Q5, run 2026-11-04-1738-sonnet

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Whose credit risk does a holder of the Northwind Finance 2030 notes take, and how is it rated?

Tests: Roles: issuer versus guarantor; a finance subsidiary's guaranteed debt carries the guarantor's risk.

Expected: risk_of = E02 rating = A

✅ R1 csv run 1 graded by code

The guarantor, Northwind Holdings (E02), rated A. I03 is issued by E04 and guaranteed by E02 (A09, A11).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R1 csv run 2 graded by code

E02 (Northwind Holdings), rated A. I03 is issued by E04 and guaranteed by E02, and A09 affirmed E02 at A.

JSON: {"risk_of": "E02", "rating": "A"}

✅ R1 csv run 3 graded by code

E02, Northwind Holdings, rated A. I03 is issued by E04 but guaranteed by E02, and is rated A (A11).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R1 csv run 4 graded by code

Northwind Holdings (E02), rated A. I03 is issued by E04 but guaranteed by E02, and A09 affirmed A.

JSON: {"risk_of": "E02", "rating": "A"}

✅ R1 csv run 5 graded by code

Northwind Holdings (E02), rated A. I03 is issued by E04 and guaranteed by E02, whose latest action is A09.

JSON: {"risk_of": "E02", "rating": "A"}

✅ R4 csv+markdown run 1 graded by code

E02, rated A. I03 is guaranteed by E02 (Northwind Holdings), whose latest LTIDR is A (A09).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R4 csv+markdown run 2 graded by code

The holder takes E02's credit risk, rated A. I03 is issued by E04 but guaranteed by E02, and E02's latest rating is A (A09).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R4 csv+markdown run 3 graded by code

E02, rated A. I03 is guaranteed by E02, so the holder takes E02's risk. E02's latest rating is A (A09, affirmed).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R4 csv+markdown run 4 graded by code

Northwind Holdings (E02). I03 is guaranteed by E02, whose current rating is A (A09).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R4 csv+markdown run 5 graded by code

The holder takes E02's (Northwind Holdings) credit risk, rated A. I03 is issued by the finance subsidiary E04 but guaranteed by E02, whose latest LTIDR is A (A09, via E03).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R10 executed run 1 graded by code

E02 (Northwind Holdings), rated A. I03 is issued by E04 and guaranteed by E02, and credit_risk_of is E02. The I03 rating is A, and E02's LTIDR is A (A09).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R10 executed run 2 graded by code

E02 (Northwind Holdings), rated A. I03 is issued by E04 but guaranteed by E02, and credit_risk_of is E02 (A09).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R10 executed run 3 graded by code

E02 (Northwind Holdings), rated A. I03 is issued by E04 and guaranteed by E02, and credit_risk_of is E02; the rating is A on both E02 (A09) and I03 (A11).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R10 executed run 4 graded by code

The risk is E02's, which is rated A. I03 is issued by E04 and guaranteed by E02, and credit_risk_of is E02 (E02 A09, I03 A11).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R10 executed run 5 graded by code

E02, rated A. I03 is issued by E04 but guaranteed by E02, which is the credit_risk_of entity. I03 carries A (A11) and E02's issuer rating is A (A09).

JSON: {"risk_of": "E02", "rating": "A"}