D4 sparql, run 1: the query session

19 queries0 failed7 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:country`, `lad:entityType`, `lad:lei`, `lad:name`, `lad:parent`, `lad:sourceSystem`
- `lad:Instrument`: `rdf:type`, `rdfs:label`, `lad:currency`, `lad:description`, `lad:guarantor`, `lad:issuer`, `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:watch`

## 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 data.

```sparql
SELECT ?s ?p ?o WHERE { ?s a lad:Entity . ?s ?p ?o } ORDER BY ?s ?p
```

```sparql
SELECT ?s ?p ?o WHERE { ?s a lad:Instrument . ?s ?p ?o } ORDER BY ?s ?p
```

```sparql
SELECT ?s ?p ?o WHERE { ?s a lad:RatingAction . ?s ?p ?o } ORDER BY ?s ?p
```

Query results

Query 1:

| s | p | o |
|---|---|---|
| lad:CV | rdf:type | lad:Entity |
| lad:CV | rdfs:label | Republic of Corvenia |
| lad:CV | lad:country | CV |
| lad:CV | lad:entityType | lad:etype-SOV |
| lad:CV | lad:name | Republic of Corvenia |
| lad:CV | lad:sourceSystem | RATINGS |
| lad:E01 | rdf:type | lad:Entity |
| lad:E01 | rdfs:label | Kestrel Energy plc |
| lad:E01 | lad:country | GB |
| lad:E01 | lad:entityType | lad:etype-CORP |
| lad:E01 | lad:lei | 7245002OOPBG04092E43 |
| lad:E01 | lad:name | Kestrel Energy plc |
| lad:E01 | lad:sourceSystem | RATINGS |
| lad:E02 | rdf:type | lad:Entity |
| lad:E02 | rdfs:label | Northwind Holdings plc |
| lad:E02 | lad:country | GB |
| lad:E02 | lad:entityType | lad:etype-CORP |
| lad:E02 | lad:lei | 213800PHEIYNJMHTDV74 |
| lad:E02 | lad:name | Northwind Holdings plc |
| lad:E02 | lad:sourceSystem | RATINGS |
| lad:E03 | rdf:type | lad:Entity |
| lad:E03 | rdfs:label | NORTHWIND HLDGS |
| lad:E03 | lad:country | GB |
| lad:E03 | lad:entityType | lad:etype-CORP |
| lad:E03 | lad:lei | 213800PHEIYNJMHTDV74 |
| lad:E03 | lad:name | NORTHWIND HLDGS |
| lad:E03 | lad:sourceSystem | RESEARCH |
| lad:E04 | rdf:type | lad:Entity |
| lad:E04 | rdfs:label | Northwind Finance BV |
| lad:E04 | lad:country | NL |
| lad:E04 | lad:entityType | lad:etype-FINSUB |
| lad:E04 | lad:lei | 213800LA5RYJLGXV2T85 |
| lad:E04 | lad:name | Northwind Finance BV |
| lad:E04 | lad:parent | lad:E02 |
| lad:E04 | lad:sourceSystem | RATINGS |
| lad:E05 | rdf:type | lad:Entity |
| lad:E05 | rdfs:label | Valdoria Telecom SA |
| lad:E05 | lad:country | VD |
| lad:E05 | lad:entityType | lad:etype-CORP |
| lad:E05 | lad:lei | 391200LESH03LMOY2U61 |
| lad:E05 | lad:name | Valdoria Telecom SA |
| lad:E05 | lad:sourceSystem | RATINGS |
| lad:E06 | rdf:type | lad:Entity |
| lad:E06 | rdfs:label | Orrin Bank AG |
| lad:E06 | lad:country | DE |
| lad:E06 | lad:entityType | lad:etype-BANK |
| lad:E06 | lad:lei | 549300AMVE3VRVG7HK43 |
| lad:E06 | lad:name | Orrin Bank AG |
| lad:E06 | lad:sourceSystem | RATINGS |
| lad:E07 | rdf:type | lad:Entity |
| lad:E07 | rdfs:label | Pellam Retail Ltd |
| lad:E07 | lad:country | GB |
| lad:E07 | lad:entityType | lad:etype-CORP |
| lad:E07 | lad:lei | 969500B6IUACELPI2291 |
| lad:E07 | lad:name | Pellam Retail Ltd |
| lad:E07 | lad:sourceSystem | RATINGS |
| lad:E08 | rdf:type | lad:Entity |
| lad:E08 | rdfs:label | Saxby Shipping SA |
| lad:E08 | lad:country | GR |
| lad:E08 | lad:entityType | lad:etype-CORP |
(2578 more rows not shown)

Query 2:

| s | p | o |
|---|---|---|
| lad:I01 | rdf:type | lad:Instrument |
| lad:I01 | rdfs:label | Kestrel Energy 4.50% 2030 |
| 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: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:currency | GBP |
| lad:I02 | lad:description | Kestrel Energy 6.25% notes due 2031 |
| lad:I02 | lad:issuer | lad:E01 |
| 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: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: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:currency | USD |
| lad:I04 | lad:description | Valdoria Telecom 5.00% notes due 2029 |
| lad:I04 | lad:issuer | lad:E05 |
| 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: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: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:currency | USD |
| lad:I06 | lad:description | Corvenia Power 7.10% notes due 2032 |
| lad:I06 | lad:issuer | lad:E15 |
| 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:currency | XVD |
| lad:I07 | lad:description | Valdoria Telecom 4.25% notes due 2027 |
| lad:I07 | lad:issuer | lad:E05 |
| lad:I07 | lad:maturity | 2027-08-31 |
| lad:I07 | lad:seniority | lad:seniority-SU |
| lad:I08 | rdf:type | lad:Instrument |
| lad:I08 | rdfs:label | Corvenia Power 6.00% 2034 |
| lad:I08 | lad:currency | USD |
| lad:I08 | lad:description | Corvenia Power 6.00% notes due 2034 |
| lad:I08 | lad:issuer | lad:E15 |
| lad:I08 | lad:maturity | 2034-09-01 |
| lad:I08 | lad:seniority | lad:seniority-SU |
| lad:I1001 | rdf:type | lad:Instrument |
| lad:I1001 | rdfs:label | Soson Airlines 5.50% 2031 |
(762 more rows not shown)

Query 3:

| s | p | o |
|---|---|---|
| lad:A01 | rdf:type | lad:RatingAction |
| lad:A01 | rdfs:label | E01 AS A- 2024-03-12 |
| lad:A01 | lad:action | lad:action-AS |
| lad:A01 | lad:ccyBasis | lad:basis-FC |
| lad:A01 | lad:date | 2024-03-12 |
| lad:A01 | lad:outlook | lad:outlook-STA |
| lad:A01 | lad:ratedThing | lad:E01 |
| lad:A01 | lad:rating | A- |
| lad:A01 | lad:ratingType | lad:type-LTIDR |
| lad:A02 | rdf:type | lad:RatingAction |
| lad:A02 | rdfs:label | E01 DG BBB 2025-06-20 |
| lad:A02 | lad:action | lad:action-DG |
| lad:A02 | lad:ccyBasis | lad:basis-FC |
| lad:A02 | lad:comment | weaker cash flow after asset sale |
| lad:A02 | lad:date | 2025-06-20 |
| lad:A02 | lad:outlook | lad:outlook-STA |
| lad:A02 | lad:ratedThing | lad:E01 |
| lad:A02 | lad:rating | BBB |
| lad:A02 | lad:ratingType | lad:type-LTIDR |
| lad:A03 | rdf:type | lad:RatingAction |
| lad:A03 | rdfs:label | E01 AF BBB 2026-02-10 |
| lad:A03 | lad:action | lad:action-AF |
| lad:A03 | lad:ccyBasis | lad:basis-FC |
| lad:A03 | lad:date | 2026-02-10 |
| lad:A03 | lad:outlook | lad:outlook-NEG |
| lad:A03 | lad:ratedThing | lad:E01 |
| lad:A03 | lad:rating | BBB |
| lad:A03 | lad:ratingType | lad:type-LTIDR |
| lad:A04 | rdf:type | lad:RatingAction |
| lad:A04 | rdfs:label | E01 AF F2 2026-02-10 |
| lad:A04 | lad:action | lad:action-AF |
| lad:A04 | lad:ccyBasis | lad:basis-FC |
| lad:A04 | lad:date | 2026-02-10 |
| lad:A04 | lad:ratedThing | lad:E01 |
| lad:A04 | lad:rating | F2 |
| lad:A04 | lad:ratingType | lad:type-STIDR |
| lad:A05 | rdf:type | lad:RatingAction |
| lad:A05 | rdfs:label | I01 AS A- 2024-03-12 |
| lad:A05 | lad:action | lad:action-AS |
| lad:A05 | lad:date | 2024-03-12 |
| lad:A05 | lad:ratedThing | lad:I01 |
| lad:A05 | lad:rating | A- |
| lad:A05 | lad:ratingType | lad:type-INST |
| lad:A06 | rdf:type | lad:RatingAction |
| lad:A06 | rdfs:label | I01 DG BBB 2025-06-20 |
| lad:A06 | lad:action | lad:action-DG |
| lad:A06 | lad:date | 2025-06-20 |
| lad:A06 | lad:ratedThing | lad:I01 |
| lad:A06 | lad:rating | BBB |
| lad:A06 | lad:ratingType | lad:type-INST |
| lad:A07 | rdf:type | lad:RatingAction |
| lad:A07 | rdfs:label | I02 DG BB+ 2025-06-20 |
| lad:A07 | lad:action | lad:action-DG |
| lad:A07 | lad:date | 2025-06-20 |
| lad:A07 | lad:ratedThing | lad:I02 |
| lad:A07 | lad:rating | BB+ |
| lad:A07 | lad:ratingType | lad:type-INST |
| lad:A08 | rdf:type | lad:RatingAction |
| lad:A08 | rdfs:label | E02 AS A 2023-11-01 |
| lad:A08 | lad:action | lad:action-AS |
(6767 more rows not shown)

Run more queries, or give the final answers.

The model

```sparql
SELECT ?s ?p ?o WHERE { ?s ?p ?o . FILTER NOT EXISTS { ?s a lad:Entity } FILTER NOT EXISTS { ?s a lad:Instrument } FILTER NOT EXISTS { ?s a lad:RatingAction } } ORDER BY ?s ?p
```

```sparql
SELECT ?s ?l ?c ?t ?par WHERE { ?s a lad:Entity ; rdfs:label ?l ; lad:country ?c ; lad:entityType ?t . OPTIONAL {?s lad:parent ?par} FILTER(regex(?s,"/(E[0-9]+|CV|VD|[A-Z]{2})$")) } ORDER BY ?s LIMIT 100
```

Query results

Query 1:

(no rows)

Query 2:

(no rows)

Run more queries, or give the final answers.

The model

<invoke name="sparql">
</invoke>
```sparql
SELECT ?s ?l ?c ?t ?par ?lei ?src WHERE { ?s a lad:Entity ; rdfs:label ?l ; lad:country ?c ; lad:entityType ?t ; lad:sourceSystem ?src . OPTIONAL {?s lad:parent ?par} OPTIONAL {?s lad:lei ?lei} } ORDER BY ?s LIMIT 60
```

Query results

Query 1:

| s | l | c | t | par | lei | src |
|---|---|---|---|---|---|---|
| lad:CV | Republic of Corvenia | CV | lad:etype-SOV |  |  | RATINGS |
| lad:E01 | Kestrel Energy plc | GB | lad:etype-CORP |  | 7245002OOPBG04092E43 | RATINGS |
| lad:E02 | Northwind Holdings plc | GB | lad:etype-CORP |  | 213800PHEIYNJMHTDV74 | RATINGS |
| lad:E03 | NORTHWIND HLDGS | GB | lad:etype-CORP |  | 213800PHEIYNJMHTDV74 | RESEARCH |
| lad:E04 | Northwind Finance BV | NL | lad:etype-FINSUB | lad:E02 | 213800LA5RYJLGXV2T85 | RATINGS |
| lad:E05 | Valdoria Telecom SA | VD | lad:etype-CORP |  | 391200LESH03LMOY2U61 | RATINGS |
| lad:E06 | Orrin Bank AG | DE | lad:etype-BANK |  | 549300AMVE3VRVG7HK43 | RATINGS |
| lad:E07 | Pellam Retail Ltd | GB | lad:etype-CORP |  | 969500B6IUACELPI2291 | RATINGS |
| lad:E08 | Saxby Shipping SA | GR | lad:etype-CORP |  | 969500KOTZ1JFIZSG796 | RATINGS |
| lad:E09 | Halden Group plc | GB | lad:etype-CORP |  | 815600ASM9EHDG931T89 | RATINGS |
| lad:E10 | Halden Bank AG | DE | lad:etype-BANK | lad:E09 | 391200QYPVFF2O9K2039 | RATINGS |
| lad:E1001 | Tunod Steel SA | FR | lad:etype-CORP |  | 3912003R00FP6CNV6210 | RATINGS |
| lad:E1002 | TUNOD STEEL SA | FR | lad:etype-CORP |  | 3912003R00FP6CNV6210 | RESEARCH |
| lad:E1003 | Rilol Telecom plc | GB | lad:etype-BANK |  | 3912009W4J483WB8PZ97 | RATINGS |
| lad:E1004 | Munem Retail SA | ES | lad:etype-CORP |  | 969500IBYK0X2ZT52780 | RATINGS |
| lad:E1005 | Setan Airlines Inc | US | lad:etype-CORP |  | 815600JRN7AOE36KFR35 | RATINGS |
| lad:E1006 | Soson Airlines Inc | US | lad:etype-CORP | lad:E1005 | 213800WSVEOAQ5HD4C43 | RATINGS |
| lad:E1007 | Golod Property plc | GB | lad:etype-BANK |  | 815600N2UAHQREHHWF76 | RATINGS |
| lad:E1008 | Sotil Retail plc | GB | lad:etype-CORP |  | 213800RPNJ2OSQ387M40 | RATINGS |
| lad:E1009 | Malam Chemicals Inc | US | lad:etype-CORP |  | 3912006EIY6TU9NVSC86 | RATINGS |
| lad:E1010 | Buvir Industries Inc | US | lad:etype-CORP |  | 3912004R2GZJL49URX69 | RATINGS |
| lad:E1011 | Falom Media Inc | US | lad:etype-BANK |  | 549300XX6U9N4Y7KPH74 | RATINGS |
| lad:E1012 | Posad Industries SA | FR | lad:etype-CORP |  | 9695002JIQI5QYDN0G98 | RATINGS |
| lad:E1013 | Pisol Pharma BV | NL | lad:etype-BANK | lad:E1004 | 969500U072SAPPW32N81 | RATINGS |
| lad:E1014 | Toral Utilities BV | NL | lad:etype-CORP |  | 391200J700D8T2H18W16 | RATINGS |
| lad:E1015 | Civen Steel Inc | US | lad:etype-CORP |  | 815600JSNIJ4UFCBF662 | RATINGS |
| lad:E1016 | Ponar Telecom SA | ES | lad:etype-BANK |  | 5493008DQ96XI37KZG24 | RATINGS |
| lad:E1017 | Nisid Steel SA | FR | lad:etype-BANK |  | 391200K600X7LWZTTM85 | RATINGS |
| lad:E1018 | Tosem Mining Inc | US | lad:etype-CORP |  | 549300SEMGL6OXLWHQ59 | RATINGS |
| lad:E1019 | Losol Mining SA | CV | lad:etype-CORP |  | 391200GSFO0F68KKUC67 | RATINGS |
| lad:E1020 | Finel Media AG | DE | lad:etype-CORP |  | 549300FCSHHELSCZX562 | RATINGS |
| lad:E1021 | Niner Pharma plc | GB | lad:etype-CORP |  | 391200KLG6G4KVIMIU52 | RATINGS |
| lad:E1022 | NINER PHARMA | GB | lad:etype-CORP |  | 391200KLG6G4KVIMIU52 | RESEARCH |
| lad:E1023 | Heled Water plc | GB | lad:etype-CORP |  | 3912006FHXTH5V6WNK07 | RATINGS |
| lad:E1024 | Susin Shipping BV | NL | lad:etype-CORP |  | 3912005J04HB7X0GTN24 | RATINGS |
| lad:E1025 | Tulol Shipping SA | ES | lad:etype-BANK |  | 2138007MIV2OS05PET94 | RATINGS |
| lad:E1026 | Vunam Water BV | NL | lad:etype-CORP |  | 969500C8XYHXZBFMUO41 | RATINGS |
| lad:E1027 | Tesad Media Inc | US | lad:etype-CORP |  | 969500T86HNH5S920X18 | RATINGS |
| lad:E1028 | Mutir Retail SA | VD | lad:etype-CORP |  | 213800TJ32NARU0BI982 | RATINGS |
| lad:E1029 | Leson Telecom Inc | US | lad:etype-BANK |  | 8156008DPX4I9DNKWN26 | RATINGS |
| lad:E1030 | LESON TELECOM INC | US | lad:etype-BANK |  | 8156008DPX4I9DNKWN26 | RESEARCH |
| lad:E1031 | Kuvir Logistics SA | ES | lad:etype-CORP |  | 969500GRHP48SQNEWH44 | RATINGS |
| lad:E1032 | Helom Chemicals BV | NL | lad:etype-BANK |  | 2138006H9XCYN2P1K228 | RATINGS |
| lad:E1033 | Kunid Pharma SA | ES | lad:etype-CORP | lad:E1004 | 213800Q84PS4FTJJB947 | RATINGS |
| lad:E1034 | Tanad Capital SpA | IT | lad:etype-CORP |  | 815600KLV84WAQGPSX27 | RATINGS |
| lad:E1035 | Kavod Utilities AG | DE | lad:etype-CORP |  | 724500YHN51API4SE179 | RATINGS |
| lad:E1036 | Lilor Retail AG | DE | lad:etype-CORP |  | 9695000N72OQ0Q07IW61 | RATINGS |
| lad:E1037 | Natil Retail SA | FR | lad:etype-CORP |  | 391200OBAXI8590VQN12 | RATINGS |
| lad:E1038 | Lanon Telecom BV | NL | lad:etype-CORP |  | 549300EZ4HXP0L5RAZ01 | RATINGS |
| lad:E1039 | Pulor Airlines SA | CV | lad:etype-BANK |  | 969500HA9D5I7F73PW83 | RATINGS |
| lad:E1040 | Dorid Mining AG | DE | lad:etype-CORP |  | 549300SPMD9MEMFWMR12 | RATINGS |
| lad:E1041 | Hiral Steel SA | ES | lad:etype-CORP |  | 549300JU1O5MP1HSKQ01 | RATINGS |
| lad:E1042 | Rerod Steel BV | NL | lad:etype-CORP |  | 391200LC6V921W096L49 | RATINGS |
| lad:E1043 | Vitom Property plc | GB | lad:etype-CORP |  | 5493007IVTPIWJZLFF29 | RATINGS |
| lad:E1044 | Hesid Telecom Inc | US | lad:etype-BANK |  | 3912003Y7VZHUGN50755 | RATINGS |
| lad:E1045 | Nesid Logistics Inc | US | lad:etype-BANK |  | 96950029VB162U3K1976 | RATINGS |
| lad:E1046 | Ditin Shipping Inc | US | lad:etype-BANK | lad:E1026 | 549300ZM08IADSAK3L87 | RATINGS |
| lad:E1047 | Vaved Pharma plc | GB | lad:etype-CORP | lad:E1020 | 391200WGA8OE30KZUD08 | RATINGS |
| lad:E1048 | Lised Pharma AG | DE | lad:etype-CORP |  | 9695000T21G05UQMGF10 | RATINGS |
| lad:E1049 | Paser Utilities plc | GB | lad:etype-CORP |  | 391200R2EH7FELZFOV27 | RATINGS |

Run more queries, or give the final answers.

The model

```sparql
SELECT ?s ?l ?c ?t ?par WHERE { ?s a lad:Entity ; rdfs:label ?l ; lad:country ?c ; lad:entityType ?t . OPTIONAL {?s lad:parent ?par} FILTER(!regex(STR(?s),"/E1[0-9]{3}$") && !regex(STR(?s),"/E[2-9][0-9]{3}$")) } ORDER BY ?s
```

```sparql
SELECT ?a ?th ?act ?d ?r ?ty ?o ?w ?b ?c WHERE { ?a a lad:RatingAction ; lad:ratedThing ?th ; lad:action ?act ; lad:date ?d ; lad:rating ?r ; lad:ratingType ?ty . OPTIONAL{?a lad:outlook ?o} OPTIONAL{?a lad:watch ?w} OPTIONAL{?a lad:ccyBasis ?b} OPTIONAL{?a lad:comment ?c} FILTER(regex(STR(?th),"/(E[0-9]{2}|I0[0-9]|CV|VD|[A-Z]{2})$")) } ORDER BY ?th ?d
```

```sparql
SELECT ?s ?p ?o WHERE { ?s ?p ?o . FILTER(regex(STR(?s),"(ceiling|Ceiling|etype|type-|action-|basis-|outlook-|watch-|seniority-)")) } LIMIT 100
```

Query results

Query 1:

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

Query 2:

| a | th | act | d | r | ty | o | w | b | c |
|---|---|---|---|---|---|---|---|---|---|
| lad:A37 | lad:CV | lad:action-AS | 2024-01-01 | A | lad:type-CC |  |  |  |  |
| lad:A38 | lad:CV | lad:action-AS | 2024-01-01 | BBB+ | lad:type-LTIDR | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A39 | lad:CV | lad:action-AS | 2024-01-01 | A- | lad:type-LTIDR | lad:outlook-STA |  | lad:basis-LC |  |
| lad:A01 | lad:E01 | lad:action-AS | 2024-03-12 | A- | lad:type-LTIDR | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A02 | lad:E01 | lad:action-DG | 2025-06-20 | BBB | lad:type-LTIDR | lad:outlook-STA |  | lad:basis-FC | weaker cash flow after asset sale |
| lad:A03 | lad:E01 | lad:action-AF | 2026-02-10 | BBB | lad:type-LTIDR | lad:outlook-NEG |  | lad:basis-FC |  |
| lad:A04 | lad:E01 | lad:action-AF | 2026-02-10 | F2 | lad:type-STIDR |  |  | lad:basis-FC |  |
| lad:A08 | lad:E02 | lad:action-AS | 2023-11-01 | A | lad:type-LTIDR | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A09 | lad:E03 | lad:action-AF | 2025-09-15 | A | lad:type-LTIDR | lad:outlook-POS |  | lad:basis-FC |  |
| lad:A13 | lad:E05 | lad:action-AS | 2025-04-01 | BBB- | lad:type-LTIDR | lad:outlook-STA |  | lad:basis-LC |  |
| lad:A14 | lad:E05 | lad:action-AS | 2025-04-01 | BB | lad:type-LTIDR | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A16 | lad:E06 | lad:action-AS | 2024-05-01 | A- | lad:type-LTIDR | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A17 | lad:E06 | lad:action-RW | 2026-09-03 | A- | lad:type-LTIDR |  | lad:watch-RWN | lad:basis-FC |  |
| lad:A18 | lad:E07 | lad:action-AS | 2024-01-10 | BB | lad:type-LTIDR | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A19 | lad:E07 | lad:action-WD | 2026-05-12 | WD | lad:type-LTIDR |  |  | lad:basis-FC | commercial reasons |
| lad:A20 | lad:E08 | lad:action-AS | 2024-06-01 | B | lad:type-LTIDR | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A21 | lad:E08 | lad:action-DG | 2026-01-20 | CCC | lad:type-LTIDR |  |  | lad:basis-FC |  |
| lad:A22 | lad:E08 | lad:action-DG | 2026-07-08 | RD | lad:type-LTIDR |  |  | lad:basis-FC | distressed debt exchange completed |
| lad:A24 | lad:E09 | lad:action-AS | 2023-05-01 | A | lad:type-LTIDR | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A25 | lad:E09 | lad:action-AF | 2026-03-01 | A | lad:type-LTIDR | lad:outlook-NEG |  | lad:basis-FC |  |
| lad:A26 | lad:E10 | lad:action-AS | 2023-05-01 | A- | lad:type-LTIDR | lad:outlook-STA |  | lad:basis-FC | support from parent |
| lad:A27 | lad:E10 | lad:action-DG | 2026-04-15 | BBB+ | lad:type-LTIDR | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A46 | lad:E11 | lad:action-AS | 2025-02-01 | BBB | lad:type-CO |  |  |  |  |
| lad:A30 | lad:E12 | lad:action-AS | 2024-02-01 | BB- | lad:type-LTIDR | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A31 | lad:E12 | lad:action-UG | 2025-08-01 | BB | lad:type-LTIDR | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A32 | lad:E13 | lad:action-AS | 2024-07-01 | BBB | lad:type-LTIDR | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A34 | lad:E14 | lad:action-AS | 2023-01-15 | A- | lad:type-LTIDR | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A36 | lad:E14 | lad:action-DG | 2024-09-30 | BBB+ | lad:type-LTIDR | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A35 | lad:E14 | lad:action-RW | 2025-11-20 | BBB+ | lad:type-LTIDR |  | lad:watch-RWN | lad:basis-FC |  |
| lad:A33 | lad:E14 | lad:action-AF | 2026-05-01 | BBB+ | lad:type-LTIDR | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A40 | lad:E15 | lad:action-AS | 2024-03-01 | A+ | lad:type-LTIDR | lad:outlook-STA |  | lad:basis-LC |  |
| lad:A41 | lad:E15 | lad:action-AS | 2024-03-01 | A | lad:type-LTIDR | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A43 | lad:E16 | lad:action-AS | 2024-04-01 | BBB- | lad:type-LTIDR | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A44 | lad:E16 | lad:action-DG | 2026-06-01 | BB+ | lad:type-LTIDR | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A05 | lad:I01 | lad:action-AS | 2024-03-12 | A- | lad:type-INST |  |  |  |  |
| lad:A06 | lad:I01 | lad:action-DG | 2025-06-20 | BBB | lad:type-INST |  |  |  |  |
| lad:A23 | lad:I02 | lad:action-AS | 2024-03-12 | BBB | lad:type-INST |  |  |  |  |
| lad:A07 | lad:I02 | lad:action-DG | 2025-06-20 | BB+ | lad:type-INST |  |  |  |  |
| lad:A10 | lad:I03 | lad:action-AS | 2023-11-01 | A | lad:type-INST |  |  |  |  |
| lad:A11 | lad:I03 | lad:action-AF | 2025-09-15 | A | lad:type-INST |  |  |  |  |
| lad:A15 | lad:I04 | lad:action-AS | 2025-04-01 | BB | lad:type-INST |  |  |  |  |
| lad:A28 | lad:I05 | lad:action-AS | 2023-06-01 | A- | lad:type-INST |  |  |  |  |
| lad:A29 | lad:I05 | lad:action-DG | 2026-04-15 | BBB+ | lad:type-INST |  |  |  |  |
| lad:A42 | lad:I06 | lad:action-AS | 2024-03-01 | A- | lad:type-INST |  |  |  |  |
| lad:A45 | lad:I07 | lad:action-AS | 2025-04-01 | BBB- | lad:type-INST |  |  |  |  |
| lad:A47 | lad:I08 | lad:action-EX | 2026-09-01 | A | lad:type-INST |  |  |  |  |
| lad:A12 | lad:VD | lad:action-AS | 2025-04-01 | BB | lad:type-CC |  |  |  |  |

Query 3:

(no rows)

Run more queries, or give the final answers.

The model

<invoke name="sparql">
</invoke>
```sparql
SELECT ?e ?lei ?c ?b ?d ?r ?o ?w WHERE { { SELECT ?e ?b (MAX(STR(?d0)) AS ?md) WHERE { ?a0 lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:date ?d0. OPTIONAL{?a0 lad:ccyBasis ?b} FILTER(STR(?d0)<="2026-10-01") } GROUP BY ?e ?b } ?a lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:date ?d; lad:rating ?r. OPTIONAL{?a lad:ccyBasis ?b} FILTER(STR(?d)=?md) OPTIONAL{?a lad:outlook ?o} OPTIONAL{?a lad:watch ?w} ?e lad:country ?c. OPTIONAL{?e lad:lei ?lei} FILTER(?r IN ("RD","D","SD","WD") || BOUND(?w) || ?o = lad:outlook-NEG) } ORDER BY ?e
```
```sparql
SELECT ?e ?c ?b ?d ?r WHERE { { SELECT ?e ?b (MAX(STR(?d0)) AS ?md) WHERE { ?a0 lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:date ?d0. OPTIONAL{?a0 lad:ccyBasis ?b} FILTER(STR(?d0)<="2026-10-01") } GROUP BY ?e ?b } ?a lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:date ?d; lad:rating ?r. OPTIONAL{?a lad:ccyBasis ?b} FILTER(STR(?d)=?md) ?e lad:country ?c. FILTER(?c IN ("CV","VD")) } ORDER BY ?e
```
```sparql
SELECT (COUNT(DISTINCT ?k) AS ?issuers) (COUNT(DISTINCT ?kn) AS ?nonSov) (COUNT(DISTINCT ?kg) AS ?gb) WHERE { { SELECT ?e (MAX(STR(?d0)) AS ?md) WHERE { ?a0 lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:date ?d0. FILTER(STR(?d0)<="2026-10-01") } GROUP BY ?e } ?a lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:date ?d; lad:rating ?r. FILTER(STR(?d)=?md && ?r != "WD") ?e lad:country ?c; lad:entityType ?t. OPTIONAL{?e lad:lei ?lei} BIND(COALESCE(?lei,STR(?e)) AS ?k) BIND(IF(?t!=lad:etype-SOV,?k,?unb) AS ?kn) BIND(IF(?c="GB",?k,?unb2) AS ?kg) }
```
```sparql
SELECT (COUNT(DISTINCT ?e) AS ?ents) (COUNT(DISTINCT COALESCE(?lei,STR(?e))) AS ?legal) (COUNT(DISTINCT ?lu) AS ?luents) WHERE { ?e a lad:Entity . OPTIONAL{?e lad:lei ?lei} OPTIONAL{?e lad:country ?c FILTER(?c="LU") BIND(COALESCE(?lei,STR(?e)) AS ?lu)} }
```
```sparql
SELECT ?i ?d ?r ?act WHERE { { SELECT ?i (MAX(STR(?d0)) AS ?md) WHERE { ?a0 lad:ratedThing ?i; lad:ratingType lad:type-INST; lad:date ?d0. FILTER(STR(?d0)<="2026-10-01") } GROUP BY ?i } ?a lad:ratedThing ?i; lad:ratingType lad:type-INST; lad:date ?d; lad:rating ?r; lad:action ?act. FILTER(STR(?d)=?md && (?act=lad:action-EX || ?act=lad:action-WD || ?r="WD")) } ORDER BY ?i LIMIT 60
```
```sparql
SELECT (COUNT(DISTINCT ?i) AS ?rated) (COUNT(DISTINCT ?ig) AS ?investmentGrade) WHERE { { SELECT ?i (MAX(STR(?d0)) AS ?md) WHERE { ?a0 lad:ratedThing ?i; lad:ratingType lad:type-INST; lad:date ?d0. FILTER(STR(?d0)<="2026-10-01") } GROUP BY ?i } ?a lad:ratedThing ?i; lad:ratingType lad:type-INST; lad:date ?d; lad:rating ?r. FILTER(STR(?d)=?md && ?r != "WD") BIND(IF(?r IN ("AAA","AA+","AA","AA-","A+","A","A-","BBB+","BBB","BBB-"),?i,?x) AS ?ig) }
```

Query results

Query 1:

| e | lei | c | b | d | r | o | w |
|---|---|---|---|---|---|---|---|
| lad:E01 | 7245002OOPBG04092E43 | GB | lad:basis-FC | 2026-02-10 | BBB | lad:outlook-NEG |  |
| lad:E06 | 549300AMVE3VRVG7HK43 | DE | lad:basis-FC | 2026-09-03 | A- |  | lad:watch-RWN |
| lad:E07 | 969500B6IUACELPI2291 | GB | lad:basis-FC | 2026-05-12 | WD |  |  |
| lad:E08 | 969500KOTZ1JFIZSG796 | GR | lad:basis-FC | 2026-07-08 | RD |  |  |
| lad:E09 | 815600ASM9EHDG931T89 | GB | lad:basis-FC | 2026-03-01 | A | lad:outlook-NEG |  |
| lad:E1002 | 3912003R00FP6CNV6210 | FR | lad:basis-FC | 2025-07-20 | WD |  |  |
| lad:E1005 | 815600JRN7AOE36KFR35 | US | lad:basis-FC | 2025-08-02 | BB | lad:outlook-NEG |  |
| lad:E1006 | 213800WSVEOAQ5HD4C43 | US | lad:basis-FC | 2026-06-17 | AA |  | lad:watch-RWN |
| lad:E1007 | 815600N2UAHQREHHWF76 | GB | lad:basis-FC | 2026-06-27 | WD |  |  |
| lad:E1013 | 969500U072SAPPW32N81 | NL | lad:basis-FC | 2025-07-09 | BB- |  | lad:watch-RWN |
| lad:E1019 | 391200GSFO0F68KKUC67 | CV | lad:basis-LC | 2024-03-20 | BBB- |  | lad:watch-RWN |
| lad:E1021 | 391200KLG6G4KVIMIU52 | GB | lad:basis-FC | 2025-11-08 | WD |  |  |
| lad:E1029 | 8156008DPX4I9DNKWN26 | US | lad:basis-FC | 2025-08-08 | A- | lad:outlook-NEG |  |
| lad:E1032 | 2138006H9XCYN2P1K228 | NL | lad:basis-FC | 2026-09-15 | WD |  |  |
| lad:E1034 | 815600KLV84WAQGPSX27 | IT | lad:basis-FC | 2026-05-02 | BBB+ | lad:outlook-NEG |  |
| lad:E1037 | 391200OBAXI8590VQN12 | FR | lad:basis-FC | 2022-05-07 | A |  | lad:watch-RWN |
| lad:E1039 | 969500HA9D5I7F73PW83 | CV | lad:basis-FC | 2025-12-09 | A |  | lad:watch-RWN |
| lad:E1041 | 549300JU1O5MP1HSKQ01 | ES | lad:basis-FC | 2024-04-09 | WD |  |  |
| lad:E1046 | 549300ZM08IADSAK3L87 | US | lad:basis-FC | 2025-05-28 | AA- | lad:outlook-NEG |  |
| lad:E1048 | 9695000T21G05UQMGF10 | DE | lad:basis-FC | 2023-04-15 | WD |  |  |
| lad:E1055 | 724500WWWM8KJ2Q08398 | GB | lad:basis-FC | 2024-12-04 | BBB- | lad:outlook-NEG |  |
| lad:E1056 | 969500DMA3PCFLMC4U98 | IT | lad:basis-FC | 2023-01-01 | A+ | lad:outlook-NEG |  |
| lad:E1057 | 2138009BPHEDKSZHFF68 | GB | lad:basis-FC | 2026-09-19 | WD |  |  |
| lad:E1059 | 549300CRXZL5I1OT6L14 | CV | lad:basis-LC | 2026-02-23 | BB- |  | lad:watch-RWN |
| lad:E1060 | 549300CRXZL5I1OT6L14 | CV | lad:basis-FC | 2025-02-16 | BB- | lad:outlook-NEG |  |
| lad:E1061 | 5493002BLV266QJVIH90 | DE | lad:basis-FC | 2025-06-06 | A |  | lad:watch-RWN |
| lad:E1062 | 549300QT2LSIX31F9O17 | GB | lad:basis-FC | 2025-03-28 | WD |  |  |
| lad:E1063 | 9695003FBHLB9KIKNT76 | ES | lad:basis-FC | 2025-01-12 | WD |  |  |
| lad:E1064 | 213800YPXA4OJXD8EB91 | NL | lad:basis-FC | 2026-06-03 | A- | lad:outlook-NEG |  |
| lad:E1066 | 213800VQSNQ2434DKS91 | ES | lad:basis-FC | 2026-05-03 | A- |  | lad:watch-RWN |
| lad:E1072 | 969500W1RDU3ZPX1YB94 | GB | lad:basis-FC | 2026-02-07 | BB- | lad:outlook-NEG |  |
| lad:E1076 | 724500R7NQF1BMLIW829 | FR | lad:basis-FC | 2024-04-28 | WD |  |  |
| lad:E1079 | 5493000MDIWO1KHI0272 | GB | lad:basis-FC | 2024-01-26 | BB+ | lad:outlook-NEG |  |
| lad:E1080 | 815600SERWD64UWU8808 | US | lad:basis-FC | 2026-02-14 | A- | lad:outlook-NEG |  |
| lad:E1084 | 391200MB5QFXCD5X8I15 | FR | lad:basis-FC | 2025-08-02 | WD |  |  |
| lad:E1088 | 549300GS8TRRRJCSVZ45 | FR | lad:basis-FC | 2024-01-16 | B+ |  | lad:watch-RWN |
| lad:E1098 | 724500HD5AQ2MDSXXU69 | US | lad:basis-FC | 2026-04-28 | BBB- |  | lad:watch-RWN |
| lad:E1099 | 213800XQVJ5IKNNVXY16 | FR | lad:basis-FC | 2023-11-05 | BB+ |  | lad:watch-RWN |
| lad:E1105 | 3912002RB0IGZZN6RN49 | GR | lad:basis-FC | 2024-01-13 | A+ | lad:outlook-NEG |  |
| lad:E1106 | 724500MTRZ5RNJAKRB00 | VD | lad:basis-LC | 2025-08-10 | WD |  |  |
| lad:E1107 | 39120035C3L494GPV335 | FR | lad:basis-FC | 2024-10-16 | WD |  |  |
| lad:E1109 | 815600379XSXXQR72R46 | NL | lad:basis-FC | 2025-12-25 | A+ |  | lad:watch-RWN |
| lad:E1118 | 969500ZM445IDEYHCL85 | DE | lad:basis-FC | 2025-07-14 | BB+ | lad:outlook-NEG |  |
| lad:E1121 | 815600MZAUY1OCZWJF49 | DE | lad:basis-FC | 2024-10-23 | WD |  |  |
| lad:E1124 | 815600NAKDQJ2L7WWJ01 | GB | lad:basis-FC | 2024-06-15 | WD |  |  |
| lad:E1126 | 213800QG4ZGLWRUBIQ31 | VD | lad:basis-FC | 2025-07-10 | BB |  | lad:watch-RWN |
| lad:E1132 | 549300WSZI986L1XA988 | US | lad:basis-FC | 2025-08-24 | B+ |  | lad:watch-RWN |
| lad:E1133 | 549300PSORKEO25SHT85 | US | lad:basis-FC | 2025-10-11 | B+ |  | lad:watch-RWN |
| lad:E1138 | 724500BSV4X2J7KUR535 | NL | lad:basis-FC | 2024-12-26 | WD |  |  |
| lad:E1140 | 391200IBY0WQGAT3R586 | US | lad:basis-FC | 2025-09-15 | WD |  |  |
| lad:E1146 | 7245008Y7HAJI3ZSJK12 | US | lad:basis-FC | 2025-08-12 | BB |  | lad:watch-RWN |
| lad:E1155 | 391200428FS1WJP3AG75 | US | lad:basis-FC | 2026-03-22 | WD |  |  |
| lad:E1158 | 9695008UP74QEOJ3KW74 | ES | lad:basis-FC | 2026-08-14 | BBB | lad:outlook-NEG |  |
| lad:E1159 | 213800VMJXKPLM9ZIL74 | DE | lad:basis-FC | 2026-09-22 | WD |  |  |
| lad:E1161 | 969500PM41NS2PBZU440 | FR | lad:basis-FC | 2026-07-28 | B | lad:outlook-NEG |  |
| lad:E1166 | 8156008Z86BWAKVE7I73 | US | lad:basis-FC | 2023-07-26 | WD |  |  |
| lad:E1168 | 549300N9NKGSRIO34Y39 | US | lad:basis-FC | 2023-10-12 | BBB- |  | lad:watch-RWN |
| lad:E1172 | 549300F5R74KW6K96H13 | FR | lad:basis-FC | 2026-03-12 | WD |  |  |
| lad:E1181 | 3912006PQEEWVJETOG62 | IT | lad:basis-FC | 2025-01-06 | A- |  | lad:watch-RWN |
| lad:E1188 | 815600O0Y6S2CPCDAA82 | GR | lad:basis-FC | 2024-09-05 | BB- | lad:outlook-NEG |  |
(47 more rows not shown)

Query 2:

| e | c | b | d | r |
|---|---|---|---|---|
| lad:CV | CV | lad:basis-FC | 2024-01-01 | BBB+ |
| lad:CV | CV | lad:basis-FC | 2024-01-01 | A- |
| lad:CV | CV | lad:basis-LC | 2024-01-01 | BBB+ |
| lad:CV | CV | lad:basis-LC | 2024-01-01 | A- |
| lad:E05 | VD | lad:basis-LC | 2025-04-01 | BBB- |
| lad:E05 | VD | lad:basis-LC | 2025-04-01 | BB |
| lad:E05 | VD | lad:basis-FC | 2025-04-01 | BBB- |
| lad:E05 | VD | lad:basis-FC | 2025-04-01 | BB |
| lad:E1019 | CV | lad:basis-FC | 2022-12-11 | BB+ |
| lad:E1019 | CV | lad:basis-FC | 2022-12-11 | BBB- |
| lad:E1019 | CV | lad:basis-LC | 2024-03-20 | BBB- |
| lad:E1028 | VD | lad:basis-FC | 2025-12-25 | BB |
| lad:E1028 | VD | lad:basis-LC | 2025-12-05 | BBB |
| lad:E1039 | CV | lad:basis-FC | 2025-12-09 | A |
| lad:E1039 | CV | lad:basis-LC | 2025-11-22 | A |
| lad:E1039 | CV | lad:basis-LC | 2025-11-22 | AA- |
| lad:E1059 | CV | lad:basis-LC | 2026-02-23 | BB- |
| lad:E1060 | CV | lad:basis-FC | 2025-02-16 | BB- |
| lad:E1071 | CV | lad:basis-FC | 2023-01-11 | B+ |
| lad:E1096 | CV | lad:basis-FC | 2024-04-04 | BBB |
| lad:E1096 | CV | lad:basis-FC | 2024-04-04 | BBB+ |
| lad:E1096 | CV | lad:basis-LC | 2025-02-17 | BBB+ |
| lad:E1101 | VD | lad:basis-FC | 2022-10-26 | BB |
| lad:E1101 | VD | lad:basis-FC | 2022-10-26 | BB+ |
| lad:E1101 | VD | lad:basis-LC | 2022-10-26 | BB |
| lad:E1101 | VD | lad:basis-LC | 2022-10-26 | BB+ |
| lad:E1106 | VD | lad:basis-FC | 2024-10-26 | B+ |
| lad:E1106 | VD | lad:basis-FC | 2024-10-26 | BB |
| lad:E1106 | VD | lad:basis-LC | 2025-08-10 | WD |
| lad:E1126 | VD | lad:basis-FC | 2025-07-10 | BB |
| lad:E1126 | VD | lad:basis-LC | 2024-04-11 | BB |
| lad:E1126 | VD | lad:basis-LC | 2024-04-11 | BBB- |
| lad:E1136 | CV | lad:basis-FC | 2023-07-04 | A- |
| lad:E1144 | CV | lad:basis-FC | 2026-06-06 | B+ |
| lad:E1144 | CV | lad:basis-LC | 2024-07-19 | BB- |
| lad:E1185 | CV | lad:basis-FC | 2025-02-28 | BB+ |
| lad:E1194 | CV | lad:basis-FC | 2025-01-20 | A |
| lad:E1194 | CV | lad:basis-LC | 2024-03-23 | A |
| lad:E1194 | CV | lad:basis-LC | 2024-03-23 | A |
| lad:E1217 | CV | lad:basis-FC | 2025-09-07 | BB- |
| lad:E1223 | CV | lad:basis-FC | 2023-08-20 | BB+ |
| lad:E1229 | CV | lad:basis-FC | 2026-06-02 | BB+ |
| lad:E1229 | CV | lad:basis-LC | 2025-09-16 | BBB- |
| lad:E1236 | VD | lad:basis-FC | 2023-09-17 | BB |
| lad:E1243 | CV | lad:basis-FC | 2026-08-19 | BB |
| lad:E1243 | CV | lad:basis-LC | 2026-01-15 | BBB+ |
| lad:E1245 | CV | lad:basis-FC | 2025-09-11 | B+ |
| lad:E1245 | CV | lad:basis-LC | 2025-09-20 | B |
| lad:E1279 | VD | lad:basis-FC | 2024-11-17 | WD |
| lad:E1279 | VD | lad:basis-LC | 2023-12-16 | BB |
| lad:E1283 | CV | lad:basis-FC | 2024-11-03 | BB |
| lad:E1283 | CV | lad:basis-LC | 2024-06-19 | B+ |
| lad:E1304 | CV | lad:basis-FC | 2026-07-25 | BB |
| lad:E1307 | VD | lad:basis-FC | 2026-09-25 | BB- |
| lad:E1313 | VD | lad:basis-FC | 2025-09-02 | BB- |
| lad:E1313 | VD | lad:basis-LC | 2024-01-24 | BB |
| lad:E1313 | VD | lad:basis-LC | 2024-01-24 | BBB- |
| lad:E15 | CV | lad:basis-LC | 2024-03-01 | A+ |
| lad:E15 | CV | lad:basis-LC | 2024-03-01 | A |
| lad:E15 | CV | lad:basis-FC | 2024-03-01 | A+ |
(1 more rows not shown)

Query 3:

| issuers | nonSov | gb |
|---|---|---|
| 289 | 288 | 74 |

Query 4:

| ents | legal | luents |
|---|---|---|
| 370 | 344 | 1 |

Query 5:

| i | d | r | act |
|---|---|---|---|
| lad:I08 | 2026-09-01 | A | lad:action-EX |
| lad:I1008 | 2026-05-23 | B+ | lad:action-EX |
| lad:I1012 | 2026-07-22 | A- | lad:action-EX |
| lad:I1021 | 2026-09-18 | AA- | lad:action-EX |
| lad:I1046 | 2026-05-18 | B+ | lad:action-EX |
| lad:I1049 | 2026-03-17 | BB- | lad:action-EX |

Query 6:

| rated | investmentGrade |
|---|---|
| 112 | 69 |

Run more queries, or give the final answers.

The model

```sparql
SELECT ?kind (GROUP_CONCAT(DISTINCT REPLACE(STR(?e),"^.*/","");separator=",") AS ?ids) (COUNT(DISTINCT ?e) AS ?n) WHERE {
 { SELECT ?e ?b (MAX(STR(?d0)) AS ?md) WHERE { ?a0 lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:date ?d0; lad:ccyBasis ?b. FILTER(STR(?d0)<="2026-10-01") } GROUP BY ?e ?b }
 ?a lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:date ?d; lad:ccyBasis ?b; lad:rating ?r. FILTER(STR(?d)=?md)
 OPTIONAL{?a lad:outlook ?o} OPTIONAL{?a lad:watch ?w}
 BIND(IF(?r IN ("RD","D","SD"),"default",IF(BOUND(?w),"rwn",IF(?o=lad:outlook-NEG,"neg",IF(?r="WD","wd","other")))) AS ?kind)
 FILTER(?kind!="other")
} GROUP BY ?kind
```
```sparql
SELECT ?kind (GROUP_CONCAT(DISTINCT REPLACE(STR(?e),"^.*/","");separator=",") AS ?ids) WHERE {
 { ?a lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:action lad:action-DG; lad:date ?d. FILTER(STR(?d)>="2026-01-01" && STR(?d)<="2026-12-31") BIND("dg2026" AS ?kind) }
 UNION { ?a lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:rating ?r. FILTER(?r IN ("RD","D","SD")) BIND("everdefault" AS ?kind) }
 UNION { ?e lad:country "LU"; lad:sourceSystem ?s . BIND(CONCAT("LU-",?s) AS ?kind) }
} GROUP BY ?kind
```
```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?e ?lei ?c ?r ?rk ?cc 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" 18)}
 { SELECT ?e (MAX(STR(?d0)) AS ?md) WHERE { ?a0 lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:date ?d0; lad:ccyBasis lad:basis-FC. FILTER(STR(?d0)<="2026-10-01") } GROUP BY ?e }
 ?a lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:date ?d; lad:ccyBasis lad:basis-FC; lad:rating ?r. FILTER(STR(?d)=?md)
 ?e lad:country ?c. OPTIONAL{?e lad:lei ?lei}
 BIND(IF(?c="CV",6,IF(?c="VD",12,0)) AS ?cc) FILTER(?cc>0 && ?rk<=?cc)
} ORDER BY ?e
```

Query results

Query 1:

| kind | ids | n |
|---|---|---|
| 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,E1340,E1342,E1343,E1344,E1345,E1347,E1348,E1350,E1351,E09 | 37 |
| 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,E06,E1297,E1314,E1317,E1323 | 32 |
| default | E08 | 1 |

Query 2:

| kind | ids |
|---|---|
| dg2026 | 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 |
| everdefault | E08 |
| LU-RESEARCH | E17 |

Query 3:

| e | lei | c | r | rk | cc |
|---|---|---|---|---|---|
| lad:E05 | 391200LESH03LMOY2U61 | VD | BB | 12 | 12 |
| lad:E1028 | 213800TJ32NARU0BI982 | VD | BB | 12 | 12 |
| lad:E1039 | 969500HA9D5I7F73PW83 | CV | A | 6 | 6 |
| lad:E1101 | 815600YUVYKAXDN9LE93 | VD | BB | 12 | 12 |
| lad:E1126 | 213800QG4ZGLWRUBIQ31 | VD | BB | 12 | 12 |
| lad:E1194 | 815600GVTRTKVHG8BO41 | CV | A | 6 | 6 |
| lad:E1236 | 3912002FNTE1EKOY9W74 | VD | BB | 12 | 12 |
| lad:E15 | 213800PBQVHVBBH6GV02 | CV | A | 6 | 6 |

Run more queries, or give the final answers.

The model

<invoke name="sparql">
</invoke>
```sparql
SELECT (GROUP_CONCAT(DISTINCT REPLACE(STR(?e),"^.*/","");separator=",") AS ?ids) (COUNT(DISTINCT ?e) AS ?n) WHERE {
 { SELECT ?e ?b (MAX(STR(?d0)) AS ?md) WHERE { ?a0 lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:date ?d0. OPTIONAL{?a0 lad:ccyBasis ?b} FILTER(STR(?d0)<="2026-10-01") } GROUP BY ?e ?b }
 ?a lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:date ?d; lad:rating "WD". OPTIONAL{?a lad:ccyBasis ?b} FILTER(STR(?d)=?md)
 FILTER NOT EXISTS { ?a2 lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:rating ?r2; lad:date ?d2. FILTER(?r2!="WD") FILTER(STR(?d2)<="2026-10-01")
   FILTER NOT EXISTS { ?a3 lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:date ?d3. FILTER(STR(?d3)>STR(?d2) && STR(?d3)<="2026-10-01") } }
}
```

Query results

Query 1:

| ids | n |
|---|---|
| E1002,E1007,E1021,E1032,E1041,E1048,E1057,E1062,E1063,E1076,E1084,E1106,E1107,E1121,E1124,E1138,E1140,E1155,E1159,E1166,E1172,E1200,E1205,E1206,E1218,E1219,E1225,E1233,E1234,E1244,E1254,E1277,E1279,E1308,E1316,E1320,E07 | 37 |

Run more queries, or give the final answers.

The model

**Q1.** A-. Kestrel's rating on 1 Jan 2025 was still the A- from A01 (2024-03-12); the downgrade to BBB (A02) came on 2025-06-20.

**Q2.** No. A03 on 2026-02-10 was an affirmation at BBB with a Negative outlook.

**Q3.** No. The 2031 note I02 was downgraded to BB+ (A07), which is sub-investment grade.

**Q4.** Positive. E02 and E03 share one LEI, so they are the same entity. The latest action is A09 (E03, 2025-09-15), with a Positive outlook; E02's A08 was Stable.

**Q5.** E02, rated A. I03's issuer is the finance sub E04, but E02 guarantees it. I03 is rated A (A11) and E02 is rated A.

**Q6.** The data doesn't state a reason. Valdoria's Country Ceiling (A12) is BB, which equals E05's foreign-currency rating (A14), while the local-currency rating is BBB- (A13). That suggests the ceiling caps the foreign-currency rating.

**Q7.** The issuers with a downgrade (DG) action in 2026 are listed in the JSON, 44 in all. They include E08, E10 and E16.

**Q8.** E08. Saxby Shipping was rated RD on 2026-07-08 (A22).

**Q9.** 289. This is distinct issuers by LEI whose latest long-term issuer rating on 1 Oct 2026 was not WD. It includes the Republic of Corvenia (CV), the only sovereign with an issuer rating.

**Q10.** Depends. The local-currency rating is BBB- (investment grade, A13), but the foreign-currency rating is BB (not, A14).

**Q11.** BBB+. A36 (2024-09-30) downgraded E14 from A-.

**Q12.** A-, from A34.

**Q13.** 1, from A36.

**Q14.** None. Halden Foods' first rating (A30) is dated 2024-02-01, after 1 Jan 2024.

**Q15.** A-, from A26. The downgrade to BBB+ (A27) came on 2026-04-15.

**Q16.** No. The rating was BBB+ on 1 Jan 2025 and is still BBB+ (A33). Only a watch was added in A35 and then cleared.

**Q17.** No. The only 2026 action on E06 is A17, a Rating Watch Negative on A-, which is not a downgrade.

**Q18.** The 32 issuers on Rating Watch Negative are in the JSON.

**Q19.** The 37 issuers with a Negative outlook are in the JSON.

**Q20.** No. E07's rating was withdrawn (A19, "commercial reasons"), not defaulted.

**Q21.** Issuers whose latest rating is WD, excluding E1106 and E1279, are in the JSON. Those two still hold a rating on the other currency basis.

**Q22.** E08, which was downgraded to RD in A22.

**Q23.** F2, from A04.

**Q24.** Yes. The issuer rating is BBB (A03).

**Q25.** 69. This counts instruments whose latest rating on 1 Oct 2026 was BBB- or better, excluding expired ratings.

**Q26.** A+, from A40.

**Q27.** A-, from A42.

**Q28.** BBB+, from A38 (foreign currency).

**Q29.** None. Valdoria has only a Country Ceiling (BB, A12), not an issuer rating.

**Q30.** The entities in the JSON are rated exactly at their country's ceiling: BB for VD and A for CV.

**Q31.** No. No foreign-currency issuer rating exceeded its ceiling; all were at or below it.

**Q32.** E09, Halden Group plc, through E11 → E10 → E09.

**Q33.** E10, rated BBB+. I05 is issued by E11 but guaranteed by E10, which was downgraded to BBB+ in A27.

**Q34.** No. E12 has no parent link to E09, so the data doesn't place it in the group.

**Q35.** 3: E09, E10 and E11. E17 appears to be a research-source duplicate of the bank.

**Q36.** 2: E02 and E04. E03 duplicates E02.

**Q37.** 344. There are 370 entity records, which fall to 344 distinct legal entities after merging records that share an LEI.

**Q38.** No. They are different legal entities, E06 (DE) and E13 (US), with different LEIs.

**Q39.** A, affirmed in A09.

**Q40.** 74, counted by distinct LEI.

**Q41.** BB+, from A44 (downgraded 2026-06-01).

**Q42.** DE (E10). The LU record E17 is a research-source duplicate.

**Q43.** 1 (E17).

**Q44.** Yes. I07 is denominated in XVD, Valdoria's local currency.

**Q45.** Yes. I07 is rated BBB- (A45), above the BB ceiling (A12).

**Q46.** No. E11 has only a credit opinion (A46, type CO), not an issuer default rating.

**Q47.** None. I08's rating of A was marked expired (EX) on 2026-09-01 (A47).

**Q48.** 112. This counts instruments with a current rating on 1 Oct 2026, excluding expired and withdrawn ones.

```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":289},
"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","E06","E1297","E1314","E1317","E1323"]},
"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","E1340","E1342","E1343","E1344","E1345","E1347","E1348","E1350","E1351","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":69},
"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":74},
"Q41":{"rating":"BB+"},
"Q42":{"country":"DE"},
"Q43":{"count":1},
"Q44":{"local_currency":"yes"},
"Q45":{"above_ceiling":"yes"},
"Q46":{"issuer_rating":"no"},
"Q47":{"rating":"none"},
"Q48":{"count":112}
}
```