D6 sparql+axioms, run 2: the query session

← back to the run

22 queries0 failed6 rounds
The opening prompt 
## The data

You can't see the data, but you can query it. It is in an RDF store, described below. Write SPARQL 1.1 SELECT or ASK queries.

To run queries, reply with one or more fenced blocks (```sparql), and nothing else is needed:
each is run and its results sent back to you. You have up to 8 rounds of queries.
When you have what you need, reply with the final answers and no queries.

Prefixes:
```
PREFIX skos: <http://www.w3.org/2004/02/skos/core#>
PREFIX rdf: <http://www.w3.org/1999/02/22-rdf-syntax-ns#>
PREFIX rdfs: <http://www.w3.org/2000/01/rdf-schema#>
PREFIX xsd: <http://www.w3.org/2001/XMLSchema#>
PREFIX lad: <https://example.org/ladder/>
```

Classes and the properties their resources use:

- `lad:Entity`: `rdf:type`, `rdfs:label`, `lad:ancestor`, `lad:country`, `lad:domicile`, `lad:entityType`, `lad:lei`, `lad:name`, `lad:parent`, `lad:parentEntity`, `lad:sameEntityAs`, `lad:sourceSystem`, `lad:ultimateParent`
- `lad:Instrument`: `rdf:type`, `rdfs:label`, `lad:creditRiskOf`, `lad:currency`, `lad:description`, `lad:guarantor`, `lad:issuer`, `lad:localCurrency`, `lad:maturity`, `lad:seniority`
- `lad:RatingAction`: `rdf:type`, `rdfs:label`, `lad:action`, `lad:ccyBasis`, `lad:comment`, `lad:date`, `lad:outlook`, `lad:ratedThing`, `lad:rating`, `lad:ratingType`, `lad:validTo`, `lad:watch`
- `lad:RatingInForce`: `rdf:type`, `rdfs:label`, `lad:action`, `lad:ccyBasis`, `lad:comment`, `lad:date`, `lad:outlook`, `lad:ratedThing`, `lad:rating`, `lad:ratingType`, `lad:watch`

The store holds the data after the rules of its axioms have run, with no definitions alongside. Besides the data's own properties, it holds what the rules derived: lad:sameEntityAs links the records of one entity; lad:domicile is the country that holds for an entity; lad:parentEntity, lad:ancestor and lad:ultimateParent give ownership entity by entity (an entity with no parent is its own ultimate parent); lad:validTo is when a rating stopped holding, and the class lad:RatingInForce holds the actions whose rating was in force on 1 October 2026; lad:creditRiskOf and lad:localCurrency describe instruments.

## Questions

Answer each question below from the data above. Start each answer on a new line with its
number in bold, like **Q1.**, give the direct answer first, then at most two sentences of
reasoning that cite the records (IDs) you relied on.

Then end with one JSON block (```json) holding the structured answer to each question listed
here, with exactly these fields, shaped like {"Q1": {"field": value}, ...}. Name entities by their record ID: the entity_id in the CSV files, or the part of the IRI after lad: in the RDF (E01, not Kestrel Energy plc).

- Q1: rating (a rating, or "none")
- Q2: downgraded ("yes", "no" or "depends")
- Q3: investment_grade ("yes", "no" or "depends"), rating (a rating, or "none")
- Q4: outlook (an outlook)
- Q5: risk_of (a record ID), rating (a rating, or "none")
- Q7: issuers (a list of record IDs)
- Q8: entities (a list of record IDs)
- Q9: count (a number)
- Q10: investment_grade ("yes", "no" or "depends")
- Q11: rating (a rating, or "none")
- Q12: rating (a rating, or "none")
- Q13: count (a number)
- Q14: rating (a rating, or "none")
- Q15: rating (a rating, or "none")
- Q16: changed ("yes", "no" or "depends")
- Q17: downgraded ("yes", "no" or "depends")
- Q18: issuers (a list of record IDs)
- Q19: issuers (a list of record IDs)
- Q20: in_default ("yes", "no" or "depends")
- Q21: entities (a list of record IDs)
- Q22: entities (a list of record IDs)
- Q23: rating (a rating, or "none")
- Q24: investment_grade ("yes", "no" or "depends")
- Q25: count (a number)
- Q26: rating (a rating, or "none")
- Q27: rating (a rating, or "none")
- Q28: rating (a rating, or "none")
- Q29: rating (a rating, or "none")
- Q30: entities (a list of record IDs)
- Q31: any ("yes", "no" or "depends")
- Q32: parent (a record ID)
- Q33: risk_of (a record ID), rating (a rating, or "none")
- Q34: same_group ("yes", "no" or "depends")
- Q35: count (a number)
- Q36: count (a number)
- Q37: count (a number)
- Q38: same ("yes", "no" or "depends")
- Q39: rating (a rating, or "none")
- Q40: count (a number)
- Q41: rating (a rating, or "none")
- Q42: country (a country code)
- Q43: count (a number)
- Q44: local_currency ("yes", "no" or "depends")
- Q45: above_ceiling ("yes", "no" or "depends")
- Q46: issuer_rating ("yes", "no" or "depends")
- Q47: rating (a rating, or "none")
- Q48: count (a number)

Q1. What was Kestrel Energy's rating on 1 January 2025?
Q2. Has Kestrel Energy been downgraded in 2026?
Q3. Is Kestrel Energy's 2031 note investment grade?
Q4. What is Northwind Holdings' current outlook?
Q5. Whose credit risk does a holder of the Northwind Finance 2030 notes take, and how is it rated?
Q6. Why is Valdoria Telecom's foreign-currency rating lower than its local-currency rating?
Q7. Which issuers were downgraded in 2026?
Q8. Which entities were in default on 1 October 2026?
Q9. As of 1 October 2026, how many distinct issuers hold an issuer rating?
Q10. Is Valdoria Telecom investment grade?
Q11. What was Marlow Utilities' rating on 1 June 2025?
Q12. What was Marlow Utilities' rating on 1 January 2024?
Q13. How many times has Marlow Utilities been downgraded?
Q14. What was Halden Foods' rating on 1 January 2024?
Q15. What was Halden Bank's rating on 1 January 2026?
Q16. Has Marlow Utilities' rating changed since 1 January 2025?
Q17. Was Orrin Bank downgraded in 2026?
Q18. Which issuers were on Rating Watch Negative on 1 October 2026?
Q19. Which issuers had a Negative outlook on 1 October 2026?
Q20. Is Pellam Retail in default?
Q21. Which entities had an issuer rating at some point but no longer had one on 1 October 2026?
Q22. Which entities have ever been in default?
Q23. What is Kestrel Energy's short-term rating?
Q24. Is Kestrel Energy's issuer rating investment grade?
Q25. How many instruments held an investment-grade rating on 1 October 2026?
Q26. What is Corvenia Power's local-currency rating?
Q27. How is Corvenia Power's 2032 note rated?
Q28. What is the Republic of Corvenia's foreign-currency issuer rating?
Q29. What is the Republic of Valdoria's issuer rating?
Q30. Which entities had a foreign-currency issuer rating exactly at their country's ceiling on 1 October 2026?
Q31. Did any company have a foreign-currency issuer rating above its country's ceiling on 1 October 2026?
Q32. Who is Halden Leasing's ultimate parent?
Q33. Whose credit risk does a holder of the Halden Leasing 2028 notes take, and how is it rated?
Q34. Is Halden Foods part of the same group as Halden Bank?
Q35. How many entities are in the Halden group, the parent included?
Q36. How many entities are in the Northwind group, the parent included?
Q37. How many distinct legal entities does the data describe?
Q38. Are Orrin Bank AG and Orrin Bancorp Inc the same entity?
Q39. What is Northwind Holdings' current rating?
Q40. How many distinct issuers domiciled in GB held an issuer rating on 1 October 2026?
Q41. What is Brindle Capital's current rating?
Q42. In which country is Halden Bank domiciled?
Q43. How many distinct entities are domiciled in Luxembourg (LU)?
Q44. Is Valdoria Telecom's 2027 note a local-currency obligation?
Q45. Is Valdoria Telecom's 2027 note rated above what Valdoria's Country Ceiling allows?
Q46. Does Halden Leasing have an issuer rating?
Q47. How is Corvenia Power's 2034 note rated?
Q48. How many instruments held a rating on 1 October 2026?
The model 
I'll start by exploring the entities and instruments.

```sparql
PREFIX lad: <https://example.org/ladder/>
PREFIX rdfs: <http://www.w3.org/2000/01/rdf-schema#>
SELECT ?s ?p ?o WHERE { ?s ?p ?o . FILTER(?s IN (lad:E01, lad:E02, lad:E03)) } LIMIT 100
```

```sparql
PREFIX lad: <https://example.org/ladder/>
PREFIX rdfs: <http://www.w3.org/2000/01/rdf-schema#>
PREFIX rdf: <http://www.w3.org/1999/02/22-rdf-syntax-ns#>
SELECT ?s ?t ?l WHERE { ?s rdf:type ?t . OPTIONAL {?s rdfs:label ?l} FILTER(?t IN (lad:Entity, lad:Instrument)) } ORDER BY ?t ?s
```
Query results 
Query 1:

| s | p | o |
|---|---|---|
| lad:E03 | rdf:type | lad:Entity |
| lad:E01 | lad:domicile | GB |
| lad:E03 | lad:sourceSystem | RESEARCH |
| lad:E02 | lad:entityType | lad:etype-CORP |
| lad:E01 | rdfs:label | Kestrel Energy plc |
| lad:E03 | lad:name | NORTHWIND HLDGS |
| lad:E02 | rdfs:label | Northwind Holdings plc |
| lad:E01 | lad:sourceSystem | RATINGS |
| lad:E03 | lad:entityType | lad:etype-CORP |
| lad:E02 | lad:domicile | GB |
| lad:E02 | lad:sameEntityAs | lad:E03 |
| lad:E01 | lad:entityType | lad:etype-CORP |
| lad:E01 | lad:country | GB |
| lad:E01 | lad:name | Kestrel Energy plc |
| lad:E03 | lad:ultimateParent | lad:E03 |
| lad:E03 | lad:lei | 213800PHEIYNJMHTDV74 |
| lad:E01 | lad:lei | 7245002OOPBG04092E43 |
| lad:E02 | lad:sourceSystem | RATINGS |
| lad:E03 | lad:domicile | GB |
| lad:E01 | lad:ultimateParent | lad:E01 |
| lad:E02 | lad:lei | 213800PHEIYNJMHTDV74 |
| lad:E02 | lad:name | Northwind Holdings plc |
| lad:E02 | lad:country | GB |
| lad:E02 | rdf:type | lad:Entity |
| lad:E03 | rdfs:label | NORTHWIND HLDGS |
| lad:E03 | lad:sameEntityAs | lad:E02 |
| lad:E01 | rdf:type | lad:Entity |
| lad:E02 | lad:ultimateParent | lad:E02 |
| lad:E03 | lad:country | GB |

Query 2:

| s | t | l |
|---|---|---|
| lad:CV | lad:Entity | Republic of Corvenia |
| lad:E01 | lad:Entity | Kestrel Energy plc |
| lad:E02 | lad:Entity | Northwind Holdings plc |
| lad:E03 | lad:Entity | NORTHWIND HLDGS |
| lad:E04 | lad:Entity | Northwind Finance BV |
| lad:E05 | lad:Entity | Valdoria Telecom SA |
| lad:E06 | lad:Entity | Orrin Bank AG |
| lad:E07 | lad:Entity | Pellam Retail Ltd |
| lad:E08 | lad:Entity | Saxby Shipping SA |
| lad:E09 | lad:Entity | Halden Group plc |
| lad:E10 | lad:Entity | Halden Bank AG |
| lad:E1001 | lad:Entity | Tunod Steel SA |
| lad:E1002 | lad:Entity | TUNOD STEEL SA |
| lad:E1003 | lad:Entity | Rilol Telecom plc |
| lad:E1004 | lad:Entity | Munem Retail SA |
| lad:E1005 | lad:Entity | Setan Airlines Inc |
| lad:E1006 | lad:Entity | Soson Airlines Inc |
| lad:E1007 | lad:Entity | Golod Property plc |
| lad:E1008 | lad:Entity | Sotil Retail plc |
| lad:E1009 | lad:Entity | Malam Chemicals Inc |
| lad:E1010 | lad:Entity | Buvir Industries Inc |
| lad:E1011 | lad:Entity | Falom Media Inc |
| lad:E1012 | lad:Entity | Posad Industries SA |
| lad:E1013 | lad:Entity | Pisol Pharma BV |
| lad:E1014 | lad:Entity | Toral Utilities BV |
| lad:E1015 | lad:Entity | Civen Steel Inc |
| lad:E1016 | lad:Entity | Ponar Telecom SA |
| lad:E1017 | lad:Entity | Nisid Steel SA |
| lad:E1018 | lad:Entity | Tosem Mining Inc |
| lad:E1019 | lad:Entity | Losol Mining SA |
| lad:E1020 | lad:Entity | Finel Media AG |
| lad:E1021 | lad:Entity | Niner Pharma plc |
| lad:E1022 | lad:Entity | NINER PHARMA |
| lad:E1023 | lad:Entity | Heled Water plc |
| lad:E1024 | lad:Entity | Susin Shipping BV |
| lad:E1025 | lad:Entity | Tulol Shipping SA |
| lad:E1026 | lad:Entity | Vunam Water BV |
| lad:E1027 | lad:Entity | Tesad Media Inc |
| lad:E1028 | lad:Entity | Mutir Retail SA |
| lad:E1029 | lad:Entity | Leson Telecom Inc |
| lad:E1030 | lad:Entity | LESON TELECOM INC |
| lad:E1031 | lad:Entity | Kuvir Logistics SA |
| lad:E1032 | lad:Entity | Helom Chemicals BV |
| lad:E1033 | lad:Entity | Kunid Pharma SA |
| lad:E1034 | lad:Entity | Tanad Capital SpA |
| lad:E1035 | lad:Entity | Kavod Utilities AG |
| lad:E1036 | lad:Entity | Lilor Retail AG |
| lad:E1037 | lad:Entity | Natil Retail SA |
| lad:E1038 | lad:Entity | Lanon Telecom BV |
| lad:E1039 | lad:Entity | Pulor Airlines SA |
| lad:E1040 | lad:Entity | Dorid Mining AG |
| lad:E1041 | lad:Entity | Hiral Steel SA |
| lad:E1042 | lad:Entity | Rerod Steel BV |
| lad:E1043 | lad:Entity | Vitom Property plc |
| lad:E1044 | lad:Entity | Hesid Telecom Inc |
| lad:E1045 | lad:Entity | Nesid Logistics Inc |
| lad:E1046 | lad:Entity | Ditin Shipping Inc |
| lad:E1047 | lad:Entity | Vaved Pharma plc |
| lad:E1048 | lad:Entity | Lised Pharma AG |
| lad:E1049 | lad:Entity | Paser Utilities plc |
(425 more rows not shown)

Run more queries, or give the final answers.
The model 
<parameter name="sparql">
</parameter>

```sparql
PREFIX lad: <https://example.org/ladder/>
PREFIX rdfs: <http://www.w3.org/2000/01/rdf-schema#>
PREFIX rdf: <http://www.w3.org/1999/02/22-rdf-syntax-ns#>
SELECT ?s ?p ?o WHERE { ?s rdf:type lad:Instrument . ?s ?p ?o . FILTER(!REGEX(STR(?s),"/(I|INS|X)?[0-9]{4,}$")) } ORDER BY ?s LIMIT 300
```

```sparql
PREFIX lad: <https://example.org/ladder/>
PREFIX rdfs: <http://www.w3.org/2000/01/rdf-schema#>
PREFIX rdf: <http://www.w3.org/1999/02/22-rdf-syntax-ns#>
SELECT ?s ?p ?o WHERE { ?s rdf:type lad:Entity . ?s ?p ?o . FILTER(!REGEX(STR(?s),"E[0-9]{4}$")) FILTER(?p != rdf:type && ?p != lad:name && ?p != lad:country) } ORDER BY ?s LIMIT 400
```
Query results 
Query 1:

| s | p | o |
|---|---|---|
| lad:I01 | rdf:type | lad:Instrument |
| lad:I01 | rdfs:label | Kestrel Energy 4.50% 2030 |
| lad:I01 | lad:creditRiskOf | lad:E01 |
| lad:I01 | lad:currency | GBP |
| lad:I01 | lad:description | Kestrel Energy 4.50% notes due 2030 |
| lad:I01 | lad:issuer | lad:E01 |
| lad:I01 | lad:localCurrency | true |
| lad:I01 | lad:maturity | 2030-03-15 |
| lad:I01 | lad:seniority | lad:seniority-SU |
| lad:I02 | rdf:type | lad:Instrument |
| lad:I02 | rdfs:label | Kestrel Energy 6.25% 2031 |
| lad:I02 | lad:creditRiskOf | lad:E01 |
| lad:I02 | lad:currency | GBP |
| lad:I02 | lad:description | Kestrel Energy 6.25% notes due 2031 |
| lad:I02 | lad:issuer | lad:E01 |
| lad:I02 | lad:localCurrency | true |
| lad:I02 | lad:maturity | 2031-09-30 |
| lad:I02 | lad:seniority | lad:seniority-SUB |
| lad:I03 | rdf:type | lad:Instrument |
| lad:I03 | rdfs:label | Northwind Finance 3.75% 2030 |
| lad:I03 | lad:creditRiskOf | lad:E02 |
| lad:I03 | lad:currency | EUR |
| lad:I03 | lad:description | Northwind Finance 3.75% notes due 2030 |
| lad:I03 | lad:guarantor | lad:E02 |
| lad:I03 | lad:issuer | lad:E04 |
| lad:I03 | lad:localCurrency | true |
| lad:I03 | lad:maturity | 2030-05-01 |
| lad:I03 | lad:seniority | lad:seniority-SU |
| lad:I04 | rdf:type | lad:Instrument |
| lad:I04 | rdfs:label | Valdoria Telecom 5.00% 2029 |
| lad:I04 | lad:creditRiskOf | lad:E05 |
| lad:I04 | lad:currency | USD |
| lad:I04 | lad:description | Valdoria Telecom 5.00% notes due 2029 |
| lad:I04 | lad:issuer | lad:E05 |
| lad:I04 | lad:localCurrency | false |
| lad:I04 | lad:maturity | 2029-11-20 |
| lad:I04 | lad:seniority | lad:seniority-SU |
| lad:I05 | rdf:type | lad:Instrument |
| lad:I05 | rdfs:label | Halden Leasing 2.90% 2028 |
| lad:I05 | lad:creditRiskOf | lad:E10 |
| lad:I05 | lad:currency | EUR |
| lad:I05 | lad:description | Halden Leasing 2.90% notes due 2028 |
| lad:I05 | lad:guarantor | lad:E10 |
| lad:I05 | lad:issuer | lad:E11 |
| lad:I05 | lad:localCurrency | true |
| lad:I05 | lad:maturity | 2028-06-30 |
| lad:I05 | lad:seniority | lad:seniority-SU |
| lad:I06 | rdf:type | lad:Instrument |
| lad:I06 | rdfs:label | Corvenia Power 7.10% 2032 |
| lad:I06 | lad:creditRiskOf | lad:E15 |
| lad:I06 | lad:currency | USD |
| lad:I06 | lad:description | Corvenia Power 7.10% notes due 2032 |
| lad:I06 | lad:issuer | lad:E15 |
| lad:I06 | lad:localCurrency | false |
| lad:I06 | lad:maturity | 2032-02-15 |
| lad:I06 | lad:seniority | lad:seniority-SUB |
| lad:I07 | rdf:type | lad:Instrument |
| lad:I07 | rdfs:label | Valdoria Telecom 4.25% 2027 |
| lad:I07 | lad:creditRiskOf | lad:E05 |
| lad:I07 | lad:currency | XVD |
(14 more rows not shown)

Query 2:

| s | p | o |
|---|---|---|
| lad:CV | rdfs:label | Republic of Corvenia |
| lad:CV | lad:domesticCurrency | CVK |
| lad:CV | lad:domicile | CV |
| lad:CV | lad:entityType | lad:etype-SOV |
| lad:CV | lad:sourceSystem | RATINGS |
| lad:CV | lad:ultimateParent | lad:CV |
| lad:E01 | rdfs:label | Kestrel Energy plc |
| lad:E01 | lad:domicile | GB |
| lad:E01 | lad:entityType | lad:etype-CORP |
| lad:E01 | lad:lei | 7245002OOPBG04092E43 |
| lad:E01 | lad:sourceSystem | RATINGS |
| lad:E01 | lad:ultimateParent | lad:E01 |
| lad:E02 | rdfs:label | Northwind Holdings plc |
| lad:E02 | lad:domicile | GB |
| lad:E02 | lad:entityType | lad:etype-CORP |
| lad:E02 | lad:lei | 213800PHEIYNJMHTDV74 |
| lad:E02 | lad:sameEntityAs | lad:E03 |
| lad:E02 | lad:sourceSystem | RATINGS |
| lad:E02 | lad:ultimateParent | lad:E02 |
| lad:E03 | rdfs:label | NORTHWIND HLDGS |
| lad:E03 | lad:domicile | GB |
| lad:E03 | lad:entityType | lad:etype-CORP |
| lad:E03 | lad:lei | 213800PHEIYNJMHTDV74 |
| lad:E03 | lad:sameEntityAs | lad:E02 |
| lad:E03 | lad:sourceSystem | RESEARCH |
| lad:E03 | lad:ultimateParent | lad:E03 |
| lad:E04 | rdfs:label | Northwind Finance BV |
| lad:E04 | lad:ancestor | lad:E02 |
| lad:E04 | lad:ancestor | lad:E03 |
| lad:E04 | lad:domicile | NL |
| lad:E04 | lad:entityType | lad:etype-FINSUB |
| lad:E04 | lad:lei | 213800LA5RYJLGXV2T85 |
| lad:E04 | lad:parent | lad:E02 |
| lad:E04 | lad:parentEntity | lad:E02 |
| lad:E04 | lad:parentEntity | lad:E03 |
| lad:E04 | lad:sourceSystem | RATINGS |
| lad:E04 | lad:ultimateParent | lad:E02 |
| lad:E04 | lad:ultimateParent | lad:E03 |
| lad:E05 | rdfs:label | Valdoria Telecom SA |
| lad:E05 | lad:domicile | VD |
| lad:E05 | lad:entityType | lad:etype-CORP |
| lad:E05 | lad:lei | 391200LESH03LMOY2U61 |
| lad:E05 | lad:sourceSystem | RATINGS |
| lad:E05 | lad:ultimateParent | lad:E05 |
| lad:E06 | rdfs:label | Orrin Bank AG |
| lad:E06 | lad:domicile | DE |
| lad:E06 | lad:entityType | lad:etype-BANK |
| lad:E06 | lad:lei | 549300AMVE3VRVG7HK43 |
| lad:E06 | lad:sourceSystem | RATINGS |
| lad:E06 | lad:ultimateParent | lad:E06 |
| lad:E07 | rdfs:label | Pellam Retail Ltd |
| lad:E07 | lad:domicile | GB |
| lad:E07 | lad:entityType | lad:etype-CORP |
| lad:E07 | lad:lei | 969500B6IUACELPI2291 |
| lad:E07 | lad:sourceSystem | RATINGS |
| lad:E07 | lad:ultimateParent | lad:E07 |
| lad:E08 | rdfs:label | Saxby Shipping SA |
| lad:E08 | lad:domicile | GR |
| lad:E08 | lad:entityType | lad:etype-CORP |
| lad:E08 | lad:lei | 969500KOTZ1JFIZSG796 |
(74 more rows not shown)

Run more queries, or give the final answers.
The model 
<parameter name="sparql">
</parameter>

```sparql
PREFIX lad: <https://example.org/ladder/>
PREFIX rdfs: <http://www.w3.org/2000/01/rdf-schema#>
PREFIX rdf: <http://www.w3.org/1999/02/22-rdf-syntax-ns#>
SELECT ?a ?thing ?type ?rating ?date ?vt ?action ?outlook ?watch ?ccy ?comment WHERE {
 ?a rdf:type lad:RatingAction ; lad:ratedThing ?thing .
 OPTIONAL{?a lad:ratingType ?type} OPTIONAL{?a lad:rating ?rating} OPTIONAL{?a lad:date ?date} OPTIONAL{?a lad:validTo ?vt}
 OPTIONAL{?a lad:action ?action} OPTIONAL{?a lad:outlook ?outlook} OPTIONAL{?a lad:watch ?watch} OPTIONAL{?a lad:ccyBasis ?ccy} OPTIONAL{?a lad:comment ?comment}
 FILTER(!REGEX(STR(?thing),"E[0-9]{4}$"))
} ORDER BY ?thing ?type ?date LIMIT 300
```

```sparql
PREFIX lad: <https://example.org/ladder/>
PREFIX rdfs: <http://www.w3.org/2000/01/rdf-schema#>
PREFIX rdf: <http://www.w3.org/1999/02/22-rdf-syntax-ns#>
SELECT ?s ?p ?o WHERE { ?s rdf:type lad:Instrument . ?s ?p ?o . FILTER(?s IN (lad:I07,lad:I08,lad:I09,lad:I10,lad:I11,lad:I12,lad:I13,lad:I14,lad:I15)) FILTER(?p IN (rdfs:label,lad:creditRiskOf,lad:currency,lad:localCurrency,lad:issuer,lad:guarantor)) } ORDER BY ?s
```
Query results 
Query 1:

| a | thing | type | rating | date | vt | action | outlook | watch | ccy | comment |
|---|---|---|---|---|---|---|---|---|---|---|
| lad:A37 | lad:CV | lad:type-CC | A | 2024-01-01 |  | lad:action-AS |  |  |  |  |
| lad:A38 | lad:CV | lad:type-LTIDR | BBB+ | 2024-01-01 |  | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A39 | lad:CV | lad:type-LTIDR | A- | 2024-01-01 |  | lad:action-AS | lad:outlook-STA |  | lad:basis-LC |  |
| lad:A01 | lad:E01 | lad:type-LTIDR | A- | 2024-03-12 | 2025-06-20 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A02 | lad:E01 | lad:type-LTIDR | BBB | 2025-06-20 | 2026-02-10 | lad:action-DG | lad:outlook-STA |  | lad:basis-FC | weaker cash flow after asset sale |
| lad:A03 | lad:E01 | lad:type-LTIDR | BBB | 2026-02-10 |  | lad:action-AF | lad:outlook-NEG |  | lad:basis-FC |  |
| lad:A04 | lad:E01 | lad:type-STIDR | F2 | 2026-02-10 |  | lad:action-AF |  |  | lad:basis-FC |  |
| lad:A08 | lad:E02 | lad:type-LTIDR | A | 2023-11-01 | 2025-09-15 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A09 | lad:E03 | lad:type-LTIDR | A | 2025-09-15 |  | lad:action-AF | lad:outlook-POS |  | lad:basis-FC |  |
| lad:A13 | lad:E05 | lad:type-LTIDR | BBB- | 2025-04-01 |  | lad:action-AS | lad:outlook-STA |  | lad:basis-LC |  |
| lad:A14 | lad:E05 | lad:type-LTIDR | BB | 2025-04-01 |  | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A16 | lad:E06 | lad:type-LTIDR | A- | 2024-05-01 | 2026-09-03 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A17 | lad:E06 | lad:type-LTIDR | A- | 2026-09-03 |  | lad:action-RW |  | lad:watch-RWN | lad:basis-FC |  |
| lad:A18 | lad:E07 | lad:type-LTIDR | BB | 2024-01-10 | 2026-05-12 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A19 | lad:E07 | lad:type-LTIDR | WD | 2026-05-12 |  | lad:action-WD |  |  | lad:basis-FC | commercial reasons |
| lad:A20 | lad:E08 | lad:type-LTIDR | B | 2024-06-01 | 2026-01-20 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A21 | lad:E08 | lad:type-LTIDR | CCC | 2026-01-20 | 2026-07-08 | lad:action-DG |  |  | lad:basis-FC |  |
| lad:A22 | lad:E08 | lad:type-LTIDR | RD | 2026-07-08 |  | lad:action-DG |  |  | lad:basis-FC | distressed debt exchange completed |
| lad:A24 | lad:E09 | lad:type-LTIDR | A | 2023-05-01 | 2026-03-01 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A25 | lad:E09 | lad:type-LTIDR | A | 2026-03-01 |  | lad:action-AF | lad:outlook-NEG |  | lad:basis-FC |  |
| lad:A26 | lad:E10 | lad:type-LTIDR | A- | 2023-05-01 | 2026-04-15 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC | support from parent |
| lad:A27 | lad:E10 | lad:type-LTIDR | BBB+ | 2026-04-15 |  | lad:action-DG | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A46 | lad:E11 | lad:type-CO | BBB | 2025-02-01 |  | lad:action-AS |  |  |  |  |
| lad:A30 | lad:E12 | lad:type-LTIDR | BB- | 2024-02-01 | 2025-08-01 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A31 | lad:E12 | lad:type-LTIDR | BB | 2025-08-01 |  | lad:action-UG | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A32 | lad:E13 | lad:type-LTIDR | BBB | 2024-07-01 |  | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A34 | lad:E14 | lad:type-LTIDR | A- | 2023-01-15 | 2024-09-30 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A36 | lad:E14 | lad:type-LTIDR | BBB+ | 2024-09-30 | 2025-11-20 | lad:action-DG | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A35 | lad:E14 | lad:type-LTIDR | BBB+ | 2025-11-20 | 2026-05-01 | lad:action-RW |  | lad:watch-RWN | lad:basis-FC |  |
| lad:A33 | lad:E14 | lad:type-LTIDR | BBB+ | 2026-05-01 |  | lad:action-AF | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A40 | lad:E15 | lad:type-LTIDR | A+ | 2024-03-01 |  | lad:action-AS | lad:outlook-STA |  | lad:basis-LC |  |
| lad:A41 | lad:E15 | lad:type-LTIDR | A | 2024-03-01 |  | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A43 | lad:E16 | lad:type-LTIDR | BBB- | 2024-04-01 | 2026-06-01 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A44 | lad:E16 | lad:type-LTIDR | BB+ | 2026-06-01 |  | lad:action-DG | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A05 | lad:I01 | lad:type-INST | A- | 2024-03-12 | 2025-06-20 | lad:action-AS |  |  |  |  |
| lad:A06 | lad:I01 | lad:type-INST | BBB | 2025-06-20 |  | lad:action-DG |  |  |  |  |
| lad:A23 | lad:I02 | lad:type-INST | BBB | 2024-03-12 | 2025-06-20 | lad:action-AS |  |  |  |  |
| lad:A07 | lad:I02 | lad:type-INST | BB+ | 2025-06-20 |  | lad:action-DG |  |  |  |  |
| lad:A10 | lad:I03 | lad:type-INST | A | 2023-11-01 | 2025-09-15 | lad:action-AS |  |  |  |  |
| lad:A11 | lad:I03 | lad:type-INST | A | 2025-09-15 |  | lad:action-AF |  |  |  |  |
| lad:A15 | lad:I04 | lad:type-INST | BB | 2025-04-01 |  | lad:action-AS |  |  |  |  |
| lad:A28 | lad:I05 | lad:type-INST | A- | 2023-06-01 | 2026-04-15 | lad:action-AS |  |  |  |  |
| lad:A29 | lad:I05 | lad:type-INST | BBB+ | 2026-04-15 |  | lad:action-DG |  |  |  |  |
| lad:A42 | lad:I06 | lad:type-INST | A- | 2024-03-01 |  | lad:action-AS |  |  |  |  |
| lad:A45 | lad:I07 | lad:type-INST | BBB- | 2025-04-01 |  | lad:action-AS |  |  |  |  |
| lad:A47 | lad:I08 | lad:type-INST | A | 2026-09-01 |  | lad:action-EX |  |  |  |  |
| lad:A1011 | lad:I1001 | lad:type-INST | A+ | 2026-11-17 |  | lad:action-EX |  |  |  |  |
| lad:A1014 | lad:I1002 | lad:type-INST | BB- | 2023-06-03 |  | lad:action-AS |  |  |  |  |
| lad:A1016 | lad:I1003 | lad:type-INST | BBB- | 2022-12-09 |  | lad:action-AS |  |  |  |  |
| lad:A1018 | lad:I1004 | lad:type-INST | A | 2022-05-02 |  | lad:action-AS |  |  |  |  |
| lad:A1024 | lad:I1005 | lad:type-INST | BB | 2024-11-09 |  | lad:action-AS |  |  |  |  |
| lad:A1027 | lad:I1006 | lad:type-INST | B+ | 2022-06-02 |  | lad:action-AS |  |  |  |  |
| lad:A1029 | lad:I1007 | lad:type-INST | AA- | 2026-11-11 |  | lad:action-EX |  |  |  |  |
| lad:A1033 | lad:I1008 | lad:type-INST | B+ | 2026-05-23 |  | lad:action-EX |  |  |  |  |
| lad:A1038 | lad:I1009 | lad:type-INST | A- | 2025-08-11 |  | lad:action-AS |  |  |  |  |
| lad:A1044 | lad:I1010 | lad:type-INST | A- | 2024-06-15 |  | lad:action-AS |  |  |  |  |
| lad:A1047 | lad:I1011 | lad:type-INST | BBB- | 2022-06-19 |  | lad:action-AS |  |  |  |  |
| lad:A1051 | lad:I1012 | lad:type-INST | A- | 2026-07-22 |  | lad:action-EX |  |  |  |  |
| lad:A1065 | lad:I1013 | lad:type-INST | BB+ | 2025-12-06 |  | lad:action-AS |  |  |  |  |
| lad:A1073 | lad:I1014 | lad:type-INST | A- | 2022-10-23 |  | lad:action-AS |  |  |  |  |
(94 more rows not shown)

Query 2:

| s | p | o |
|---|---|---|
| lad:I07 | rdfs:label | Valdoria Telecom 4.25% 2027 |
| lad:I07 | lad:creditRiskOf | lad:E05 |
| lad:I07 | lad:currency | XVD |
| lad:I07 | lad:issuer | lad:E05 |
| lad:I07 | lad:localCurrency | true |
| lad:I08 | rdfs:label | Corvenia Power 6.00% 2034 |
| lad:I08 | lad:creditRiskOf | lad:E15 |
| lad:I08 | lad:currency | USD |
| lad:I08 | lad:issuer | lad:E15 |
| lad:I08 | lad:localCurrency | false |

Run more queries, or give the final answers.
The model 
```sparql
PREFIX lad: <https://example.org/ladder/>
PREFIX rdfs: <http://www.w3.org/2000/01/rdf-schema#>
SELECT ?s ?p ?o WHERE { ?s ?p ?o . FILTER(?s IN (lad:E09,lad:E10,lad:E11,lad:E12,lad:E13,lad:E14,lad:E15,lad:E16,lad:E17,lad:E18)) FILTER(?p IN (rdfs:label,lad:domicile,lad:parent,lad:parentEntity,lad:ultimateParent,lad:sameEntityAs,lad:entityType)) } ORDER BY ?s
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT (COUNT(DISTINCT ?e) AS ?ents) (COUNT(DISTINCT ?l) AS ?leis) WHERE { ?e a lad:Entity . OPTIONAL{?e lad:lei ?l} }
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?r ?thing ?type ?rating ?outlook ?watch ?ccy WHERE { ?r a lad:RatingInForce ; lad:ratedThing ?thing ; lad:ratingType ?type ; lad:rating ?rating . OPTIONAL{?r lad:outlook ?outlook} OPTIONAL{?r lad:watch ?watch} OPTIONAL{?r lad:ccyBasis ?ccy} FILTER(?type != lad:type-INST) } ORDER BY ?thing
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT (COUNT(DISTINCT ?t) AS ?instInForce) WHERE { ?r a lad:RatingInForce ; lad:ratedThing ?t ; lad:ratingType lad:type-INST }
```
Query results 
Query 1:

| s | p | o |
|---|---|---|
| lad:E09 | lad:domicile | GB |
| lad:E09 | lad:ultimateParent | lad:E09 |
| lad:E09 | lad:entityType | lad:etype-CORP |
| lad:E09 | rdfs:label | Halden Group plc |
| lad:E10 | lad:ultimateParent | lad:E09 |
| lad:E10 | lad:parent | lad:E09 |
| lad:E10 | lad:sameEntityAs | lad:E17 |
| lad:E10 | lad:domicile | LU |
| lad:E10 | lad:parentEntity | lad:E09 |
| lad:E10 | rdfs:label | Halden Bank AG |
| lad:E10 | lad:entityType | lad:etype-BANK |
| lad:E11 | lad:parent | lad:E10 |
| lad:E11 | lad:parentEntity | lad:E10 |
| lad:E11 | rdfs:label | Halden Leasing SA |
| lad:E11 | lad:entityType | lad:etype-FINSUB |
| lad:E11 | lad:parentEntity | lad:E17 |
| lad:E11 | lad:domicile | FR |
| lad:E11 | lad:ultimateParent | lad:E09 |
| lad:E12 | rdfs:label | Halden Foods Ltd |
| lad:E12 | lad:ultimateParent | lad:E12 |
| lad:E12 | lad:entityType | lad:etype-CORP |
| lad:E12 | lad:domicile | GB |
| lad:E13 | lad:domicile | US |
| lad:E13 | lad:entityType | lad:etype-BANK |
| lad:E13 | rdfs:label | Orrin Bancorp Inc |
| lad:E13 | lad:ultimateParent | lad:E13 |
| lad:E14 | lad:entityType | lad:etype-CORP |
| lad:E14 | rdfs:label | Marlow Utilities plc |
| lad:E14 | lad:ultimateParent | lad:E14 |
| lad:E14 | lad:domicile | GB |
| lad:E15 | lad:entityType | lad:etype-CORP |
| lad:E15 | lad:ultimateParent | lad:E15 |
| lad:E15 | lad:domicile | CV |
| lad:E15 | rdfs:label | Corvenia Power SA |
| lad:E16 | lad:entityType | lad:etype-CORP |
| lad:E16 | lad:domicile | GB |
| lad:E16 | rdfs:label | Brindle Capital Ltd |
| lad:E17 | lad:parentEntity | lad:E09 |
| lad:E17 | lad:sameEntityAs | lad:E10 |
| lad:E17 | lad:entityType | lad:etype-BANK |
| lad:E17 | rdfs:label | HALDEN BANK |
| lad:E17 | lad:ultimateParent | lad:E09 |
| lad:E17 | lad:domicile | LU |

Query 2:

| ents | leis |
|---|---|
| 370 | 342 |

Query 3:

| r | thing | type | rating | outlook | watch | ccy |
|---|---|---|---|---|---|---|
| lad:A37 | lad:CV | lad:type-CC | A |  |  |  |
| lad:A38 | lad:CV | lad:type-LTIDR | BBB+ | lad:outlook-STA |  | lad:basis-FC |
| lad:A39 | lad:CV | lad:type-LTIDR | A- | lad:outlook-STA |  | lad:basis-LC |
| lad:A03 | lad:E01 | lad:type-LTIDR | BBB | lad:outlook-NEG |  | lad:basis-FC |
| lad:A04 | lad:E01 | lad:type-STIDR | F2 |  |  | lad:basis-FC |
| lad:A09 | lad:E03 | lad:type-LTIDR | A | lad:outlook-POS |  | lad:basis-FC |
| lad:A13 | lad:E05 | lad:type-LTIDR | BBB- | lad:outlook-STA |  | lad:basis-LC |
| lad:A14 | lad:E05 | lad:type-LTIDR | BB | lad:outlook-STA |  | lad:basis-FC |
| lad:A17 | lad:E06 | lad:type-LTIDR | A- |  | lad:watch-RWN | lad:basis-FC |
| lad:A22 | lad:E08 | lad:type-LTIDR | RD |  |  | lad:basis-FC |
| lad:A25 | lad:E09 | lad:type-LTIDR | A | lad:outlook-NEG |  | lad:basis-FC |
| lad:A27 | lad:E10 | lad:type-LTIDR | BBB+ | lad:outlook-STA |  | lad:basis-FC |
| lad:A1003 | lad:E1003 | lad:type-LTIDR | A | lad:outlook-STA |  | lad:basis-FC |
| lad:A1004 | lad:E1004 | lad:type-LTIDR | BB | lad:outlook-STA |  | lad:basis-FC |
| lad:A1007 | lad:E1005 | lad:type-LTIDR | BB | lad:outlook-NEG |  | lad:basis-FC |
| lad:A1010 | lad:E1006 | lad:type-LTIDR | AA |  | lad:watch-RWN | lad:basis-FC |
| lad:A1015 | lad:E1008 | lad:type-LTIDR | BBB- | lad:outlook-STA |  | lad:basis-FC |
| lad:A1017 | lad:E1009 | lad:type-LTIDR | A | lad:outlook-STA |  | lad:basis-FC |
| lad:A1019 | lad:E1010 | lad:type-LTIDR | BBB- | lad:outlook-STA |  | lad:basis-FC |
| lad:A1020 | lad:E1011 | lad:type-LTIDR | B+ | lad:outlook-STA |  | lad:basis-FC |
| lad:A1023 | lad:E1012 | lad:type-LTIDR | BB+ | lad:outlook-POS |  | lad:basis-FC |
| lad:A1026 | lad:E1013 | lad:type-LTIDR | BB- |  | lad:watch-RWN | lad:basis-FC |
| lad:A1028 | lad:E1014 | lad:type-LTIDR | AA- | lad:outlook-STA |  | lad:basis-FC |
| lad:A1030 | lad:E1015 | lad:type-LTIDR | BBB+ | lad:outlook-STA |  | lad:basis-FC |
| lad:A1032 | lad:E1016 | lad:type-LTIDR | B+ | lad:outlook-STA |  | lad:basis-FC |
| lad:A1036 | lad:E1017 | lad:type-LTIDR | AA | lad:outlook-STA |  | lad:basis-FC |
| lad:A1037 | lad:E1018 | lad:type-LTIDR | A | lad:outlook-STA |  | lad:basis-FC |
| lad:A1039 | lad:E1019 | lad:type-LTIDR | BB+ | lad:outlook-STA |  | lad:basis-FC |
| lad:A1042 | lad:E1019 | lad:type-LTIDR | BBB- |  | lad:watch-RWN | lad:basis-LC |
| lad:A1043 | lad:E1020 | lad:type-LTIDR | A- | lad:outlook-STA |  | lad:basis-FC |
| lad:A1050 | lad:E1023 | lad:type-LTIDR | BBB | lad:outlook-STA |  | lad:basis-FC |
| lad:A1052 | lad:E1024 | lad:type-LTIDR | B+ | lad:outlook-STA |  | lad:basis-FC |
| lad:A1053 | lad:E1025 | lad:type-LTIDR | BB- | lad:outlook-STA |  | lad:basis-FC |
| lad:A1054 | lad:E1026 | lad:type-LTIDR | AA- | lad:outlook-STA |  | lad:basis-FC |
| lad:A1055 | lad:E1027 | lad:type-LTIDR | BBB- | lad:outlook-STA |  | lad:basis-FC |
| lad:A1058 | lad:E1028 | lad:type-LTIDR | BB | lad:outlook-STA |  | lad:basis-FC |
| lad:A1060 | lad:E1028 | lad:type-LTIDR | BBB | lad:outlook-STA |  | lad:basis-LC |
| lad:A1062 | lad:E1029 | lad:type-LTIDR | A- | lad:outlook-NEG |  | lad:basis-FC |
| lad:A1064 | lad:E1031 | lad:type-LTIDR | BB+ | lad:outlook-STA |  | lad:basis-FC |
| lad:A1068 | lad:E1033 | lad:type-LTIDR | A+ | lad:outlook-STA |  | lad:basis-FC |
| lad:A1070 | lad:E1034 | lad:type-LTIDR | BBB+ | lad:outlook-NEG |  | lad:basis-FC |
| lad:A1072 | lad:E1035 | lad:type-LTIDR | A- | lad:outlook-STA |  | lad:basis-FC |
| lad:A1074 | lad:E1036 | lad:type-LTIDR | AA- | lad:outlook-STA |  | lad:basis-FC |
| lad:A1076 | lad:E1037 | lad:type-LTIDR | A |  | lad:watch-RWN | lad:basis-FC |
| lad:A1077 | lad:E1038 | lad:type-LTIDR | BB- | lad:outlook-STA |  | lad:basis-FC |
| lad:A1080 | lad:E1039 | lad:type-LTIDR | A |  | lad:watch-RWN | lad:basis-FC |
| lad:A1081 | lad:E1039 | lad:type-LTIDR | AA- | lad:outlook-STA |  | lad:basis-LC |
| lad:A1082 | lad:E1040 | lad:type-LTIDR | A+ | lad:outlook-STA |  | lad:basis-FC |
| lad:A1087 | lad:E1042 | lad:type-LTIDR | A- | lad:outlook-STA |  | lad:basis-FC |
| lad:A1088 | lad:E1043 | lad:type-LTIDR | BBB- | lad:outlook-STA |  | lad:basis-FC |
| lad:A1089 | lad:E1044 | lad:type-LTIDR | BB+ | lad:outlook-STA |  | lad:basis-FC |
| lad:A1090 | lad:E1045 | lad:type-LTIDR | A+ | lad:outlook-STA |  | lad:basis-FC |
| lad:A1092 | lad:E1046 | lad:type-LTIDR | AA- | lad:outlook-NEG |  | lad:basis-FC |
| lad:A1093 | lad:E1047 | lad:type-LTIDR | BBB- | lad:outlook-STA |  | lad:basis-FC |
| lad:A1097 | lad:E1049 | lad:type-LTIDR | BBB- | lad:outlook-STA |  | lad:basis-FC |
| lad:A1099 | lad:E1050 | lad:type-LTIDR | BBB- | lad:outlook-STA |  | lad:basis-FC |
| lad:A1103 | lad:E1051 | lad:type-LTIDR | AA- | lad:outlook-STA |  | lad:basis-FC |
| lad:A1106 | lad:E1052 | lad:type-LTIDR | BB | lad:outlook-POS |  | lad:basis-FC |
| lad:A1110 | lad:E1053 | lad:type-LTIDR | BB+ | lad:outlook-STA |  | lad:basis-FC |
| lad:A1113 | lad:E1054 | lad:type-LTIDR | A- | lad:outlook-STA |  | lad:basis-FC |
(238 more rows not shown)

Query 4:

| instInForce |
|---|
| 106 |

Run more queries, or give the final answers.
The model 
```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?k (GROUP_CONCAT(DISTINCT REPLACE(STR(?t),".*/","");separator=",") AS ?l) WHERE {
 { ?r a lad:RatingInForce ; lad:ratedThing ?t ; lad:watch lad:watch-RWN . BIND("RWN" AS ?k) }
 UNION { ?r a lad:RatingInForce ; lad:ratedThing ?t ; lad:outlook lad:outlook-NEG . BIND("NEG" AS ?k) }
 UNION { ?r a lad:RatingAction ; lad:ratedThing ?t ; lad:action lad:action-DG ; lad:date ?d . FILTER(?d>="2026-01-01"^^xsd:date && ?d<"2027-01-01"^^xsd:date) FILTER(!STRSTARTS(STR(?t),"https://example.org/ladder/I")) BIND("DG26" AS ?k) }
 UNION { ?r a lad:RatingAction ; lad:ratedThing ?t ; lad:rating ?x . FILTER(?x IN ("RD","D","C")) BIND("DEF" AS ?k) }
 UNION { ?r a lad:RatingInForce ; lad:ratedThing ?t ; lad:rating ?x . FILTER(?x IN ("RD","D")) BIND("DEFNOW" AS ?k) }
 UNION { ?r a lad:RatingAction ; lad:ratedThing ?t ; lad:ratingType ?ty . FILTER(?ty IN (lad:type-LTIDR,lad:type-STIDR)) FILTER NOT EXISTS { ?f a lad:RatingInForce ; lad:ratedThing ?t ; lad:ratingType ?ty2 . FILTER(?ty2 IN (lad:type-LTIDR,lad:type-STIDR)) } BIND("GONE" AS ?k) }
} GROUP BY ?k
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT (COUNT(DISTINCT ?t) AS ?issuersInForce) (COUNT(DISTINCT ?g) AS ?groups) (COUNT(DISTINCT ?gb) AS ?gbGroups) WHERE {
 ?r a lad:RatingInForce ; lad:ratedThing ?t ; lad:ratingType ?ty . FILTER(?ty IN (lad:type-LTIDR,lad:type-STIDR))
 OPTIONAL{?t lad:sameEntityAs ?s}
 BIND(IF(BOUND(?s) && STR(?s)<STR(?t),?s,?t) AS ?g)
 OPTIONAL{ ?t lad:domicile "GB" . BIND(?g AS ?gb)}
}
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT (COUNT(DISTINCT ?e) AS ?lu) (COUNT(DISTINCT ?ent) AS ?all) WHERE { { ?e lad:domicile "LU" } UNION { ?ent a lad:Entity } }
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?e ?l ?d WHERE { ?e lad:domicile ?d . FILTER(?d IN ("LU","CV","VD")) OPTIONAL{?e rdfs:label ?l} }
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?a ?t ?r ?ty WHERE { ?a a lad:RatingInForce ; lad:ratedThing ?t ; lad:rating ?r ; lad:ratingType lad:type-CC }
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT (COUNT(DISTINCT ?t) AS ?instAll) (COUNT(DISTINCT ?ig) AS ?instIG) WHERE {
 ?r a lad:RatingInForce ; lad:ratedThing ?t ; lad:ratingType lad:type-INST ; lad:rating ?x .
 OPTIONAL{ FILTER(?x IN ("AAA","AA+","AA","AA-","A+","A","A-","BBB+","BBB","BBB-")) BIND(?t AS ?ig)}
}
```
Query results 
Query 1:

| k | l |
|---|---|
| RWN | E1006,E1013,E1019,E1037,E1039,E1059,E1061,E1066,E1088,E1098,E1099,E1109,E1126,E1132,E1133,E1146,E1168,E1181,E1194,E1203,E1210,E1238,E1242,E1260,E1264,E1266,E1267,E1297,E1314,E1317,E1323,E06 |
| NEG | E01,E1005,E1029,E1034,E1046,E1055,E1056,E1060,E1064,E1072,E1079,E1080,E1105,E1118,E1158,E1161,E1188,E1190,E1211,E1228,E1248,E1262,E1263,E1271,E1282,E1294,E1300,E09 |
| DG26 | E1034,E1051,E1053,E1057,E1058,E1064,E1080,E1093,E1112,E1144,E1151,E1159,E1161,E1163,E1167,E1170,E1186,E1213,E1228,E1229,E1243,E1255,E1263,E1285,E1290,E1294,E1299,E1300,E1307,E1340,E1341,E1342,E1343,E1344,E1345,E1346,E1347,E1348,E1349,E1350,E1351,E08,E10,E16 |
| DEF | E08 |
| DEFNOW | E08 |
| GONE | E02,E1002,E1007,E1021,E1032,E1041,E1048,E1057,E1062,E1063,E1076,E1084,E1107,E1121,E1124,E1138,E1140,E1155,E1159,E1166,E1172,E1200,E1205,E1206,E1218,E1219,E1225,E1233,E1234,E1244,E1254,E1277,E1308,E1316,E1320,E1340,E1341,E1342,E1343,E1344,E1345,E1346,E1347,E1348,E1349,E1350,E1351,E07,E16 |

Query 2:

| issuersInForce | groups | gbGroups |
|---|---|---|
| 279 | 278 | 0 |

Query 3:

| lu | all |
|---|---|
| 2 | 370 |

Query 4:

| e | l | d |
|---|---|---|
| lad:E1097 | RAVON CAPITAL SA | CV |
| lad:E1136 | Lenom Shipping SA | CV |
| lad:E1185 | Tosal Property SA | CV |
| lad:E1217 | Worol Logistics SA | CV |
| lad:E1223 | Hilim Shipping SA | CV |
| lad:E1060 | KELIM MEDIA SA | CV |
| lad:CV | Republic of Corvenia | CV |
| lad:E1039 | Pulor Airlines SA | CV |
| lad:E1059 | Kelim Media SA | CV |
| lad:E1194 | Litem Industries SA | CV |
| lad:E1304 | Peson Shipping SA | CV |
| lad:E1019 | Losol Mining SA | CV |
| lad:E1096 | Ravon Capital SA | CV |
| lad:E1144 | Witan Logistics SA | CV |
| lad:E1243 | Herar Foods SA | CV |
| lad:E1283 | Norad Airlines SA | CV |
| lad:E15 | Corvenia Power SA | CV |
| lad:E1229 | Fetam Mining SA | CV |
| lad:E1071 | Mored Utilities SA | CV |
| lad:E1101 | Doror Telecom SA | VD |
| lad:VD | Republic of Valdoria | VD |
| lad:E1106 | Reril Pharma SA | VD |
| lad:E1126 | Goter Capital SA | VD |
| lad:E1236 | Nitel Retail SA | VD |
| lad:E1313 | Divim Holdings SA | VD |
| lad:E1279 | Denim Water SA | VD |
| lad:E1307 | Vevom Retail SA | VD |
| lad:E1028 | Mutir Retail SA | VD |
| lad:E05 | Valdoria Telecom SA | VD |
| lad:E17 | HALDEN BANK | LU |
| lad:E10 | Halden Bank AG | LU |

Query 5:

| a | t | r | ty |
|---|---|---|---|
| lad:A12 | lad:VD | BB |  |
| lad:A37 | lad:CV | A |  |

Query 6:

| instAll | instIG |
|---|---|
| 106 | 0 |

Run more queries, or give the final answers.
The model 
```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?a ?ty ?r ?d ?vt ?act ?inf WHERE { ?a a lad:RatingAction ; lad:ratedThing lad:E16 ; lad:ratingType ?ty ; lad:rating ?r ; lad:date ?d ; lad:action ?act . OPTIONAL{?a lad:validTo ?vt} BIND(EXISTS{?a a lad:RatingInForce} AS ?inf) }
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT (COUNT(DISTINCT ?g) AS ?clusters) WHERE { ?e a lad:Entity . OPTIONAL{?e lad:sameEntityAs ?s} BIND(IF(BOUND(?s)&&STR(?s)<STR(?e),?s,?e) AS ?g) }
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT (COUNT(DISTINCT ?g) AS ?gb) WHERE { ?r a lad:RatingInForce ; lad:ratedThing ?t ; lad:ratingType ?ty . FILTER(?ty IN (lad:type-LTIDR,lad:type-STIDR)) ?t lad:domicile ?d . FILTER(STR(?d)="GB") OPTIONAL{?t lad:sameEntityAs ?s} BIND(IF(BOUND(?s)&&STR(?s)<STR(?t),?s,?t) AS ?g) }
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT (COUNT(DISTINCT ?t) AS ?ig) WHERE { ?r a lad:RatingInForce ; lad:ratedThing ?t ; lad:ratingType lad:type-INST ; lad:rating ?x . FILTER(STR(?x) IN ("AAA","AA+","AA","AA-","A+","A","A-","BBB+","BBB","BBB-")) }
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?t ?d ?x ?cc WHERE { ?r a lad:RatingInForce ; lad:ratedThing ?t ; lad:ratingType lad:type-LTIDR ; lad:ccyBasis lad:basis-FC ; lad:rating ?x . ?t lad:domicile ?d . FILTER(STR(?d) IN ("CV","VD")) OPTIONAL{ ?c a lad:RatingInForce ; lad:ratedThing ?cs ; lad:ratingType lad:type-CC ; lad:rating ?cc . FILTER(STR(?cs)=CONCAT("https://example.org/ladder/",STR(?d))) } }
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?t (GROUP_CONCAT(?x;separator=",") AS ?rs) WHERE { ?t a lad:Entity . ?a a lad:RatingAction ; lad:ratedThing ?t ; lad:ratingType ?ty ; lad:rating ?x . FILTER(?ty IN (lad:type-LTIDR,lad:type-STIDR)) FILTER NOT EXISTS { ?f a lad:RatingInForce ; lad:ratedThing ?t ; lad:ratingType ?t2 . FILTER(?t2 IN (lad:type-LTIDR,lad:type-STIDR)) } FILTER NOT EXISTS { ?t lad:sameEntityAs ?s . ?f2 a lad:RatingInForce ; lad:ratedThing ?s ; lad:ratingType ?t3 . FILTER(?t3 IN (lad:type-LTIDR,lad:type-STIDR)) } } GROUP BY ?t
```
Query results 
Query 1:

| a | ty | r | d | vt | act | inf |
|---|---|---|---|---|---|---|
| lad:A43 | lad:type-LTIDR | BBB- | 2024-04-01 | 2026-06-01 | lad:action-AS | false |
| lad:A44 | lad:type-LTIDR | BB+ | 2026-06-01 |  | lad:action-DG | false |

Query 2:

| clusters |
|---|
| 344 |

Query 3:

| gb |
|---|
| 66 |

Query 4:

| ig |
|---|
| 66 |

Query 5:

| t | d | x | cc |
|---|---|---|---|
| lad:E1019 | CV | BB+ | A |
| lad:E1028 | VD | BB | BB |
| lad:E1039 | CV | A | A |
| lad:E1060 | CV | BB- | A |
| lad:E1071 | CV | B+ | A |
| lad:E1096 | CV | BBB | A |
| lad:E1101 | VD | BB | BB |
| lad:E1106 | VD | B+ | BB |
| lad:E1126 | VD | BB | BB |
| lad:E1136 | CV | A- | A |
| lad:E1144 | CV | B+ | A |
| lad:E1185 | CV | BB+ | A |
| lad:E05 | VD | BB | BB |
| lad:E1194 | CV | A | A |
| lad:E1217 | CV | BB- | A |
| lad:E1223 | CV | BB+ | A |
| lad:E1229 | CV | BB+ | A |
| lad:E1236 | VD | BB | BB |
| lad:E1243 | CV | BB | A |
| lad:E1283 | CV | BB | A |
| lad:E1304 | CV | BB | A |
| lad:E1307 | VD | BB- | BB |
| lad:E1313 | VD | BB- | BB |
| lad:CV | CV | BBB+ | A |
| lad:E15 | CV | A | A |

Query 6:

| t | rs |
|---|---|
| lad:E1002 | A+,WD |
| lad:E1007 | BB-,WD |
| lad:E1021 | BBB-,WD |
| lad:E1032 | A+,WD |
| lad:E1041 | A+,A+,WD |
| lad:E1048 | BB,WD |
| lad:E1057 | BB+,BB,BB,WD |
| lad:E1062 | BBB-,WD |
| lad:E1063 | BB-,WD |
| lad:E1076 | B+,WD |
| lad:E1084 | BB,WD |
| lad:E1107 | B+,B,WD |
| lad:E1121 | A,A,WD |
| lad:E1124 | B+,WD |
| lad:E1138 | BBB-,WD |
| lad:E1140 | AA-,WD |
| lad:E1155 | BB-,WD |
| lad:E1159 | A-,BBB+,WD |
| lad:E1166 | BB,WD |
| lad:E1172 | BB+,BB,BB,WD |
| lad:E1200 | BB,WD |
| lad:E1205 | A,WD |
| lad:E1206 | AA-,WD |
| lad:E1218 | AA-,WD |
| lad:E1219 | BBB-,WD |
| lad:E1225 | BBB-,WD |
| lad:E1233 | BBB,WD |
| lad:E1234 | BB+,WD |
| lad:E1244 | BBB-,WD |
| lad:E1254 | A,A,WD |
| lad:E1277 | BB+,WD |
| lad:E1308 | A+,A+,WD |
| lad:E1316 | A-,WD |
| lad:E1320 | BB+,WD |
| lad:E1340 | A-,BBB+ |
| lad:E1341 | A-,BBB+ |
| lad:E1342 | A-,BBB+ |
| lad:E1343 | A-,BBB+ |
| lad:E1344 | A,A- |
| lad:E1345 | BB,BB- |
| lad:E1346 | A-,BBB+ |
| lad:E1347 | BBB,BBB- |
| lad:E1348 | BBB,BBB- |
| lad:E1349 | A,A- |
| lad:E1350 | BB+,BB |
| lad:E1351 | A,A- |
| lad:E07 | BB,WD |
| lad:E16 | BBB-,BB+ |

Run more queries, or give the final answers.
The model 
**Q1.** A-. Kestrel's long-term issuer rating (LTIDR) A01 was A- from 2024-03-12 to 2025-06-20.
**Q2.** No. A03 (2026-02-10) was an affirmation with a Negative outlook; the downgrade, A02, was in 2025.
**Q3.** No. The 2031 note I02 is rated BB+ (A07), below investment grade.
**Q4.** Positive. A09 on E03 (the same entity as E02) is A with a Positive outlook.
**Q5.** The credit risk of E02 (Northwind Holdings), which guarantees I03. E02/E03 is rated A.
**Q6.** Valdoria's Country Ceiling is BB (A12). Its foreign-currency rating is therefore BB (A14), below its local-currency rating of BBB- (A13).
**Q7.** The 2026 downgrades are the issuers in the JSON list, including E08, E10 and E16. This list is not merged across duplicate records of the same entity.
**Q8.** E08 (Saxby Shipping), rated RD in A22.
**Q9.** 278. There are 279 entity records with an issuer rating in force, which merge to 278 distinct entities.
**Q10.** Depends. Its foreign-currency rating is BB (non-investment grade) and its local-currency rating is BBB- (investment grade).
**Q11.** BBB+ (A36).
**Q12.** A- (A34).
**Q13.** 1. Only A36 is a downgrade for E14.
**Q14.** None. Halden Foods' first rating, A30, started on 2024-02-01.
**Q15.** A- (A26, E10).
**Q16.** No. It was BBB+ on 2025-01-01 and is still BBB+ (A33); the Rating Watch in between did not change the level.
**Q17.** No. A17 only placed the A- rating on Rating Watch Negative.
**Q18.** The 32 entities in the JSON list, with watch-RWN in force.
**Q19.** The 28 entities in the JSON list, with a Negative outlook in force.
**Q20.** No. A19 is a withdrawal (WD) for commercial reasons, not a default.
**Q21.** The entities in the JSON list. Each had an issuer rating that was later withdrawn, and neither it nor a linked record holds one now.
**Q22.** E08 only, rated RD in A22.
**Q23.** F2 (A04).
**Q24.** Yes. The issuer rating is BBB (A03).
**Q25.** 66 of the 106 rated instruments held an investment-grade rating.
**Q26.** A+ (A40, local-currency basis).
**Q27.** A- (A42).
**Q28.** BBB+ (A38).
**Q29.** None. The Republic of Valdoria only has a Country Ceiling of BB (A12) in the data.
**Q30.** Corvenia's ceiling is A and Valdoria's is BB. Entities rated exactly at their ceiling are in the JSON list.
**Q31.** No. No company's foreign-currency issuer rating is above its country's ceiling.
**Q32.** E09 (Halden Group plc).
**Q33.** The credit risk of E10 (Halden Bank), which guarantees I05. It is rated BBB+ (A27).
**Q34.** No. Halden Foods (E12) is its own ultimate parent, while Halden Bank's ultimate parent is E09.
**Q35.** 3 distinct legal entities: E09, E10 and E11. E17 is the same entity as E10.
**Q36.** 2 distinct legal entities: E02 (the same entity as E03) and E04.
**Q37.** 344 distinct legal entities, after merging the 370 records linked by sameEntityAs.
**Q38.** No. E06 and E13 have no sameEntityAs link, and they have different LEIs and domiciles (DE and US).
**Q39.** A (A09).
**Q40.** 66 distinct GB-domiciled entities hold an issuer rating, merging duplicate records.
**Q41.** BB+ (A44). That record is not flagged as in force in the store, so this is the latest action, not a confirmed in-force rating.
**Q42.** LU.
**Q43.** 1. E10 and E17 are the same entity.
**Q44.** Yes. I07 has localCurrency = true (currency XVD).
**Q45.** No. I07 is a local-currency note, and the Country Ceiling constrains foreign-currency ratings. Its BBB- rating (A45) would sit above the BB ceiling only if the ceiling applied to it.
**Q46.** No. Halden Leasing (E11) only has a counterparty obligation rating (A46, BBB).
**Q47.** A (A47).
**Q48.** 106 instruments held a rating in force.

```json
{"Q1":{"rating":"A-"},"Q2":{"downgraded":"no"},"Q3":{"investment_grade":"no","rating":"BB+"},"Q4":{"outlook":"Positive"},"Q5":{"risk_of":"E02","rating":"A"},"Q7":{"issuers":["E1034","E1051","E1053","E1057","E1058","E1064","E1080","E1093","E1112","E1144","E1151","E1159","E1161","E1163","E1167","E1170","E1186","E1213","E1228","E1229","E1243","E1255","E1263","E1285","E1290","E1294","E1299","E1300","E1307","E1340","E1341","E1342","E1343","E1344","E1345","E1346","E1347","E1348","E1349","E1350","E1351","E08","E10","E16"]},"Q8":{"entities":["E08"]},"Q9":{"count":278},"Q10":{"investment_grade":"depends"},"Q11":{"rating":"BBB+"},"Q12":{"rating":"A-"},"Q13":{"count":1},"Q14":{"rating":"none"},"Q15":{"rating":"A-"},"Q16":{"changed":"no"},"Q17":{"downgraded":"no"},"Q18":{"issuers":["E1006","E1013","E1019","E1037","E1039","E1059","E1061","E1066","E1088","E1098","E1099","E1109","E1126","E1132","E1133","E1146","E1168","E1181","E1194","E1203","E1210","E1238","E1242","E1260","E1264","E1266","E1267","E1297","E1314","E1317","E1323","E06"]},"Q19":{"issuers":["E01","E1005","E1029","E1034","E1046","E1055","E1056","E1060","E1064","E1072","E1079","E1080","E1105","E1118","E1158","E1161","E1188","E1190","E1211","E1228","E1248","E1262","E1263","E1271","E1282","E1294","E1300","E09"]},"Q20":{"in_default":"no"},"Q21":{"entities":["E1002","E1007","E1021","E1032","E1041","E1048","E1057","E1062","E1063","E1076","E1084","E1107","E1121","E1124","E1138","E1140","E1155","E1159","E1166","E1172","E1200","E1205","E1206","E1218","E1219","E1225","E1233","E1234","E1244","E1254","E1277","E1308","E1316","E1320","E07"]},"Q22":{"entities":["E08"]},"Q23":{"rating":"F2"},"Q24":{"investment_grade":"yes"},"Q25":{"count":66},"Q26":{"rating":"A+"},"Q27":{"rating":"A-"},"Q28":{"rating":"BBB+"},"Q29":{"rating":"none"},"Q30":{"entities":["E1039","E1194","E15","E1028","E1101","E1126","E05","E1236"]},"Q31":{"any":"no"},"Q32":{"parent":"E09"},"Q33":{"risk_of":"E10","rating":"BBB+"},"Q34":{"same_group":"no"},"Q35":{"count":3},"Q36":{"count":2},"Q37":{"count":344},"Q38":{"same":"no"},"Q39":{"rating":"A"},"Q40":{"count":66},"Q41":{"rating":"BB+"},"Q42":{"country":"LU"},"Q43":{"count":1},"Q44":{"local_currency":"yes"},"Q45":{"above_ceiling":"no"},"Q46":{"issuer_rating":"no"},"Q47":{"rating":"A"},"Q48":{"count":106}}
```