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

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

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

Expected: risk_of = E10 rating = BBB+

✅ R1 csv run 1 graded by code

The guarantor, Halden Bank AG (E10), rated BBB+ after A27. I05 is guaranteed by E10.

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

✅ R1 csv run 2 graded by code

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

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

✅ R1 csv run 3 graded by code

E10, rated BBB+. I05 is guaranteed by E10, and both the note and E10 are BBB+ (A27, A29).

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

✅ R1 csv run 4 graded by code

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

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

✅ R1 csv run 5 graded by code

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

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

✅ R4 csv+markdown run 1 graded by code

E10, rated BBB+. I05 is guaranteed by E10, whose latest LTIDR is A27 (BBB+).

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

✅ R4 csv+markdown run 2 graded by code

The holder takes E10's credit risk, rated BBB+. I05 is guaranteed by E10, whose rating was cut to BBB+ by A27.

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

✅ R4 csv+markdown run 3 graded by code

E10, rated BBB+. I05 is guaranteed by E10, whose rating was cut to BBB+ on 2026-04-15 (A27).

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

✅ R4 csv+markdown run 4 graded by code

Halden Bank (E10), the guarantor of I05. It is rated BBB+ (A27).

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

✅ R4 csv+markdown run 5 graded by code

The holder takes E10's (Halden Bank) credit risk, rated BBB+. I05 is guaranteed by E10, whose LTIDR was downgraded to BBB+ by A27.

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

✅ R10 executed run 1 graded by code

E10 (Halden Bank), rated BBB+. I05 is guaranteed by E10 and credit_risk_of is E10. I05 and E10 are both BBB+ since 2026-04-15 (A29, A27).

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

✅ R10 executed run 2 graded by code

E10 (Halden Bank), rated BBB+. I05 is guaranteed by E10, so credit_risk_of is E10, and E10 is BBB+ (A27).

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

✅ R10 executed run 3 graded by code

E10 (Halden Bank), rated BBB+. I05 is issued by E11 and guaranteed by E10, and credit_risk_of is E10; the rating is BBB+ on both I05 (A29) and E10 (A27).

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

✅ R10 executed run 4 graded by code

The risk is E10's, which is rated BBB+. I05 is guaranteed by E10, credit_risk_of is E10, and I05 itself is rated BBB+ (A29).

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

✅ R10 executed run 5 graded by code

E10, rated BBB+. I05 is guaranteed by E10, whose rating is BBB+ (A27), and I05 itself is BBB+ (A29).

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