Q5, run 2026-11-05-2135-sonnet

← back to the run

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, E02 (Northwind Holdings), rated A. I03 is issued by E04 but guaranteed by E02, and the latest rating on E02/E03 is A (A09).

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

✅ R1 csv run 2 graded by code

The guarantor, Northwind Holdings (E02), rated A. I03 is issued by E04 but guaranteed by E02 (A08, A09).

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

✅ R1 csv run 3 graded by code

The guarantor, E02 (Northwind Holdings), rated A. I03 is issued by E4 but guaranteed by E02, and A10/A11 rate it A.

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

✅ R1 csv run 4 graded by code

E02, rated A. I03 is issued by E04 but guaranteed by E02, and A11 affirmed A in 2025.

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

✅ R1 csv run 5 graded by code

The guarantor, E02 (Northwind Holdings), rated A. I03 is issued by E04 but guaranteed by E02, and A08/A09 give E02 an A rating.

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

✅ R2 rdf run 1 graded by code

The guarantor, Northwind Holdings (E02), rated A. The Finance 2030 notes (I03) are issued by E04 but guaranteed by E02, and I03 is rated A (A11).

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

✅ R2 rdf run 2 graded by code

E02 (Northwind Holdings), rated A. I03 is issued by E04 and guaranteed by E02, so the holder takes the guarantor's risk. I03 is rated A (A10, A11) and E02 is A (A08, A09).

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

✅ R2 rdf run 3 graded by code

The holder takes the risk of E02 (Northwind Holdings), the guarantor of I03, whose issuer is the finance subsidiary E04. E02 is rated A (A08, A09), and the note itself is A (A10, A11).

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

✅ R2 rdf run 4 graded by code

Northwind Holdings (E02). I03 is issued by E04 but guaranteed by E02, whose rating is A (A09, same entity as E03).

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

✅ R2 rdf run 5 graded by code

The guarantor, E02, rated A (A08/A09). I03 is issued by E04 and guaranteed by E02. The note itself is rated A (A10/A11).

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

✅ R6 rdf+ontology run 1 graded by code

E02, the guarantor, rated A. I03 is guaranteed by E02 (issuer E04), and E02's latest rating is A (A09).

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

✅ R6 rdf+ontology run 2 graded by code

The holder takes E02's credit risk (Northwind Holdings, the same entity as E03), which is rated A. I03 is issued by the finance subsidiary E04 and guaranteed by E02, and A08/A09 give E02 an A.

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

✅ R6 rdf+ontology run 3 graded by code

A holder takes E02's credit risk, since I03 is guaranteed by E02. E02 is rated A (A08, A09).

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

✅ R6 rdf+ontology run 4 graded by code

The credit risk of E02, rated A. I03 is issued by E04 but guaranteed by E02 (A09: A).

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

✅ R6 rdf+ontology run 5 graded by code

E02 (Northwind Holdings), rated A. I03 is guaranteed by E02, and I03's own rating is A (A10, A11).

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

✅ R5 csv+ontology run 1 graded by code

The holder takes E02's risk (Northwind Holdings), rated A. I03 is guaranteed by E02, and E02's latest rating is A (A09).

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

✅ R5 csv+ontology run 2 graded by code

The guarantor, Northwind Holdings (E02). I03 is guaranteed by E02 and its issuer rating is A (A09).

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

✅ R5 csv+ontology run 3 graded by code

The holder takes E02's risk, rated A. I03 is guaranteed by E02, whose latest issuer rating is A (A09).

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

✅ R5 csv+ontology run 4 graded by code

The guarantor, Northwind Holdings (E02), rated A. I03 is guaranteed by E02, and E02's rating is A (A08, A09).

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

✅ R5 csv+ontology run 5 graded by code

The guarantor E02, Northwind Holdings. I03 is guaranteed by E02 and is rated A (A10, A11).

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

✅ R4 csv+markdown run 1 graded by code

The holder takes E02's credit risk, rated A. I03 is guaranteed by E02, and E02's latest LTIDR FC is A (A08, 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 guaranteed by E02, and I03's own rating (A10/A11) is A.

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

✅ R4 csv+markdown run 3 graded by code

E02, rated A. I03 is guaranteed by E02 (instruments.csv), and A09 is E02's latest rating action.

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

✅ R4 csv+markdown run 4 graded by code

The holder takes E02 (Northwind Holdings) risk, rated A. I03 is guaranteed by E02, and its latest rating action (A09) affirmed A.

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

✅ R4 csv+markdown run 5 graded by code

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

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

✅ R3 csv+padding run 1 graded by code

E02, the guarantor of I03, rated A (A08/A09; the note I03 is also A per A11).

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

✅ R3 csv+padding run 2 graded by code

E02 (Northwind Holdings), rated A. I03 is issued by E04 but guaranteed by E02, and I03 is rated A (A10, A11).

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

✅ R3 csv+padding run 3 graded by code

Northwind Holdings (E02), rated A. I03 is issued by E04 but guaranteed by E02 (A10, A11).

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

✅ R3 csv+padding run 4 graded by code

E02 (Northwind Holdings), 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"}

✅ R3 csv+padding run 5 graded by code

The guarantor, E02, rated A. I03 is issued by E04 and guaranteed by E02, and E02's latest rating is A (A08, A09).

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

✅ R10 executed run 1 graded by code

E02 (Northwind Holdings), rated A. I03 is issued by E04 but guaranteed by E02, and `credit_risk_of` is E02. I03 itself is rated A (A11), and E02 is A (A09).

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

✅ R10 executed run 2 graded by code

E02 (Northwind Holdings), rated A. I03 has E04 as issuer and E02 as guarantor and credit_risk_of, and E02's LTIDR is A (A09).

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

✅ R10 executed run 3 graded by code

E02, the guarantor, at A. I03 names E02 as `credit_risk_of`, and I03 itself is rated A (A11).

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

✅ R10 executed run 4 graded by code

It takes E02's credit risk, rated A. I03 is issued by E04 but guaranteed by E02, so credit_risk_of is E02, whose LTIDR is A (A09). I03 itself is also rated A.

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

✅ R10 executed run 5 graded by code

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

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

✅ R7 csv+neutral run 1 graded by code

The holder takes Northwind Holdings' credit risk (E02, same entity as E03). I03 is guaranteed by E02, whose rating is A.

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

✅ R7 csv+neutral run 2 graded by code

The holder takes the credit risk of E02, rated A. I03 is guaranteed by E02, and E02's latest issuer rating is A (A09, recorded on E03).

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

✅ R7 csv+neutral run 3 graded by code

E02 (Northwind Holdings), rated A. I03 is guaranteed by E02, so the holder takes the guarantor's risk; A09 and A11 both give A.

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

✅ R7 csv+neutral run 4 graded by code

E02, rated A. I03 is guaranteed by E02, so the holder takes Northwind Holdings' risk (A09; A for the instrument too, A11).

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

✅ R7 csv+neutral run 5 graded by code

Northwind Holdings (E02), rated A. I03 is guaranteed by E02, whose latest rating is A (A08, A09).

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

✅ R8 csv+axioms run 1 graded by code

The holder takes the risk of E02, the guarantor of I03, whose rating is A (A08, affirmed by A09 via E03).

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

✅ R8 csv+axioms run 2 graded by code

The guarantor, Northwind Holdings (E02), rated A. I03's guarantor is E02, so the credit risk is E02's (A09, A).

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

✅ R8 csv+axioms run 3 graded by code

Northwind Holdings (E02), rated A. I03 is guaranteed by E02, and E02's current rating is A via A09 on E03, the same entity.

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

✅ R8 csv+axioms run 4 graded by code

Northwind Holdings (E02), rated A. I03 is issued by E04 but guaranteed by E02, and E02's latest rating is A09/A11 (A).

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

✅ R8 csv+axioms run 5 graded by code

E02, rated A. I03 is guaranteed by E02, so the holder takes E02's credit risk, which is A per A09 (I03 itself is also A, A11).

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

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

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

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

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

E02's credit risk, rated A. I03 is guaranteed by E02, and E02/E03's current LTIDR is A.

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

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

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

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

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

Northwind Holdings (E02), rated A. I03 is guaranteed by E02, and E02's latest rating is A09 (A).

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

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

E02, rated A. I03 is guaranteed by E02, and E02/E03's current LTIDR is A (A08, A09).

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