Q5, run 2026-11-06-0041-sonnet-query
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
sql run 1
Northwind Holdings (E02), rated A. I03 is issued by E04 but guaranteed by E02, whose rating is A (A08), and I03 is rated A (A10, A11).
JSON: {"risk_of": "E02", "rating": "A"}
sql run 2
The holder takes the guarantor's risk: E02 (Northwind Holdings), rated A. I03 was issued by E04 and guaranteed by E02.
JSON: {"risk_of": "E02", "rating": "A"}
sql run 3
Northwind Holdings (E02), rated A. I03 is issued by E04 but guaranteed by E02, and E02's rating is A (A09 on E03, the duplicate record).
JSON: {"risk_of": "E02", "rating": "A"}
sql run 4
E02, rated A. I03 is issued by E04 but guaranteed by E02, so the holder takes E02's risk (A08, A09).
JSON: {"risk_of": "E02", "rating": "A"}
sql run 5
The holder takes the credit risk of Northwind Holdings (E02), the guarantor of I03, rated A. I03 itself was affirmed at A by A11.
JSON: {"risk_of": "E02", "rating": "A"}
sql+markdown run 1
The holder takes E02's (Northwind Holdings) credit risk. I03 is guaranteed by E02 and is rated A (A10, A11).
JSON: {"risk_of": "E02", "rating": "A"}
sql+markdown run 2
A holder takes E02's credit risk, since I03 is guaranteed by E02. I03 is rated A (A10/A11), in line with E02's A.
JSON: {"risk_of": "E02", "rating": "A"}
sql+markdown run 3
A holder takes the credit risk of E02, Northwind Holdings, the guarantor of I03. The note is rated A (A10 and A11), in line with E02's A.
JSON: {"risk_of": "E02", "rating": "A"}
sql+markdown run 4
A holder takes the credit risk of E02 (Northwind Holdings), the guarantor of I03. The note is rated A (A10, A11).
JSON: {"risk_of": "E02", "rating": "A"}
sql+markdown run 5
The holder takes the credit risk of Northwind Holdings (E02), rated A. I03 is guaranteed by E02, so it is rated on the guarantor (A08/A09, and A11 on I03).
JSON: {"risk_of": "E02", "rating": "A"}
sparql run 1
E02, rated A. I03's issuer is the finance sub E04, but E02 guarantees it. I03 is rated A (A11) and E02 is rated A.
JSON: {"risk_of": "E02", "rating": "A"}
sparql run 2
Northwind Holdings (E02), rated A. Northwind Finance (E04) issued I03, but E02 guarantees it, and I03 is rated A (A11).
JSON: {"risk_of": "E02", "rating": "A"}
sparql run 3
The guarantor, E02, rated A. I03 is issued by E04 but guaranteed by E02, and I03 itself is rated A (A10, A11).
JSON: {"risk_of": "E02", "rating": "A"}
sparql run 4
The guarantor, E02, rated A. I03 is issued by E04 and guaranteed by E02, and I03 itself is rated A (A11).
JSON: {"risk_of": "E02", "rating": "A"}
sparql run 5
The risk is E02, the guarantor of I03, whose issuer is E04. The note is rated A (A10, A11), and I took E02's own rating as A (A08, A09).
JSON: {"risk_of": "E02", "rating": "A"}
sparql+ontology run 1
E02, rated A. Instrument I03 is guaranteed by E02, and E02's current issuer rating is A.
JSON: {"risk_of": "E02", "rating": "A"}
sparql+ontology run 2
The holder takes E02's credit risk (Northwind Holdings), and the note is rated A. I03 is issued by the finance subsidiary E04 but guaranteed by E02, and A10/A11 rate it A.
JSON: {"risk_of": "E02", "rating": "A"}
sparql+ontology run 3
The holder takes the credit risk of E02, rated A. I03 is guaranteed by E02, whose issuer rating is A, and I03 itself is rated A (A11).
JSON: {"risk_of": "E02", "rating": "A"}
sparql+ontology run 4
The holder takes E02's credit risk, rated A. I03 is guaranteed by E02, so it is rated in line with E02's A, and its own rating A (A10, A11) is the same.
JSON: {"risk_of": "E02", "rating": "A"}
sparql+ontology run 5
The holder takes the credit risk of E02 (Northwind Holdings), which guarantees the note issued by the finance subsidiary E04. The note I03 is rated A.
JSON: {"risk_of": "E02", "rating": "A"}
sql+executed run 1
Credit risk of E02 (Northwind Holdings), via its guarantee of I03, which is rated A (A11).
JSON: {"risk_of": "E02", "rating": "A"}
sql+executed run 2
A holder takes E02's credit risk, rated A. I03 is issued by E04 and guaranteed by E02, and its credit_risk_of is E02; E02 is rated A (A09) and I03 is also A (A11).
JSON: {"risk_of": "E02", "rating": "A"}
sql+executed run 3
The holder takes E02's credit risk (Northwind Holdings, the guarantor), which is rated A. I03 has guarantor E02 and is rated A (A11).
JSON: {"risk_of": "E02", "rating": "A"}
sql+executed run 4
E02 (Northwind Holdings) is the guarantor, so a holder takes its credit risk (I03). It is rated A (A09).
JSON: {"risk_of": "E02", "rating": "A"}
sql+executed run 5
E02 (Northwind Holdings) is the credit risk, rated A. I03 is issued by E04 but guaranteed by E02, and its credit_risk_of is E02. The instrument rating is A (A11) and E02's issuer rating is also A (A09).
JSON: {"risk_of": "E02", "rating": "A"}
sparql+axioms run 1
E02, rated A. I03 is guaranteed by E02 and has creditRiskOf E02; its instrument rating is A (A11).
JSON: {"risk_of": "E02", "rating": "A"}
sparql+axioms run 2
The credit risk of E02 (Northwind Holdings), which guarantees I03. E02/E03 is rated A.
JSON: {"risk_of": "E02", "rating": "A"}
sparql+axioms run 3
E02, the guarantor, via I03. I03's rating is A (A11), and E02/E03 is also A.
JSON: {"risk_of": "E02", "rating": "A"}
sparql+axioms run 4
Northwind Holdings (E02), rated A. I03 is guaranteed by E02 and its credit risk is E02; both the note (A10/A11) and E02 are rated A.
JSON: {"risk_of": "E02", "rating": "A"}
sparql+axioms run 5
E02, rated A. I03 is guaranteed by E02, so its credit risk is E02's, and A11 rates it A.
JSON: {"risk_of": "E02", "rating": "A"}