D6 sparql+axioms, run 3: the query session

← back to the run

17 queries0 failed5 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 
<invoke name="x">
</invoke>
```sparql
SELECT ?s ?p ?o WHERE { ?s ?p ?o . FILTER(?s IN (lad:E01, lad:E02)) } LIMIT 100
```

Let me instead explore the entities first.

```sparql
SELECT ?s ?name ?type ?country ?dom ?par ?ult ?same WHERE { ?s a lad:Entity . OPTIONAL{?s rdfs:label ?name} OPTIONAL{?s lad:entityType ?type} OPTIONAL{?s lad:country ?country} OPTIONAL{?s lad:domicile ?dom} OPTIONAL{?s lad:parentEntity ?par} OPTIONAL{?s lad:ultimateParent ?ult} OPTIONAL{?s lad:sameEntityAs ?same} } ORDER BY ?s
```
Query results 
Query 1:

| s | p | o |
|---|---|---|
| lad:E01 | lad:domicile | GB |
| lad:E02 | lad:entityType | lad:etype-CORP |
| lad:E01 | rdfs:label | Kestrel Energy plc |
| lad:E02 | rdfs:label | Northwind Holdings plc |
| lad:E01 | lad:sourceSystem | RATINGS |
| 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:E01 | lad:lei | 7245002OOPBG04092E43 |
| lad:E02 | lad:sourceSystem | RATINGS |
| 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:E01 | rdf:type | lad:Entity |
| lad:E02 | lad:ultimateParent | lad:E02 |

Query 2:

| s | name | type | country | dom | par | ult | same |
|---|---|---|---|---|---|---|---|
| lad:CV | Republic of Corvenia | lad:etype-SOV | CV | CV |  | lad:CV |  |
| lad:E01 | Kestrel Energy plc | lad:etype-CORP | GB | GB |  | lad:E01 |  |
| lad:E02 | Northwind Holdings plc | lad:etype-CORP | GB | GB |  | lad:E02 | lad:E03 |
| lad:E03 | NORTHWIND HLDGS | lad:etype-CORP | GB | GB |  | lad:E03 | lad:E02 |
| lad:E04 | Northwind Finance BV | lad:etype-FINSUB | NL | NL | lad:E02 | lad:E02 |  |
| lad:E04 | Northwind Finance BV | lad:etype-FINSUB | NL | NL | lad:E02 | lad:E03 |  |
| lad:E04 | Northwind Finance BV | lad:etype-FINSUB | NL | NL | lad:E03 | lad:E02 |  |
| lad:E04 | Northwind Finance BV | lad:etype-FINSUB | NL | NL | lad:E03 | lad:E03 |  |
| lad:E05 | Valdoria Telecom SA | lad:etype-CORP | VD | VD |  | lad:E05 |  |
| lad:E06 | Orrin Bank AG | lad:etype-BANK | DE | DE |  | lad:E06 |  |
| lad:E07 | Pellam Retail Ltd | lad:etype-CORP | GB | GB |  | lad:E07 |  |
| lad:E08 | Saxby Shipping SA | lad:etype-CORP | GR | GR |  | lad:E08 |  |
| lad:E09 | Halden Group plc | lad:etype-CORP | GB | GB |  | lad:E09 |  |
| lad:E10 | Halden Bank AG | lad:etype-BANK | DE | LU | lad:E09 | lad:E09 | lad:E17 |
| lad:E1001 | Tunod Steel SA | lad:etype-CORP | FR | FR |  | lad:E1001 | lad:E1002 |
| lad:E1002 | TUNOD STEEL SA | lad:etype-CORP | FR | FR |  | lad:E1002 | lad:E1001 |
| lad:E1003 | Rilol Telecom plc | lad:etype-BANK | GB | GB |  | lad:E1003 |  |
| lad:E1004 | Munem Retail SA | lad:etype-CORP | ES | ES |  | lad:E1004 |  |
| lad:E1005 | Setan Airlines Inc | lad:etype-CORP | US | US |  | lad:E1005 |  |
| lad:E1006 | Soson Airlines Inc | lad:etype-CORP | US | US | lad:E1005 | lad:E1005 |  |
| lad:E1007 | Golod Property plc | lad:etype-BANK | GB | GB |  | lad:E1007 |  |
| lad:E1008 | Sotil Retail plc | lad:etype-CORP | GB | GB |  | lad:E1008 |  |
| lad:E1009 | Malam Chemicals Inc | lad:etype-CORP | US | US |  | lad:E1009 |  |
| lad:E1010 | Buvir Industries Inc | lad:etype-CORP | US | US |  | lad:E1010 |  |
| lad:E1011 | Falom Media Inc | lad:etype-BANK | US | US |  | lad:E1011 |  |
| lad:E1012 | Posad Industries SA | lad:etype-CORP | FR | FR |  | lad:E1012 |  |
| lad:E1013 | Pisol Pharma BV | lad:etype-BANK | NL | NL | lad:E1004 | lad:E1004 |  |
| lad:E1014 | Toral Utilities BV | lad:etype-CORP | NL | NL |  | lad:E1014 |  |
| lad:E1015 | Civen Steel Inc | lad:etype-CORP | US | US |  | lad:E1015 |  |
| lad:E1016 | Ponar Telecom SA | lad:etype-BANK | ES | ES |  | lad:E1016 |  |
| lad:E1017 | Nisid Steel SA | lad:etype-BANK | FR | FR |  | lad:E1017 |  |
| lad:E1018 | Tosem Mining Inc | lad:etype-CORP | US | US |  | lad:E1018 |  |
| lad:E1019 | Losol Mining SA | lad:etype-CORP | CV | CV |  | lad:E1019 |  |
| lad:E1020 | Finel Media AG | lad:etype-CORP | DE | DE |  | lad:E1020 |  |
| lad:E1021 | Niner Pharma plc | lad:etype-CORP | GB | GB |  | lad:E1021 | lad:E1022 |
| lad:E1022 | NINER PHARMA | lad:etype-CORP | GB | GB |  | lad:E1022 | lad:E1021 |
| lad:E1023 | Heled Water plc | lad:etype-CORP | GB | GB |  | lad:E1023 |  |
| lad:E1024 | Susin Shipping BV | lad:etype-CORP | NL | NL |  | lad:E1024 |  |
| lad:E1025 | Tulol Shipping SA | lad:etype-BANK | ES | ES |  | lad:E1025 |  |
| lad:E1026 | Vunam Water BV | lad:etype-CORP | NL | NL |  | lad:E1026 |  |
| lad:E1027 | Tesad Media Inc | lad:etype-CORP | US | US |  | lad:E1027 |  |
| lad:E1028 | Mutir Retail SA | lad:etype-CORP | VD | VD |  | lad:E1028 |  |
| lad:E1029 | Leson Telecom Inc | lad:etype-BANK | US | US |  | lad:E1029 | lad:E1030 |
| lad:E1030 | LESON TELECOM INC | lad:etype-BANK | US | US |  | lad:E1030 | lad:E1029 |
| lad:E1031 | Kuvir Logistics SA | lad:etype-CORP | ES | ES |  | lad:E1031 |  |
| lad:E1032 | Helom Chemicals BV | lad:etype-BANK | NL | NL |  | lad:E1032 |  |
| lad:E1033 | Kunid Pharma SA | lad:etype-CORP | ES | ES | lad:E1004 | lad:E1004 |  |
| lad:E1034 | Tanad Capital SpA | lad:etype-CORP | IT | IT |  | lad:E1034 |  |
| lad:E1035 | Kavod Utilities AG | lad:etype-CORP | DE | DE |  | lad:E1035 |  |
| lad:E1036 | Lilor Retail AG | lad:etype-CORP | DE | DE |  | lad:E1036 |  |
| lad:E1037 | Natil Retail SA | lad:etype-CORP | FR | FR |  | lad:E1037 |  |
| lad:E1038 | Lanon Telecom BV | lad:etype-CORP | NL | NL |  | lad:E1038 |  |
| lad:E1039 | Pulor Airlines SA | lad:etype-BANK | CV | CV |  | lad:E1039 |  |
| lad:E1040 | Dorid Mining AG | lad:etype-CORP | DE | DE |  | lad:E1040 |  |
| lad:E1041 | Hiral Steel SA | lad:etype-CORP | ES | ES |  | lad:E1041 |  |
| lad:E1042 | Rerod Steel BV | lad:etype-CORP | NL | NL |  | lad:E1042 |  |
| lad:E1043 | Vitom Property plc | lad:etype-CORP | GB | GB |  | lad:E1043 |  |
| lad:E1044 | Hesid Telecom Inc | lad:etype-BANK | US | US |  | lad:E1044 |  |
| lad:E1045 | Nesid Logistics Inc | lad:etype-BANK | US | US |  | lad:E1045 |  |
| lad:E1046 | Ditin Shipping Inc | lad:etype-BANK | US | US | lad:E1026 | lad:E1026 |  |
(317 more rows not shown)

Run more queries, or give the final answers.
The model 
```sparql
SELECT ?i ?label ?issuer ?ccy ?mat ?sen ?g ?risk ?lc ?desc WHERE { ?i a lad:Instrument . OPTIONAL{?i rdfs:label ?label} OPTIONAL{?i lad:issuer ?issuer} OPTIONAL{?i lad:currency ?ccy} OPTIONAL{?i lad:maturity ?mat} OPTIONAL{?i lad:seniority ?sen} OPTIONAL{?i lad:guarantor ?g} OPTIONAL{?i lad:creditRiskOf ?risk} OPTIONAL{?i lad:localCurrency ?lc} OPTIONAL{?i lad:description ?desc} FILTER(regex(str(?issuer),"E(0[0-9]|10|1[0-9]?)$|CV|E1019|E1039") || !regex(str(?i),"I[0-9]{4}")) } ORDER BY ?i
```

```sparql
SELECT ?a ?type ?thing ?rt ?r ?d ?vt ?act ?ob ?w ?basis ?c WHERE { ?a a lad:RatingAction . ?a lad:ratedThing ?thing . OPTIONAL{?a lad:ratingType ?rt} OPTIONAL{?a lad:rating ?r} OPTIONAL{?a lad:date ?d} OPTIONAL{?a lad:validTo ?vt} OPTIONAL{?a lad:action ?act} OPTIONAL{?a lad:outlook ?ob} OPTIONAL{?a lad:watch ?w} OPTIONAL{?a lad:ccyBasis ?basis} OPTIONAL{?a lad:comment ?c} FILTER(regex(str(?thing),"(E0[0-9]|E10|E1[0-9]|CV|VD|I0|I1)$|E0|E10$|E17")) } ORDER BY ?thing ?d
```
Query results 
Query 1:

| i | label | issuer | ccy | mat | sen | g | risk | lc | desc |
|---|---|---|---|---|---|---|---|---|---|
| lad:I01 | Kestrel Energy 4.50% 2030 | lad:E01 | GBP | 2030-03-15 | lad:seniority-SU |  | lad:E01 | true | Kestrel Energy 4.50% notes due 2030 |
| lad:I02 | Kestrel Energy 6.25% 2031 | lad:E01 | GBP | 2031-09-30 | lad:seniority-SUB |  | lad:E01 | true | Kestrel Energy 6.25% notes due 2031 |
| lad:I03 | Northwind Finance 3.75% 2030 | lad:E04 | EUR | 2030-05-01 | lad:seniority-SU | lad:E02 | lad:E02 | true | Northwind Finance 3.75% notes due 2030 |
| lad:I04 | Valdoria Telecom 5.00% 2029 | lad:E05 | USD | 2029-11-20 | lad:seniority-SU |  | lad:E05 | false | Valdoria Telecom 5.00% notes due 2029 |
| lad:I05 | Halden Leasing 2.90% 2028 | lad:E11 | EUR | 2028-06-30 | lad:seniority-SU | lad:E10 | lad:E10 | true | Halden Leasing 2.90% notes due 2028 |
| lad:I06 | Corvenia Power 7.10% 2032 | lad:E15 | USD | 2032-02-15 | lad:seniority-SUB |  | lad:E15 | false | Corvenia Power 7.10% notes due 2032 |
| lad:I07 | Valdoria Telecom 4.25% 2027 | lad:E05 | XVD | 2027-08-31 | lad:seniority-SU |  | lad:E05 | true | Valdoria Telecom 4.25% notes due 2027 |
| lad:I08 | Corvenia Power 6.00% 2034 | lad:E15 | USD | 2034-09-01 | lad:seniority-SU |  | lad:E15 | false | Corvenia Power 6.00% notes due 2034 |

Query 2:

| a | type | thing | rt | r | d | vt | act | ob | w | basis | c |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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:A12 |  | lad:VD | lad:type-CC | BB | 2025-04-01 |  | lad:action-AS |  |  |  |  |

Run more queries, or give the final answers.
The model 
```sparql
SELECT ?s ?name ?type ?country ?dom ?par ?same WHERE { ?s a lad:Entity . FILTER(!regex(str(?s),"E1[0-9]{3}$")) OPTIONAL{?s lad:name ?name} OPTIONAL{?s lad:entityType ?type} OPTIONAL{?s lad:country ?country} OPTIONAL{?s lad:domicile ?dom} OPTIONAL{?s lad:parentEntity ?par} OPTIONAL{?s lad:sameEntityAs ?same} } ORDER BY ?s
```

```sparql
SELECT ?a ?thing ?rt ?r ?d ?vt ?act ?ob ?w ?basis ?c WHERE { ?a a lad:RatingAction . ?a lad:ratedThing ?thing . FILTER(regex(str(?thing),"/I0[0-9]$|E11$|E17$|E18$|E19$|E20$")) OPTIONAL{?a lad:ratingType ?rt} OPTIONAL{?a lad:rating ?r} OPTIONAL{?a lad:date ?d} OPTIONAL{?a lad:validTo ?vt} OPTIONAL{?a lad:action ?act} OPTIONAL{?a lad:outlook ?ob} OPTIONAL{?a lad:watch ?w} OPTIONAL{?a lad:ccyBasis ?basis} OPTIONAL{?a lad:comment ?c} } ORDER BY ?thing ?d
```

```sparql
SELECT ?a ?thing ?rt ?r ?basis ?ob ?w WHERE { ?a a lad:RatingInForce . ?a lad:ratedThing ?thing . FILTER(!regex(str(?thing),"E1[0-9]{3}$")) OPTIONAL{?a lad:ratingType ?rt} OPTIONAL{?a lad:rating ?r} OPTIONAL{?a lad:ccyBasis ?basis} OPTIONAL{?a lad:outlook ?ob} OPTIONAL{?a lad:watch ?w} } ORDER BY ?thing
```
Query results 
Query 1:

| s | name | type | country | dom | par | same |
|---|---|---|---|---|---|---|
| lad:CV | Republic of Corvenia | lad:etype-SOV | CV | CV |  |  |
| lad:E01 | Kestrel Energy plc | lad:etype-CORP | GB | GB |  |  |
| lad:E02 | Northwind Holdings plc | lad:etype-CORP | GB | GB |  | lad:E03 |
| lad:E03 | NORTHWIND HLDGS | lad:etype-CORP | GB | GB |  | lad:E02 |
| lad:E04 | Northwind Finance BV | lad:etype-FINSUB | NL | NL | lad:E02 |  |
| lad:E04 | Northwind Finance BV | lad:etype-FINSUB | NL | NL | lad:E03 |  |
| lad:E05 | Valdoria Telecom SA | lad:etype-CORP | VD | VD |  |  |
| lad:E06 | Orrin Bank AG | lad:etype-BANK | DE | DE |  |  |
| lad:E07 | Pellam Retail Ltd | lad:etype-CORP | GB | GB |  |  |
| lad:E08 | Saxby Shipping SA | lad:etype-CORP | GR | GR |  |  |
| lad:E09 | Halden Group plc | lad:etype-CORP | GB | GB |  |  |
| lad:E10 | Halden Bank AG | lad:etype-BANK | DE | LU | lad:E09 | lad:E17 |
| lad:E11 | Halden Leasing SA | lad:etype-FINSUB | FR | FR | lad:E10 |  |
| lad:E11 | Halden Leasing SA | lad:etype-FINSUB | FR | FR | lad:E17 |  |
| lad:E12 | Halden Foods Ltd | lad:etype-CORP | GB | GB |  |  |
| lad:E13 | Orrin Bancorp Inc | lad:etype-BANK | US | US |  |  |
| lad:E14 | Marlow Utilities plc | lad:etype-CORP | GB | GB |  |  |
| lad:E15 | Corvenia Power SA | lad:etype-CORP | CV | CV |  |  |
| lad:E16 | Brindle Capital Ltd | lad:etype-CORP | GB | GB |  |  |
| lad:E17 | HALDEN BANK | lad:etype-BANK | LU | LU | lad:E09 | lad:E10 |
| lad:VD | Republic of Valdoria | lad:etype-SOV | VD | VD |  |  |

Query 2:

| a | thing | rt | r | d | vt | act | ob | w | basis | c |
|---|---|---|---|---|---|---|---|---|---|---|
| lad:A46 | lad:E11 | lad:type-CO | BBB | 2025-02-01 |  | lad:action-AS |  |  |  |  |
| 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 |  |  |  |  |

Query 3:

| a | thing | rt | r | basis | ob | w |
|---|---|---|---|---|---|---|
| lad:A37 | lad:CV | lad:type-CC | A |  |  |  |
| lad:A38 | lad:CV | lad:type-LTIDR | BBB+ | lad:basis-FC | lad:outlook-STA |  |
| lad:A39 | lad:CV | lad:type-LTIDR | A- | lad:basis-LC | lad:outlook-STA |  |
| lad:A03 | lad:E01 | lad:type-LTIDR | BBB | lad:basis-FC | lad:outlook-NEG |  |
| lad:A04 | lad:E01 | lad:type-STIDR | F2 | lad:basis-FC |  |  |
| lad:A09 | lad:E03 | lad:type-LTIDR | A | lad:basis-FC | lad:outlook-POS |  |
| lad:A13 | lad:E05 | lad:type-LTIDR | BBB- | lad:basis-LC | lad:outlook-STA |  |
| lad:A14 | lad:E05 | lad:type-LTIDR | BB | lad:basis-FC | lad:outlook-STA |  |
| lad:A17 | lad:E06 | lad:type-LTIDR | A- | lad:basis-FC |  | lad:watch-RWN |
| lad:A22 | lad:E08 | lad:type-LTIDR | RD | lad:basis-FC |  |  |
| lad:A25 | lad:E09 | lad:type-LTIDR | A | lad:basis-FC | lad:outlook-NEG |  |
| lad:A27 | lad:E10 | lad:type-LTIDR | BBB+ | lad:basis-FC | lad:outlook-STA |  |
| lad:A31 | lad:E12 | lad:type-LTIDR | BB | lad:basis-FC | lad:outlook-STA |  |
| lad:A32 | lad:E13 | lad:type-LTIDR | BBB | lad:basis-FC | lad:outlook-STA |  |
| lad:A33 | lad:E14 | lad:type-LTIDR | BBB+ | lad:basis-FC | lad:outlook-STA |  |
| lad:A40 | lad:E15 | lad:type-LTIDR | A+ | lad:basis-LC | lad:outlook-STA |  |
| lad:A41 | lad:E15 | lad:type-LTIDR | A | lad:basis-FC | lad:outlook-STA |  |
| lad:A06 | lad:I01 | lad:type-INST | BBB |  |  |  |
| lad:A07 | lad:I02 | lad:type-INST | BB+ |  |  |  |
| lad:A11 | lad:I03 | lad:type-INST | A |  |  |  |
| lad:A15 | lad:I04 | lad:type-INST | BB |  |  |  |
| lad:A29 | lad:I05 | lad:type-INST | BBB+ |  |  |  |
| lad:A42 | lad:I06 | lad:type-INST | A- |  |  |  |
| lad:A45 | lad:I07 | lad:type-INST | BBB- |  |  |  |
| lad:A1014 | lad:I1002 | lad:type-INST | BB- |  |  |  |
| lad:A1016 | lad:I1003 | lad:type-INST | BBB- |  |  |  |
| lad:A1018 | lad:I1004 | lad:type-INST | A |  |  |  |
| lad:A1024 | lad:I1005 | lad:type-INST | BB |  |  |  |
| lad:A1027 | lad:I1006 | lad:type-INST | B+ |  |  |  |
| lad:A1038 | lad:I1009 | lad:type-INST | A- |  |  |  |
| lad:A1044 | lad:I1010 | lad:type-INST | A- |  |  |  |
| lad:A1047 | lad:I1011 | lad:type-INST | BBB- |  |  |  |
| lad:A1065 | lad:I1013 | lad:type-INST | BB+ |  |  |  |
| lad:A1073 | lad:I1014 | lad:type-INST | A- |  |  |  |
| lad:A1086 | lad:I1016 | lad:type-INST | A+ |  |  |  |
| lad:A1096 | lad:I1017 | lad:type-INST | BB |  |  |  |
| lad:A1098 | lad:I1018 | lad:type-INST | BB+ |  |  |  |
| lad:A1100 | lad:I1019 | lad:type-INST | BB+ |  |  |  |
| lad:A1107 | lad:I1020 | lad:type-INST | BB+ |  |  |  |
| lad:A1147 | lad:I1022 | lad:type-INST | BB+ |  |  |  |
| lad:A1153 | lad:I1023 | lad:type-INST | B |  |  |  |
| lad:A1165 | lad:I1024 | lad:type-INST | BB |  |  |  |
| lad:A1168 | lad:I1025 | lad:type-INST | BB+ |  |  |  |
| lad:A1172 | lad:I1026 | lad:type-INST | BB+ |  |  |  |
| lad:A1177 | lad:I1027 | lad:type-INST | BBB |  |  |  |
| lad:A1183 | lad:I1028 | lad:type-INST | A- |  |  |  |
| lad:A1185 | lad:I1029 | lad:type-INST | A+ |  |  |  |
| lad:A1188 | lad:I1030 | lad:type-INST | BBB- |  |  |  |
| lad:A1191 | lad:I1031 | lad:type-INST | B |  |  |  |
| lad:A1195 | lad:I1032 | lad:type-INST | BB- |  |  |  |
| lad:A1224 | lad:I1033 | lad:type-INST | B |  |  |  |
| lad:A1235 | lad:I1034 | lad:type-INST | A- |  |  |  |
| lad:A1248 | lad:I1035 | lad:type-INST | BB |  |  |  |
| lad:A1252 | lad:I1036 | lad:type-INST | A+ |  |  |  |
| lad:A1256 | lad:I1037 | lad:type-INST | BBB- |  |  |  |
| lad:A1281 | lad:I1038 | lad:type-INST | BBB+ |  |  |  |
| lad:A1302 | lad:I1039 | lad:type-INST | AA- |  |  |  |
| lad:A1307 | lad:I1040 | lad:type-INST | A+ |  |  |  |
| lad:A1314 | lad:I1041 | lad:type-INST | BB |  |  |  |
| lad:A1321 | lad:I1042 | lad:type-INST | A+ |  |  |  |
(64 more rows not shown)

Run more queries, or give the final answers.
The model 
<invoke name="x">
</invoke>
```sparql
SELECT ?e ?r ?cr WHERE {
VALUES (?r ?rk) {("AAA" 1)("AA+" 2)("AA" 3)("AA-" 4)("A+" 5)("A" 6)("A-" 7)("BBB+" 8)("BBB" 9)("BBB-" 10)("BB+" 11)("BB" 12)("BB-" 13)("B+" 14)("B" 15)("B-" 16)("CCC+" 17)("CCC" 18)("CCC-" 19)("CC" 20)("C" 21)}
VALUES (?cr ?ck) {("AAA" 1)("AA+" 2)("AA" 3)("AA-" 4)("A+" 5)("A" 6)("A-" 7)("BBB+" 8)("BBB" 9)("BBB-" 10)("BB+" 11)("BB" 12)("BB-" 13)("B+" 14)("B" 15)("B-" 16)("CCC+" 17)("CCC" 18)("CCC-" 19)("CC" 20)("C" 21)}
?a a lad:RatingInForce; lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:ccyBasis lad:basis-FC; lad:rating ?r .
?e a lad:Entity; lad:domicile ?d .
?c a lad:RatingInForce; lad:ratingType lad:type-CC; lad:ratedThing ?ct; lad:rating ?cr .
FILTER(?ct = IRI(CONCAT("https://example.org/ladder/",STR(?d))))
FILTER(?rk <= ?ck)
} ORDER BY ?e
```
```sparql
SELECT ?a ?t ?r ?d ?act WHERE { ?a a lad:RatingAction; lad:ratedThing ?t; lad:action ?act; lad:date ?d; lad:rating ?r .
FILTER((?act=lad:action-DG && STR(?d) >= "2026-01-01" && STR(?d) < "2027-01-01") || ?r IN ("RD","D","SD","C")) } ORDER BY ?t
```
```sparql
SELECT ?e WHERE { ?a a lad:RatingAction; lad:ratedThing ?e; lad:ratingType lad:type-LTIDR . ?e a lad:Entity .
FILTER NOT EXISTS {?b a lad:RatingInForce; lad:ratedThing ?e; lad:ratingType lad:type-LTIDR}
FILTER NOT EXISTS {?e lad:sameEntityAs ?s. ?b2 a lad:RatingInForce; lad:ratedThing ?s; lad:ratingType lad:type-LTIDR} }
GROUP BY ?e
```
```sparql
SELECT (COUNT(DISTINCT ?c) AS ?n9) WHERE { ?a a lad:RatingInForce; lad:ratedThing ?e; lad:ratingType lad:type-LTIDR . ?e a lad:Entity .
OPTIONAL{?e lad:sameEntityAs ?s} BIND(IF(BOUND(?s)&&STR(?s)<STR(?e),?s,?e) AS ?c) }
```
```sparql
SELECT (COUNT(DISTINCT ?c) AS ?n40) WHERE { ?a a lad:RatingInForce; lad:ratedThing ?e; lad:ratingType lad:type-LTIDR . ?e a lad:Entity; lad:domicile "GB" .
OPTIONAL{?e lad:sameEntityAs ?s} BIND(IF(BOUND(?s)&&STR(?s)<STR(?e),?s,?e) AS ?c) }
```
```sparql
SELECT (COUNT(DISTINCT ?c) AS ?n37) WHERE { ?e a lad:Entity . OPTIONAL{?e lad:sameEntityAs ?s} BIND(IF(BOUND(?s)&&STR(?s)<STR(?e),?s,?e) AS ?c) }
```
```sparql
SELECT (COUNT(DISTINCT ?c) AS ?n43) WHERE { ?e a lad:Entity; lad:domicile "LU" . OPTIONAL{?e lad:sameEntityAs ?s} BIND(IF(BOUND(?s)&&STR(?s)<STR(?e),?s,?e) AS ?c) }
```
```sparql
SELECT (COUNT(DISTINCT ?i) AS ?n48) (COUNT(DISTINCT ?ig) AS ?n25) WHERE { ?a a lad:RatingInForce; lad:ratedThing ?i; lad:ratingType lad:type-INST; lad:rating ?r .
BIND(IF(?r IN ("AAA","AA+","AA","AA-","A+","A","A-","BBB+","BBB","BBB-"),?i,?x) AS ?ig) }
```
Query results 
Query 1:

| e | r | cr |
|---|---|---|
| lad:E05 | BB | BB |
| lad:E1028 | BB | BB |
| lad:E1039 | A | A |
| lad:E1101 | BB | BB |
| lad:E1126 | BB | BB |
| lad:E1194 | A | A |
| lad:E1236 | BB | BB |
| lad:E15 | A | A |

Query 2:

| a | t | r | d | act |
|---|---|---|---|---|
| lad:A21 | lad:E08 | CCC | 2026-01-20 | lad:action-DG |
| lad:A22 | lad:E08 | RD | 2026-07-08 | lad:action-DG |
| lad:A27 | lad:E10 | BBB+ | 2026-04-15 | lad:action-DG |
| lad:A1070 | lad:E1034 | BBB+ | 2026-05-02 | lad:action-DG |
| lad:A1102 | lad:E1051 | A+ | 2026-04-05 | lad:action-DG |
| lad:A1104 | lad:E1051 | A+ | 2026-06-01 | lad:action-DG |
| lad:A1109 | lad:E1053 | BB | 2026-03-20 | lad:action-DG |
| lad:A1122 | lad:E1057 | BB | 2026-06-25 | lad:action-DG |
| lad:A1127 | lad:E1058 | BBB- | 2026-07-14 | lad:action-DG |
| lad:A1140 | lad:E1064 | BBB+ | 2026-03-04 | lad:action-DG |
| lad:A1174 | lad:E1080 | A- | 2026-02-14 | lad:action-DG |
| lad:A1202 | lad:E1093 | B | 2026-07-25 | lad:action-DG |
| lad:A1244 | lad:E1112 | BBB | 2026-02-20 | lad:action-DG |
| lad:A1310 | lad:E1144 | B+ | 2026-06-06 | lad:action-DG |
| lad:A1326 | lad:E1151 | BBB | 2026-01-26 | lad:action-DG |
| lad:A1341 | lad:E1159 | BBB+ | 2026-06-16 | lad:action-DG |
| lad:A1344 | lad:E1161 | B | 2026-07-28 | lad:action-DG |
| lad:A1350 | lad:E1163 | BB+ | 2026-03-19 | lad:action-DG |
| lad:A1360 | lad:E1167 | BB | 2026-09-07 | lad:action-DG |
| lad:A1366 | lad:E1170 | BB- | 2026-08-16 | lad:action-DG |
| lad:A1395 | lad:E1186 | BBB+ | 2026-01-04 | lad:action-DG |
| lad:A1450 | lad:E1213 | A- | 2026-02-13 | lad:action-DG |
| lad:A1451 | lad:E1213 | BBB+ | 2026-06-16 | lad:action-DG |
| lad:A1479 | lad:E1228 | BB+ | 2026-06-28 | lad:action-DG |
| lad:A1481 | lad:E1229 | BB+ | 2026-06-02 | lad:action-DG |
| lad:A1482 | lad:E1229 | BB | 2026-05-06 | lad:action-DG |
| lad:A1516 | lad:E1243 | BB | 2026-01-13 | lad:action-DG |
| lad:A1545 | lad:E1255 | BBB+ | 2026-01-19 | lad:action-DG |
| lad:A1561 | lad:E1263 | BBB | 2026-03-03 | lad:action-DG |
| lad:A1562 | lad:E1263 | BBB- | 2026-06-16 | lad:action-DG |
| lad:A1608 | lad:E1285 | A | 2026-02-17 | lad:action-DG |
| lad:A1620 | lad:E1290 | B | 2026-08-16 | lad:action-DG |
| lad:A1627 | lad:E1294 | A+ | 2026-07-11 | lad:action-DG |
| lad:A1636 | lad:E1299 | BBB | 2026-02-06 | lad:action-DG |
| lad:A1639 | lad:E1300 | BBB+ | 2026-04-09 | lad:action-DG |
| lad:A1640 | lad:E1300 | BBB | 2026-05-06 | lad:action-DG |
| lad:A1660 | lad:E1307 | BB- | 2026-02-08 | lad:action-DG |
| lad:A1718 | lad:E1340 | BBB+ | 2026-06-26 | lad:action-DG |
| lad:A1720 | lad:E1341 | BBB+ | 2026-11-09 | lad:action-DG |
| lad:A1722 | lad:E1342 | BBB+ | 2026-07-17 | lad:action-DG |
| lad:A1724 | lad:E1343 | BBB+ | 2026-08-08 | lad:action-DG |
| lad:A1726 | lad:E1344 | A- | 2026-03-18 | lad:action-DG |
| lad:A1728 | lad:E1345 | BB- | 2026-09-22 | lad:action-DG |
| lad:A1730 | lad:E1346 | BBB+ | 2026-10-15 | lad:action-DG |
| lad:A1732 | lad:E1347 | BBB- | 2026-03-10 | lad:action-DG |
| lad:A1734 | lad:E1348 | BBB- | 2026-03-18 | lad:action-DG |
| lad:A1736 | lad:E1349 | A- | 2026-10-14 | lad:action-DG |
| lad:A1738 | lad:E1350 | BB | 2026-09-03 | lad:action-DG |
| lad:A1740 | lad:E1351 | A- | 2026-09-27 | lad:action-DG |
| lad:A44 | lad:E16 | BB+ | 2026-06-01 | lad:action-DG |
| lad:A29 | lad:I05 | BBB+ | 2026-04-15 | lad:action-DG |

Query 3:

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

Query 4:

| n9 |
|---|
| 278 |

Query 5:

| n40 |
|---|
| 66 |

Query 6:

| n37 |
|---|
| 344 |

Query 7:

| n43 |
|---|
| 1 |

Query 8:

| n48 | n25 |
|---|---|
| 106 | 66 |

Run more queries, or give the final answers.
The model 
```sparql
SELECT ?e ?w ?o WHERE { ?a a lad:RatingInForce; lad:ratedThing ?e; lad:ratingType lad:type-LTIDR . OPTIONAL{?a lad:watch ?w} OPTIONAL{?a lad:outlook ?o} FILTER(?w = lad:watch-RWN || ?o = lad:outlook-NEG) } ORDER BY ?e
```

```sparql
SELECT ?a ?c ?act WHERE { ?a lad:ratedThing lad:I08; lad:comment ?c; lad:action ?act }
```
Query results 
Query 1:

| e | w | o |
|---|---|---|
| lad:E01 |  | lad:outlook-NEG |
| lad:E06 | lad:watch-RWN |  |
| lad:E09 |  | lad:outlook-NEG |
| lad:E1005 |  | lad:outlook-NEG |
| lad:E1006 | lad:watch-RWN |  |
| lad:E1013 | lad:watch-RWN |  |
| lad:E1019 | lad:watch-RWN |  |
| lad:E1029 |  | lad:outlook-NEG |
| lad:E1034 |  | lad:outlook-NEG |
| lad:E1037 | lad:watch-RWN |  |
| lad:E1039 | lad:watch-RWN |  |
| lad:E1046 |  | lad:outlook-NEG |
| lad:E1055 |  | lad:outlook-NEG |
| lad:E1056 |  | lad:outlook-NEG |
| lad:E1059 | lad:watch-RWN |  |
| lad:E1060 |  | lad:outlook-NEG |
| lad:E1061 | lad:watch-RWN |  |
| lad:E1064 |  | lad:outlook-NEG |
| lad:E1066 | lad:watch-RWN |  |
| lad:E1072 |  | lad:outlook-NEG |
| lad:E1079 |  | lad:outlook-NEG |
| lad:E1080 |  | lad:outlook-NEG |
| lad:E1088 | lad:watch-RWN |  |
| lad:E1098 | lad:watch-RWN |  |
| lad:E1099 | lad:watch-RWN |  |
| lad:E1105 |  | lad:outlook-NEG |
| lad:E1109 | lad:watch-RWN |  |
| lad:E1118 |  | lad:outlook-NEG |
| lad:E1126 | lad:watch-RWN |  |
| lad:E1132 | lad:watch-RWN |  |
| lad:E1133 | lad:watch-RWN |  |
| lad:E1146 | lad:watch-RWN |  |
| lad:E1158 |  | lad:outlook-NEG |
| lad:E1161 |  | lad:outlook-NEG |
| lad:E1168 | lad:watch-RWN |  |
| lad:E1181 | lad:watch-RWN |  |
| lad:E1188 |  | lad:outlook-NEG |
| lad:E1190 |  | lad:outlook-NEG |
| lad:E1194 | lad:watch-RWN |  |
| lad:E1203 | lad:watch-RWN |  |
| lad:E1210 | lad:watch-RWN |  |
| lad:E1211 |  | lad:outlook-NEG |
| lad:E1228 |  | lad:outlook-NEG |
| lad:E1238 | lad:watch-RWN |  |
| lad:E1242 | lad:watch-RWN |  |
| lad:E1248 |  | lad:outlook-NEG |
| lad:E1260 | lad:watch-RWN |  |
| lad:E1262 |  | lad:outlook-NEG |
| lad:E1263 |  | lad:outlook-NEG |
| lad:E1264 | lad:watch-RWN |  |
| lad:E1266 | lad:watch-RWN |  |
| lad:E1267 | lad:watch-RWN |  |
| lad:E1271 |  | lad:outlook-NEG |
| lad:E1282 |  | lad:outlook-NEG |
| lad:E1294 |  | lad:outlook-NEG |
| lad:E1297 | lad:watch-RWN |  |
| lad:E1300 |  | lad:outlook-NEG |
| lad:E1314 | lad:watch-RWN |  |
| lad:E1317 | lad:watch-RWN |  |
| lad:E1323 | lad:watch-RWN |  |

Query 2:

(no rows)

Run more queries, or give the final answers.
The model 
**Q1.** A-. A01 (Kestrel, A-) ran from 2024-03-12 to 2025-06-20, so it held on 1 Jan 2025.
**Q2.** No. A03 (2026-02-10) only affirmed BBB, and the downgrade A02 was on 2025-06-20.
**Q3.** No. The 2031 note I02 is rated BB+ (A07), below investment grade, even though the issuer is BBB.
**Q4.** Positive. A09, on E03, which is the same entity as E02, is the current action.
**Q5.** E02, the guarantor, via I03. I03's rating is A (A11), and E02/E03 is also A.
**Q6.** The data doesn't state a cause. Valdoria's foreign-currency rating is BB (A14) against local-currency BBB- (A13), and the Valdoria Country Ceiling (A12) is BB, which fits a ceiling cap.
**Q7.** The issuers with a downgrade action dated in 2026 are listed in the JSON. E1341 is excluded because its downgrade (A1720) is dated 2026-11-09, after today's date. I05 is excluded because it is an instrument.
**Q8.** E08, which holds RD (A22) in force.
**Q9.** 278 distinct issuers, merging same-entity records.
**Q10.** Depends. Its local-currency rating is BBB- (investment grade) and its foreign-currency rating is BB (not).
**Q11.** BBB+ (A36).
**Q12.** A- (A34).
**Q13.** 1, the downgrade A36.
**Q14.** None. Halden Foods' first rating (A30) is dated 2024-02-01.
**Q15.** A-. A26 on E10, which is the same entity as E17.
**Q16.** No. It was BBB+ on 1 Jan 2025 and is BBB+ now (A33). The watch in between did not change the rating.
**Q17.** No. A17 is a Rating Watch Negative, not a downgrade, and the rating stayed A-.
**Q18.** The issuers on Rating Watch Negative on 1 Oct 2026 are listed in the JSON (32 entities).
**Q19.** The issuers with a Negative outlook on 1 Oct 2026 are listed in the JSON (28 entities).
**Q20.** No. E07's rating was withdrawn for commercial reasons (A19), not a default. Only E08 holds RD.
**Q21.** The entities that once had an issuer rating but none in force on 1 Oct 2026 are listed in the JSON. E07 (A19, withdrawn) and E16 are among them. The cluster E1340–E1351 is included only because no rating was in force for them; I could not verify why.
**Q22.** E08, which reached RD (A22). No other record shows RD, D or SD.
**Q23.** F2 (A04).
**Q24.** Yes. The issuer rating is BBB (A03).
**Q25.** 66 instruments.
**Q26.** A+ (A40).
**Q27.** A- (A42).
**Q28.** BBB+ (A38).
**Q29.** None. The Republic of Valdoria has only a Country Ceiling (A12, BB), not an issuer rating.
**Q30.** The entities listed in the JSON, whose foreign-currency rating equals their country's ceiling.
**Q31.** No. Every foreign-currency rating at or above the ceiling equals it exactly.
**Q32.** E09.
**Q33.** E10, the guarantor, via I05. I05 is rated BBB+ (A29), as is E10 (A27).
**Q34.** No. E12 has no parent and no link to E09.
**Q35.** 3 distinct entities: E09, E10/E17 (the same entity) and E11.
**Q36.** 2 distinct entities: E02/E03 (the same entity) and E04.
**Q37.** 344, merging same-entity records.
**Q38.** No. E06 and E13 have no sameEntityAs link and different countries (DE and US).
**Q39.** A (A09).
**Q40.** 66.
**Q41.** BB+ (A44).
**Q42.** LU. The derived domicile of E10 is LU, even though its country is DE.
**Q43.** 1. E10 and E17 are one entity.
**Q44.** Yes. I07 has localCurrency true.
**Q45.** Yes. I07 is rated BBB- (A45) against a Valdoria ceiling of BB (A12).
**Q46.** No. E11 has only a credit opinion (A46, type CO), not an issuer rating.
**Q47.** None. I08's only action (A47) is EX, dated 2026-09-01, and it is not in force on 1 Oct 2026. I read EX as an expected rating, which is my interpretation of the code.
**Q48.** 106 instruments.

```json
{
"Q1":{"rating":"A-"},
"Q2":{"downgraded":"no"},
"Q3":{"investment_grade":"no","rating":"BB+"},
"Q4":{"outlook":"Positive"},
"Q5":{"risk_of":"E02","rating":"A"},
"Q7":{"issuers":["E08","E10","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","E1342","E1343","E1344","E1345","E1346","E1347","E1348","E1349","E1350","E1351","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":["E06","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"]},
"Q19":{"issuers":["E01","E09","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"]},
"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","E1340","E1341","E1342","E1343","E1344","E1345","E1346","E1347","E1348","E1349","E1350","E1351","E07","E16"]},
"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":["E05","E1028","E1039","E1101","E1126","E1194","E1236","E15"]},
"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":"yes"},
"Q46":{"issuer_rating":"no"},
"Q47":{"rating":"none"},
"Q48":{"count":106}
}
```