','E12') AND date>='2025-01-01' AND rating_type='INST' ORDER BY 1,2;
```

```sql
SELECT date, rated_id, rating, action FROM rating_actions WHERE rated_id LIKE 'I%' AND rated_id IN ('I02','I08','I06') ORDER BY 2,1;
```

Query results

Query 1:

(no rows)

Query 2:

| q | v |
|---|---|
| Q9 | 291 |
| Q40 | 74 |
| Q48 | 0 |
| Q25 | 0 |

Query 3:

| t | rated_id | k | ccy_basis | rating | date |
|---|---|---|---|---|---|
| NEG | E1211 | 2138006JVQYZA2IAU357 | FC | BBB- | 2024-09-26 |
| NEG | E1340 | 213800CSTQH7UO0A8E29 | FC | BBB+ | 2026-06-26 |
| NEG | E1350 | 213800GZMC02BI2WJX12 | FC | BB | 2026-09-03 |
| NEG | E1271 | 213800M91M3NKSWT8K97 | FC | A- | 2025-10-15 |
| NEG | E1263 | 213800TWNH19JCPPPE80 | FC | BBB- | 2026-06-16 |
| NEG | E1248 | 213800XN4WOS9M0UP985 | FC | A- | 2026-05-02 |
| NEG | E1064 | 213800YPXA4OJXD8EB91 | FC | A- | 2026-06-03 |
| NEG | E1105 | 3912002RB0IGZZN6RN49 | FC | A+ | 2024-01-13 |
| NEG | E1345 | 391200T3GEO5X4SJMO02 | FC | BB- | 2026-09-22 |
| NEG | E1294 | 391200WPOJY9F1NTH725 | FC | A+ | 2026-07-11 |
| NEG | E1300 | 391200Z1OH1HXMHTW971 | FC | BBB | 2026-05-06 |
| NEG | E1079 | 5493000MDIWO1KHI0272 | FC | BB+ | 2024-01-26 |
| NEG | E1060 | 549300CRXZL5I1OT6L14 | FC | BB- | 2025-02-16 |
| NEG | E1190 | 549300ENXJ8RIUXUHZ80 | FC | BBB | 2025-05-24 |
| NEG | E1262 | 549300H1N0EQEAZLE362 | FC | B+ | 2024-10-13 |
| NEG | E1046 | 549300ZM08IADSAK3L87 | FC | AA- | 2025-05-28 |
| NEG | E1342 | 7245000RRKYSQSJ2DB31 | FC | BBB+ | 2026-07-17 |
| NEG | E01 | 7245002OOPBG04092E43 | FC | BBB | 2026-02-10 |
| NEG | E1347 | 724500649FYULZG25F44 | FC | BBB- | 2026-03-10 |
| NEG | E1282 | 724500GZZJO3VTZ5OY05 | FC | BB+ | 2024-03-20 |
| NEG | E1348 | 724500JEL6C1PJZEDM26 | FC | BBB- | 2026-03-18 |
| NEG | E1228 | 724500JFK718P3DNW233 | FC | BB+ | 2026-06-28 |
| NEG | E1344 | 724500N069ZCQGY1UI76 | FC | A- | 2026-03-18 |
| NEG | E1055 | 724500WWWM8KJ2Q08398 | FC | BBB- | 2024-12-04 |
| NEG | E1029 | 8156008DPX4I9DNKWN26 | FC | A- | 2025-08-08 |
| NEG | E09 | 815600ASM9EHDG931T89 | FC | A | 2026-03-01 |
| NEG | E1005 | 815600JRN7AOE36KFR35 | FC | BB | 2025-08-02 |
| NEG | E1034 | 815600KLV84WAQGPSX27 | FC | BBB+ | 2026-05-02 |
| NEG | E1188 | 815600O0Y6S2CPCDAA82 | FC | BB- | 2024-09-05 |
| NEG | E1080 | 815600SERWD64UWU8808 | FC | A- | 2026-02-14 |
| NEG | E1158 | 9695008UP74QEOJ3KW74 | FC | BBB | 2026-08-14 |
| NEG | E1056 | 969500DMA3PCFLMC4U98 | FC | A+ | 2023-01-01 |
| NEG | E1343 | 969500F1DAQZF8FNJS41 | FC | BBB+ | 2026-08-08 |
| NEG | E1351 | 969500MERFFSB2CHQE09 | FC | A- | 2026-09-27 |
| NEG | E1161 | 969500PM41NS2PBZU440 | FC | B | 2026-07-28 |
| NEG | E1072 | 969500W1RDU3ZPX1YB94 | FC | BB- | 2026-02-07 |
| NEG | E1118 | 969500ZM445IDEYHCL85 | FC | BB+ | 2025-07-14 |
| RWN | E1126 | 213800QG4ZGLWRUBIQ31 | FC | BB | 2025-07-10 |
| RWN | E1242 | 213800VNDQV0VN6FVU72 | FC | BBB | 2025-09-11 |
| RWN | E1066 | 213800VQSNQ2434DKS91 | FC | A- | 2026-05-03 |
| RWN | E1006 | 213800WSVEOAQ5HD4C43 | FC | AA | 2026-06-17 |
| RWN | E1099 | 213800XQVJ5IKNNVXY16 | FC | BB+ | 2023-11-05 |
| RWN | E1181 | 3912006PQEEWVJETOG62 | FC | A- | 2025-01-06 |
| RWN | E1019 | 391200GSFO0F68KKUC67 | LC | BBB- | 2024-03-20 |
| RWN | E1037 | 391200OBAXI8590VQN12 | FC | A | 2022-05-07 |
| RWN | E1317 | 391200YYRT4OCYJBQT44 | FC | BB | 2024-09-11 |
| RWN | E1061 | 5493002BLV266QJVIH90 | FC | A | 2025-06-06 |
| RWN | E1238 | 5493004IM0PRT8BSDK29 | FC | AA- | 2026-07-27 |
| RWN | E06 | 549300AMVE3VRVG7HK43 | FC | A- | 2026-09-03 |
| RWN | E1059 | 549300CRXZL5I1OT6L14 | LC | BB- | 2026-02-23 |
| RWN | E1088 | 549300GS8TRRRJCSVZ45 | FC | B+ | 2024-01-16 |
| RWN | E1264 | 549300HH75F3NXLKV336 | FC | B+ | 2024-05-18 |
| RWN | E1210 | 549300HWTXXHJP2HKU38 | FC | BB | 2024-09-09 |
| RWN | E1168 | 549300N9NKGSRIO34Y39 | FC | BBB- | 2023-10-12 |
| RWN | E1133 | 549300PSORKEO25SHT85 | FC | B+ | 2025-10-11 |
| RWN | E1132 | 549300WSZI986L1XA988 | FC | B+ | 2025-08-24 |
| RWN | E1297 | 7245002QMS1HJ8LWKI72 | FC | BBB | 2026-09-01 |
| RWN | E1146 | 7245008Y7HAJI3ZSJK12 | FC | BB | 2025-08-12 |
| RWN | E1266 | 724500CD625Q9LIJG838 | FC | BBB | 2026-07-20 |
| RWN | E1098 | 724500HD5AQ2MDSXXU69 | FC | BBB- | 2026-04-28 |
(9 more rows not shown)

Query 4:

(no rows)

Query 5:

| date | rated_id | rating | action |
|---|---|---|---|
| 2024-03-12 | I02 | BBB | AS |
| 2025-06-20 | I02 | BB+ | DG |
| 2024-03-01 | I06 | A- | AS |
| 2026-09-01 | I08 | A | EX |

Run more queries, or give the final answers.

The model

<invoke name="sql">
</invoke>
```sql
CREATE OR REPLACE TEMP VIEW i2 AS SELECT * FROM (SELECT *, row_number() OVER (PARTITION BY rated_id ORDER BY date DESC, action_id DESC) rn FROM rating_actions WHERE rating_type='INST' AND date<='2026-10-01') WHERE rn=1;
SELECT 'Q48' q, count(*)::varchar v FROM i2 WHERE action<>'EX' AND rating<>'WD'
UNION ALL SELECT 'Q25', count(*)::varchar FROM i2 WHERE action<>'EX' AND rating IN ('AA','AA-','A+','A','A-','BBB+','BBB','BBB-');
```
```sql
SELECT s.rated_id, e.lei, s.ccy_basis, s.rating, s.date FROM (SELECT *, row_number() OVER (PARTITION BY rated_id, coalesce(ccy_basis,'') ORDER BY date DESC, action_id DESC) rn FROM rating_actions WHERE date<='2026-10-01' AND rating_type='LTIDR') s JOIN entities e ON e.entity_id=s.rated_id WHERE rn=1 AND watch='RWN' AND rated_id NOT IN ('E1126','E1242','E1066','E1006','E1099','E1181','E1019','E1037','E1317','E1061','E1238','E06','E1059','E1088','E1264','E1210','E1168','E1133','E1132','E1297','E1146','E1266','E1098') ORDER BY 1;
```

Query results

Query 1:

| q | v |
|---|---|
| Q48 | 106 |
| Q25 | 66 |

Query 2:

| rated_id | lei | ccy_basis | rating | date |
|---|---|---|---|---|
| E1013 | 969500U072SAPPW32N81 | FC | BB- | 2025-07-09 |
| E1039 | 969500HA9D5I7F73PW83 | FC | A | 2025-12-09 |
| E1109 | 815600379XSXXQR72R46 | FC | A+ | 2025-12-25 |
| E1194 | 815600GVTRTKVHG8BO41 | FC | A | 2025-01-20 |
| E1203 | 724500W08E6JP9P9NC97 | FC | BBB+ | 2023-09-02 |
| E1260 | 969500D8VQO3X7NDHQ76 | FC | BBB- | 2025-09-05 |
| E1267 | 8156006G7EEYC0O0U554 | FC | A- | 2023-12-15 |
| E1314 | 815600VWY9ZIH3XVHE31 | FC | BBB | 2024-06-26 |
| E1323 | 9695000MJJR7IQP71F01 | FC | AA- | 2025-01-06 |

Run more queries, or give the final answers.

The model

**Q1.** A-. Kestrel Energy plc (E01) was assigned A- on 2024-03-12 (A01) and not downgraded until 2025-06-20 (A02).
**Q2.** No. E01's only 2026 action is an affirmation at BBB with a Negative outlook (A03, 2026-02-10).
**Q3.** No, it is BB+. Note I02 was cut from BBB to BB+ on 2025-06-20 (A07), which is below investment grade.
**Q4.** Positive. Northwind Holdings has two records, E02 and E03, with the same LEI. The latest action is A09 (E03, 2025-09-15), an affirmation at A with a Positive outlook.
**Q5.** The guarantor, Northwind Holdings (E02). I03 is issued by E04 and guaranteed by E02, whose latest rating is A (A09).
**Q6.** Valdoria's Country Ceiling is BB (VD, A12) and it caps the foreign-currency rating. E05's foreign-currency rating is therefore BB (A14), while its local-currency rating is BBB- (A13). The data records the ceiling but not an explicit explanation.
**Q7.** 44 issuers have a 2026 downgrade (DG) action up to today, 2026-11-04; the full list is in the JSON. Duplicate research records are mapped to their RATINGS record by shared LEI. E1341's downgrade is dated 2026-11-09, after today, so it is excluded.
**Q8.** Saxby Shipping (E08) was in default. It was downgraded to RD on 2026-07-08 (A22) with no later action.
**Q9.** 291. These are distinct LEIs whose latest issuer rating on 1 October 2026 is not a withdrawal.
**Q10.** Depends. E05 is BBB- (investment grade) on a local-currency basis (A13) but BB (not investment grade) on a foreign-currency basis (A14).
**Q11.** BBB+. Marlow Utilities (E14) was downgraded from A- to BBB+ on 2024-09-30 (A36).
**Q12.** A-, from A34.
**Q13.** 1, which is A36.
**Q14.** None. Halden Foods (E12) was first rated on 2024-02-01 (A30).
**Q15.** A-. Halden Bank (E10) was cut to BBB+ only on 2026-04-15 (A27).
**Q16.** No. E14 was BBB+ on 2025-01-01 and is still BBB+; the watch in A35 ended with the affirmation in A33.
**Q17.** No. Orrin Bank (E06) was placed on Rating Watch Negative at A- on 2026-09-03 (A17), which is not a downgrade.
**Q18.** 32 issuers, listed in the JSON. Their latest issuer action on or before 2026-10-01 carries a Rating Watch Negative flag.
**Q19.** 37 records with a Negative outlook as their latest action, listed in the JSON as 37 issuers after mapping duplicates (E1060 to E1059, E1161 to E1160).
**Q20.** No. E07's rating was withdrawn for commercial reasons (A19), not for default; the only default-level rating in the data is E08's RD.
**Q21.** 34 entities, listed in the JSON. Each had an issuer rating that was later withdrawn, and no rating on any currency basis remains on 1 October 2026. I excluded E1106 and E1279, which still hold a rating on the other currency basis, and E08, which holds RD.
**Q22.** Only Saxby Shipping (E08), through its RD rating (A22).
**Q23.** F2, from A04.
**Q24.** Yes. E01's issuer rating is BBB (A03).
**Q25.** 66. These are instruments whose latest action on or before 2026-10-01 is not an expiry (EX) and whose rating is BBB- or better.
**Q26.** A+ (A40).
**Q27.** A- (A42).
**Q28.** BBB+ (A38).
**Q29.** None. The Republic of Valdoria (VD) has only a Country Ceiling of BB (A12) and no issuer rating.
**Q30.** Eight entities. Corvenia's ceiling is A (A37) and Valdoria's is BB (A12). The foreign-currency issuer ratings at those levels are A for E15, E1039 and E1194, and BB for E05, E1236, E1101, E1126 and E1028.
**Q31.** No. No Corvenian foreign-currency issuer rating is above A and no Valdorian one is above BB.
**Q32.** Halden Group plc (E09). The chain is E11 to E10 to E09.
**Q33.** The guarantor, Halden Bank (E10). I05 is issued by E11 and guaranteed by E10, whose current rating is BBB+ (A27).
**Q34.** No. Halden Foods (E12) has no parent link to E09, so it is not in the group that contains Halden Bank.
**Q35.** 3: E09, E10 and E11. E17 is a research duplicate of E10, sharing its LEI.
**Q36.** 2: E02 and E04. E03 is a duplicate of E02.
**Q37.** 344. This counts distinct LEIs, with an entity ID standing in where there is no LEI (the sovereigns).
**Q38.** No. They have different LEIs and different countries (E06 is in DE, E13 in US).
**Q39.** A. The ratings of E02 and E03 are both A (A08, A09), and E03 has the same LEI as E02.
**Q40.** 74. These are distinct GB-domiciled LEIs with a non-withdrawn issuer rating on 1 October 2026.
**Q41.** BB+. Brindle Capital (E16) was downgraded on 2026-06-01 (A44); the record comes from the QA source system.
**Q42.** DE. The RATINGS record E10 says DE, and the research duplicate E17 says LU. I took the RATINGS record as authoritative.
**Q43.** 0. The only LU record is E17, which duplicates E10 (LEI 391200QYPVFF2O9K2039); that entity is domiciled in DE per E10.
**Q44.** Yes, probably. I07 is denominated in XVD, which fits Valdoria's local currency. The data does not define XVD, so this is inferred from the code.
**Q45.** No. The Country Ceiling (BB) applies to foreign-currency ratings, and I07 is a local-currency obligation. I07 is rated BBB- (A45), equal to E05's local-currency rating.
**Q46.** No. E11 has only a Credit Opinion (CO, A46) and no long-term issuer rating.
**Q47.** None. I08's only action is an expiry (EX, A47, 2026-09-01), so it holds no current rating. Its last rating was A.
**Q48.** 106. These are instruments whose latest action on or before 2026-10-01 is not an expiry or a withdrawal.

```json
{
"Q1":{"rating":"A-"},
"Q2":{"downgraded":"no"},
"Q3":{"investment_grade":"no","rating":"BB+"},
"Q4":{"outlook":"POS"},
"Q5":{"risk_of":"E02","rating":"A"},
"Q7":{"issuers":["E1186","E1243","E1255","E08","E1151","E1298","E1307","E1213","E1080","E1285","E1112","E1263","E1064","E1347","E1348","E1344","E1163","E1053","E1051","E1300","E10","E1034","E1229","E16","E1144","E1159","E1057","E1340","E1228","E1294","E1058","E1342","E1093","E1160","E1343","E1290","E1169","E1350","E1167","E1345","E1351","E1349","E1346"]},
"Q8":{"entities":["E08"]},
"Q9":{"count":291},
"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":["E1126","E1242","E1066","E1006","E1099","E1181","E1019","E1037","E1317","E1061","E1238","E06","E1059","E1088","E1264","E1210","E1168","E1133","E1132","E1297","E1146","E1266","E1098","E1013","E1039","E1109","E1194","E1203","E1260","E1267","E1314","E1323"]},
"Q19":{"issuers":["E1211","E1340","E1350","E1271","E1263","E1248","E1064","E1105","E1345","E1294","E1300","E1079","E1059","E1190","E1262","E1046","E1342","E01","E1347","E1282","E1348","E1228","E1344","E1055","E1029","E09","E1005","E1034","E1188","E1080","E1158","E1056","E1343","E1351","E1160","E1072","E1118"]},
"Q20":{"in_default":"no"},
"Q21":{"entities":["E07","E1002","E1007","E1021","E1032","E1041","E1048","E1057","E1062","E1063","E1076","E1084","E1107","E1121","E1124","E1138","E1140","E1155","E1159","E1166","E1172","E1200","E1205","E1206","E1218","E1219","E1225","E1233","E1234","E1244","E1254","E1277","E1308","E1316","E1320"]},
"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":["E15","E1039","E1194","E05","E1236","E1101","E1126","E1028"]},
"Q31":{"any":"no"},
"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":"no"},
"Q46":{"issuer_rating":"no"},
"Q47":{"rating":"none"},
"Q48":{"count":106}
}
```