Q33, run 2026-11-05-2135-haiku

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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

E10, rated BBB+
I05 is guaranteed by E10, and E11 has no LTIDR; I05 was downgraded to BBB+ by A29 (2026-04-15).

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

✅ R1 csv run 2 graded by code

E10 (Halden Bank AG, guarantor), rated BBB+. I05 is guaranteed by E10 and was downgraded to BBB+ on 2026-04-15 (A29).

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

✅ R1 csv run 3 graded by code

E10 (Halden Bank AG), rated BBB+. I05 is guaranteed by E10, and the notes were downgraded to BBB+ by A29 (2026-04-15).

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

✅ R1 csv run 4 graded by code

E10 (Halden Bank AG), rated BBB+. I05 is guaranteed by E10 and rated BBB+ (A29).

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

✅ R1 csv run 5 graded by code

E10 (Halden Bank AG, the guarantor), rated BBB+ (I05, A29). The issuer is E11, but the note is guaranteed by E10, whose rating is BBB+ (A27).

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

🟡 R2 rdf run 1 graded by code

E11 (Halden Leasing SA), rated BBB+. The I05 2028 note is A29 (BBB+, 2026-04-15) and is guaranteed by E10.

JSON: {"risk_of": "E11", "rating": "BBB+"}

Why: risk_of: expected E10, got E11

🟡 R2 rdf run 2 graded by code

Halden Leasing (E11), rated BBB+. The 2028 note is I05, with E11 as issuer and E10 as guarantor; the rating may reflect the guarantee.

JSON: {"risk_of": "E11", "rating": "BBB+"}

Why: risk_of: expected E10, got E11

✅ R2 rdf run 3 graded by code

E10 (Halden Bank AG), rated BBB+. The Halden Leasing 2028 note (I05) is guaranteed by E10, and the I05 rating was downgraded to BBB+ on 15 Apr 2026 (A29).

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

✅ R2 rdf run 4 graded by code

E10 (Halden Bank AG), rated BBB+. I05 is issued by E11 and guaranteed by E10 (A29, 2026-04-15).

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

🟡 R2 rdf run 5 graded by code

E11 (Halden Leasing), guaranteed by E10. The I05 notes are rated BBB+ (A29, 2026-04-15).

JSON: {"risk_of": "E11", "rating": "BBB+"}

Why: risk_of: expected E10, got E11

✅ R6 rdf+ontology run 1 graded by code

Halden Bank AG (E10), rated BBB+.
I05 is guaranteed by E10, so the holder takes E10's credit risk, and I05's latest rating is A29 (Downgraded to BBB+, 2026-04-15).

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

✅ R6 rdf+ontology run 2 graded by code

E10 (Halden Bank AG), rated BBB+. I05 is guaranteed by E10, and its rating was downgraded to BBB+ (A29).

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

✅ R6 rdf+ontology run 3 graded by code

E10 (Halden Bank), rated BBB+. I05 (Halden Leasing 2.90% 2028) is guaranteed by E10, and its latest rating is BBB+ (A29, DG, 2026-04-15).

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

✅ R6 rdf+ontology run 4 graded by code

E10 (Halden Bank AG), rated BBB+. I05 (the 2028 notes) is guaranteed by E10, so it carries E10's risk; A27 (DG BBB+, 2026-04-15) is E10's latest FC rating.

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

✅ R6 rdf+ontology run 5 graded by code

E10, BBB+
I05 is guaranteed by E10, so it is rated on E10's issuer rating, and I05's own rating is BBB+ (A29), matching E10's current BBB+ (A27).

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

✅ R5 csv+ontology run 1 graded by code

Risk of E10 (Halden Bank), rated BBB+. I05 is guaranteed by E10 and was downgraded to BBB+ on 2026-04-15 (A29).

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

✅ R5 csv+ontology run 2 graded by code

E10 (Halden Bank), rated BBB+. I05 is guaranteed by E10, so its rating follows E10's; A29 (2026-04-15, DG) set it to BBB+.

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

✅ R5 csv+ontology run 3 graded by code

E10, BBB+
I05 is guaranteed by E10, so it is rated in line with E10's BBB+ issuer rating (A29 matches).

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

✅ R5 csv+ontology run 4 graded by code

Halden Bank (E10), rated BBB+. I05 is guaranteed by E10, and its latest rating is BBB+ (A29).

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

✅ R5 csv+ontology run 5 graded by code

E10, at BBB+. I05 is guaranteed by E10, so it is rated on E10's issuer rating (A29 gives BBB+).

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

✅ R4 csv+markdown run 1 graded by code

Halden Bank AG (E10), rated BBB+. I05's guarantor is E10, so the holder takes E10's risk. I05's latest action is DG to BBB+ (A29).

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

✅ R4 csv+markdown run 2 graded by code

E10 (Halden Bank). I05 is guaranteed by E10 and is rated BBB+ (A29), in line with E10's BBB+ (A27).

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

✅ R4 csv+markdown run 3 graded by code

E10, BBB+. The 2028 notes (I05) are guaranteed by Halden Bank AG (E10), and the latest rating is BBB+ (A29, 2026-04-15).

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

✅ R4 csv+markdown run 4 graded by code

E10, BBB+. I05 (Halden Leasing 2.90% 2028) is guaranteed by E10, and its current rating is BBB+ (A29).

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

✅ R4 csv+markdown run 5 graded by code

Halden Bank AG (E10). The Halden Leasing 2028 notes (I05) are guaranteed by E10, and the latest rating is BBB+ (A29).

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

✅ R3 csv+padding run 1 graded by code

E10 (guarantor), rated BBB+ (A29, downgraded from A- by A28).

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

✅ R3 csv+padding run 2 graded by code

E10, rated BBB+. I05 is guaranteed by E10 and was downgraded to BBB+ on 2026-04-15 (A29).

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

🟡 R3 csv+padding run 3 graded by code

E11, BBB+. The 2028 notes (I05) were downgraded to BBB+ on 2026-04-15 (A29). They are guaranteed by E10.

JSON: {"risk_of": "E11", "rating": "BBB+"}

Why: risk_of: expected E10, got E11

✅ R3 csv+padding run 4 graded by code

E10 (rating BBB+). I05 is guaranteed by E10, and E10's BBB+ rating comes from A27 (2026-04-15).

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

✅ R3 csv+padding run 5 graded by code

E10 (the guarantor, Halden Bank AG). The issuer is E11 and the notes (I05) are rated BBB+ after the downgrade on 2026-04-15 (A29).

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

✅ R10 executed run 1 graded by code

E10 (Halden Bank), rated BBB+. The 2028 notes are I05, whose credit_risk_of is E10 (guarantor), and I05 is BBB+ (DG, current).

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

✅ R10 executed run 2 graded by code

Risk of E10 (Halden Bank AG), rated BBB+. I05 names E10 as credit_risk_of, and its open rating is BBB+ (A29).

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

✅ R10 executed run 3 graded by code

E10, rated BBB+. I05's credit_risk_of is E10, and I05 is BBB+ (A29).

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

✅ R10 executed run 4 graded by code

E10 (Halden Bank), rated BBB+. The Halden Leasing 2028 notes (I05) have credit_risk_of E10 and are rated BBB+ (A29).

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

✅ R10 executed run 5 graded by code

E10, rated BBB+. I05 (the 2028 note) has credit_risk_of = E10, and E10's current rating is BBB+ (A29).

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

✅ R7 csv+neutral run 1 graded by code

Halden Bank AG (E10), rated BBB+. The 2028 notes (I05) are guaranteed by E10, and I05 was downgraded to BBB+ by A29.

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

✅ R7 csv+neutral run 2 graded by code

The holder takes Halden Bank AG's (E10) credit risk, since E10 is the guarantor. The notes (I05) are rated BBB+ (A29, 2026-04-15).

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

✅ R7 csv+neutral run 3 graded by code

Halden Bank AG (E10), rated BBB+. I05 is guaranteed by E10, and its latest rating (A29, DG, 2026-04-15) is BBB+.

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

✅ R7 csv+neutral run 4 graded by code

Halden Bank (E10), rated BBB+. I05 is guaranteed by E10 (guarantor), and I05 is rated BBB+ (A29).

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

✅ R7 csv+neutral run 5 graded by code

E10 (Halden Bank). I05 is guaranteed by E10, so it is rated in line with E10's BBB+ (A27), and the instrument's own rating is BBB+ (A29).

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

✅ R8 csv+axioms run 1 graded by code

E10, rated BBB+. I05's guarantor is E10, so E10 carries the risk, and A29 (downgraded to BBB+, 2026-04-15) is in force.

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

✅ R8 csv+axioms run 2 graded by code

E10, rated BBB+. I05 is guaranteed by E10, so the guarantor's risk applies, and the latest action is the DG to BBB+ (A29, 2026-04-15).

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

✅ R8 csv+axioms run 3 graded by code

E10, rated BBB+. E10 guarantees I05 (COALESCE of guarantor over issuer), and E10's current rating is BBB+ (A27). I05 is also BBB+ (A29).

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

✅ R8 csv+axioms run 4 graded by code

E10, rated BBB+. I05 has guarantor E10, and A27 (DG to BBB+) is the latest action on E10.

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

✅ R8 csv+axioms run 5 graded by code

E10 (Halden Bank AG), rated BBB+. The 2028 notes (I05) have guarantor E10, which is the credit risk holder, and E10 was downgraded to BBB+ (A27).

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

✅ R9 csv+axioms+markdown run 1 graded by code

E10, BBB+. The 2028 notes (I05) are guaranteed by E10, so E10's credit risk applies. The notes were downgraded to BBB+ on 2026-04-15 (A29).

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

✅ R9 csv+axioms+markdown run 2 graded by code

E10; BBB+.
I05 (2028 note) is guaranteed by E10, so E10's credit risk applies; its latest instrument rating is BBB+ (A29).

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

✅ R9 csv+axioms+markdown run 3 graded by code

E10 (Halden Bank AG) is the guarantor, so it carries the risk. I05 is rated BBB+ after the downgrade in A29 (2026-04-15).

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

✅ R9 csv+axioms+markdown run 4 graded by code

E10, rated BBB+. The Halden Leasing 2028 notes are I05, guaranteed by E10, and rated BBB+ (A29, 2026-04-15).

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

✅ R9 csv+axioms+markdown run 5 graded by code

E10 (Halden Bank AG), rated BBB+. I05 is issued by E11 and guaranteed by E10, and its latest action is A29 (downgraded to BBB+, 2026-04-15).

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