D4 sparql, run 3: the query session

← back to the run

24 queries0 failed8 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
PREFIX lad: <https://example.org/ladder/>
PREFIX rdfs: <http://www.w3.org/2000/01/rdf-schema#>
SELECT ?s ?p ?o WHERE { ?s a lad:Entity ; ?p ?o } ORDER BY ?s ?p
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?s ?p ?o WHERE { ?s a lad:Instrument ; ?p ?o } ORDER BY ?s ?p
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?s ?p ?o WHERE { ?s a lad:RatingAction ; ?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 
<parameter name="query">PREFIX skos: <http://www.w3.org/2004/02/skos/core#>
PREFIX lad: <https://example.org/ladder/>
SELECT ?s ?p ?o WHERE { ?s ?p ?o . FILTER(?p IN (skos:prefLabel, skos:definition, skos:notation, skos:note, skos:scopeNote, skos:broader, skos:inScheme, skos:altLabel, skos:related)) } ORDER BY ?s ?p</parameter>
</invoke>

I need to run it as a fenced block. Let me do that.

```sparql
PREFIX skos: <http://www.w3.org/2004/02/skos/core#>
PREFIX lad: <https://example.org/ladder/>
SELECT ?s ?p ?o WHERE { ?s ?p ?o . FILTER(?p IN (skos:prefLabel, skos:definition, skos:notation, skos:note, skos:scopeNote, skos:broader, skos:inScheme, skos:altLabel, skos:related)) } ORDER BY ?s ?p
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?s ?p ?o WHERE { ?s ?p ?o . FILTER(?s IN (lad:E01, lad:E02, lad:E03, lad:E04, lad:E05, lad:E06, lad:E07, lad:E08, lad:E09, lad:E10, lad:E11, lad:E12, lad:E13, lad:E14, lad:E15, lad:E16, lad:E17, lad:E18, lad:E19, lad:E20, lad:CV, lad:VD)) FILTER(?p IN (lad:parent, lad:country, lad:name, lad:entityType, lad:lei, lad:sourceSystem)) } ORDER BY ?s ?p
```
Query results 
Query 1:

(no rows)

Query 2:

| s | p | o |
|---|---|---|
| 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | lad:country | GR |
| lad:E08 | lad:entityType | lad:etype-CORP |
| lad:E08 | lad:lei | 969500KOTZ1JFIZSG796 |
| lad:E08 | lad:name | Saxby Shipping SA |
| lad:E08 | lad:sourceSystem | RATINGS |
| lad:E09 | lad:country | GB |
| lad:E09 | lad:entityType | lad:etype-CORP |
| lad:E09 | lad:lei | 815600ASM9EHDG931T89 |
| lad:E09 | lad:name | Halden Group plc |
| lad:E09 | lad:sourceSystem | RATINGS |
| lad:E10 | lad:country | DE |
| lad:E10 | lad:entityType | lad:etype-BANK |
| lad:E10 | lad:lei | 391200QYPVFF2O9K2039 |
| lad:E10 | lad:name | Halden Bank AG |
| lad:E10 | lad:parent | lad:E09 |
| lad:E10 | lad:sourceSystem | RATINGS |
| lad:E11 | lad:country | FR |
| lad:E11 | lad:entityType | lad:etype-FINSUB |
| lad:E11 | lad:lei | 549300XBZH4ULO9MQV55 |
| lad:E11 | lad:name | Halden Leasing SA |
(36 more rows not shown)

Run more queries, or give the final answers.
The model 
```sparql
PREFIX lad: <https://example.org/ladder/>
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 LIMIT 300
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?s ?p ?o WHERE { ?s ?p ?o . FILTER(?s IN (lad:E11,lad:E12,lad:E13,lad:E14,lad:E15,lad:E16,lad:E17,lad:E18,lad:E19,lad:E20,lad:VD)) FILTER(?p IN (lad:parent, lad:country, lad:name, lad:entityType)) } ORDER BY ?s ?p
```
Query results 
Query 1:

(no rows)

Query 2:

| s | p | o |
|---|---|---|
| lad:E11 | lad:country | FR |
| lad:E11 | lad:entityType | lad:etype-FINSUB |
| lad:E11 | lad:name | Halden Leasing SA |
| lad:E11 | lad:parent | lad:E10 |
| lad:E12 | lad:country | GB |
| lad:E12 | lad:entityType | lad:etype-CORP |
| lad:E12 | lad:name | Halden Foods Ltd |
| lad:E13 | lad:country | US |
| lad:E13 | lad:entityType | lad:etype-BANK |
| lad:E13 | lad:name | Orrin Bancorp Inc |
| lad:E14 | lad:country | GB |
| lad:E14 | lad:entityType | lad:etype-CORP |
| lad:E14 | lad:name | Marlow Utilities plc |
| lad:E15 | lad:country | CV |
| lad:E15 | lad:entityType | lad:etype-CORP |
| lad:E15 | lad:name | Corvenia Power SA |
| lad:E16 | lad:country | GB |
| lad:E16 | lad:entityType | lad:etype-CORP |
| lad:E16 | lad:name | Brindle Capital Ltd |
| lad:E17 | lad:country | LU |
| lad:E17 | lad:entityType | lad:etype-BANK |
| lad:E17 | lad:name | HALDEN BANK |
| lad:VD | lad:country | VD |
| lad:VD | lad:entityType | lad:etype-SOV |
| lad:VD | lad:name | Republic of Valdoria |

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

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?a ?t ?d ?act ?r ?ty ?b ?o ?w ?c WHERE { ?a a lad:RatingAction ; lad:ratedThing ?t ; lad:date ?d ; lad:action ?act ; lad:rating ?r ; lad:ratingType ?ty . OPTIONAL{?a lad:ccyBasis ?b} OPTIONAL{?a lad:outlook ?o} OPTIONAL{?a lad:watch ?w} OPTIONAL{?a lad:comment ?c} FILTER(REGEX(STR(?t),"(E[0-9]{2}|CV|VD|I0[0-9])$")) } ORDER BY ?t ?d
```
Query results 
Query 1:

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

Run more queries, or give the final answers.
The model 
```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT (COUNT(DISTINCT ?e) AS ?n) (COUNT(DISTINCT ?l) AS ?leis) WHERE { ?e a lad:Entity . OPTIONAL{?e lad:lei ?l} }
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?e ?n ?c ?l ?p ?s WHERE { ?e a lad:Entity ; lad:country ?c ; lad:name ?n . OPTIONAL{?e lad:lei ?l} OPTIONAL{?e lad:parent ?p} OPTIONAL{?e lad:sourceSystem ?s} FILTER(?c="LU" || REGEX(?n,"Halden|Orrin|Northwind","i")) }
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?t ?ty ?b (COUNT(*) AS ?n) WHERE { ?a a lad:RatingAction ; lad:ratedThing ?t ; lad:ratingType ?ty . OPTIONAL{?a lad:ccyBasis ?b} } GROUP BY ?t ?ty ?b HAVING(0=1)
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?ty ?b ?act (COUNT(*) AS ?n) WHERE { ?a a lad:RatingAction ; lad:ratingType ?ty ; lad:action ?act . OPTIONAL{?a lad:ccyBasis ?b} } GROUP BY ?ty ?b ?act
```
Query results 
Query 1:

| n | leis |
|---|---|
| 370 | 342 |

Query 2:

| e | n | c | l | p | s |
|---|---|---|---|---|---|
| lad:E17 | HALDEN BANK | LU | 391200QYPVFF2O9K2039 |  | RESEARCH |
| lad:E03 | NORTHWIND HLDGS | GB | 213800PHEIYNJMHTDV74 |  | RESEARCH |
| lad:E04 | Northwind Finance BV | NL | 213800LA5RYJLGXV2T85 | lad:E02 | RATINGS |
| lad:E13 | Orrin Bancorp Inc | US | 815600O8X8K2F154N214 |  | RATINGS |
| lad:E06 | Orrin Bank AG | DE | 549300AMVE3VRVG7HK43 |  | RATINGS |
| lad:E11 | Halden Leasing SA | FR | 549300XBZH4ULO9MQV55 | lad:E10 | RATINGS |
| lad:E12 | Halden Foods Ltd | GB | 213800IJDL4OJ4DG5T19 |  | RATINGS |
| lad:E02 | Northwind Holdings plc | GB | 213800PHEIYNJMHTDV74 |  | RATINGS |
| lad:E09 | Halden Group plc | GB | 815600ASM9EHDG931T89 |  | RATINGS |
| lad:E10 | Halden Bank AG | DE | 391200QYPVFF2O9K2039 | lad:E09 | RATINGS |

Query 3:

(no rows)

Query 4:

| ty | b | act | n |
|---|---|---|---|
| lad:type-LTIDR | lad:basis-FC | lad:action-AS | 326 |
| lad:type-LTIDR | lad:basis-FC | lad:action-DG | 88 |
| lad:type-LTIDR | lad:basis-FC | lad:action-AF | 81 |
| lad:type-STIDR | lad:basis-FC | lad:action-AF | 1 |
| lad:type-INST |  | lad:action-AS | 106 |
| lad:type-INST |  | lad:action-DG | 3 |
| lad:type-LTIDR | lad:basis-FC | lad:action-WD | 39 |
| lad:type-LTIDR | lad:basis-FC | lad:action-UG | 45 |
| lad:type-LTIDR | lad:basis-FC | lad:action-RW | 45 |
| lad:type-INST |  | lad:action-EX | 9 |
| lad:type-LTIDR | lad:basis-LC | lad:action-AS | 19 |
| lad:type-LTIDR | lad:basis-LC | lad:action-RW | 3 |
| lad:type-LTIDR | lad:basis-LC | lad:action-UG | 3 |
| lad:type-INST |  | lad:action-AF | 1 |
| lad:type-LTIDR | lad:basis-LC | lad:action-DG | 4 |
| lad:type-CC |  | lad:action-AS | 2 |
| lad:type-LTIDR | lad:basis-LC | lad:action-AF | 4 |
| lad:type-LTIDR | lad:basis-LC | lad:action-WD | 1 |
| lad:type-CO |  | lad:action-AS | 7 |

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

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT (COUNT(DISTINCT ?t) AS ?issuers) (COUNT(DISTINCT ?gb) AS ?gbIssuers) WHERE {
  ?a a lad:RatingAction ; lad:ratedThing ?t ; lad:ratingType lad:type-LTIDR ; lad:date ?d ; lad:rating ?r .
  FILTER(?d <= "2026-10-01" && ?r != "WD")
  FILTER NOT EXISTS { ?b lad:ratedThing ?t ; lad:ratingType lad:type-LTIDR ; lad:ccyBasis ?bb ; lad:date ?d2 . ?a lad:ccyBasis ?bb . FILTER(?d2 > ?d && ?d2 <= "2026-10-01") }
  OPTIONAL { ?t lad:country ?c . FILTER(?c="GB") BIND(?t AS ?gb) }
}
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?r (COUNT(DISTINCT ?t) AS ?n) WHERE {
  ?a a lad:RatingAction ; lad:ratedThing ?t ; lad:ratingType lad:type-INST ; lad:date ?d ; lad:rating ?r ; lad:action ?act .
  FILTER(?d <= "2026-10-01" && ?act != lad:action-EX && ?act != lad:action-WD)
  FILTER NOT EXISTS { ?b lad:ratedThing ?t ; lad:ratingType lad:type-INST ; lad:date ?d2 . FILTER(?d2 > ?d && ?d2 <= "2026-10-01") }
} GROUP BY ?r
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT (COUNT(DISTINCT ?e) AS ?noLei) WHERE { ?e a lad:Entity . FILTER NOT EXISTS { ?e lad:lei ?l } }
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?l (COUNT(?e) AS ?n) (GROUP_CONCAT(?e;separator=",") AS ?es) WHERE { ?e a lad:Entity ; lad:lei ?l } GROUP BY ?l HAVING(COUNT(?e)>1)
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?e ?l ?n WHERE { ?e lad:country "LU" ; lad:name ?n . OPTIONAL{?e lad:lei ?l} }
```
Query results 
Query 1:

| issuers | gbIssuers |
|---|---|
| 293 | 75 |

Query 2:

| r | n |
|---|---|
| BBB | 6 |
| BB+ | 15 |
| BB- | 5 |
| BBB- | 17 |
| A | 9 |
| BB | 8 |
| B+ | 6 |
| A- | 9 |
| A+ | 15 |
| B | 6 |
| BBB+ | 6 |
| AA- | 4 |

Query 3:

| noLei |
|---|
| 2 |

Query 4:

| l | n | es |
|---|---|---|
| 3912003R00FP6CNV6210 | 2 | https://example.org/ladder/E1001,https://example.org/ladder/E1002 |
| 391200KLG6G4KVIMIU52 | 2 | https://example.org/ladder/E1022,https://example.org/ladder/E1021 |
| 8156008DPX4I9DNKWN26 | 2 | https://example.org/ladder/E1030,https://example.org/ladder/E1029 |
| 549300NTCTGRKRYIAN83 | 2 | https://example.org/ladder/E1097,https://example.org/ladder/E1096 |
| 391200JN4T4KY2HCRU75 | 2 | https://example.org/ladder/E1116,https://example.org/ladder/E1117 |
| 724500BSV4X2J7KUR535 | 2 | https://example.org/ladder/E1139,https://example.org/ladder/E1138 |
| 549300E50JHDJNBUGF22 | 2 | https://example.org/ladder/E1152,https://example.org/ladder/E1153 |
| 969500KYKHRI6N2WRN19 | 2 | https://example.org/ladder/E1157,https://example.org/ladder/E1156 |
| 549300XV49ES64RGNQ00 | 2 | https://example.org/ladder/E1169,https://example.org/ladder/E1170 |
| 391200USHZVHBK9FHP01 | 2 | https://example.org/ladder/E1180,https://example.org/ladder/E1179 |
| 549300HWTXXHJP2HKU38 | 2 | https://example.org/ladder/E1209,https://example.org/ladder/E1210 |
| 549300A64I73OEIC4R87 | 2 | https://example.org/ladder/E1214,https://example.org/ladder/E1213 |
| 5493004IM0PRT8BSDK29 | 2 | https://example.org/ladder/E1239,https://example.org/ladder/E1238 |
| 815600LRX1P8142NMF42 | 2 | https://example.org/ladder/E1246,https://example.org/ladder/E1245 |
| 724500YEJSJ19G17TW94 | 2 | https://example.org/ladder/E1259,https://example.org/ladder/E1258 |
| 815600RCZP0ISY44E024 | 2 | https://example.org/ladder/E1298,https://example.org/ladder/E1299 |
| 9695000PSF2HLPO9AE57 | 2 | https://example.org/ladder/E1311,https://example.org/ladder/E1310 |
| 724500UQKUINIUB80J18 | 2 | https://example.org/ladder/E1318,https://example.org/ladder/E1319 |
| 391200QYPVFF2O9K2039 | 2 | https://example.org/ladder/E17,https://example.org/ladder/E10 |
| 213800PHEIYNJMHTDV74 | 2 | https://example.org/ladder/E03,https://example.org/ladder/E02 |
| 815600HDI8Y3IWGOOH22 | 2 | https://example.org/ladder/E1103,https://example.org/ladder/E1104 |
| 391200E9TAHDZV7CY568 | 2 | https://example.org/ladder/E1147,https://example.org/ladder/E1148 |
| 969500PM41NS2PBZU440 | 2 | https://example.org/ladder/E1160,https://example.org/ladder/E1161 |
| 969500QXEZ0NSV6EIW69 | 2 | https://example.org/ladder/E1253,https://example.org/ladder/E1254 |
| 549300H1N0EQEAZLE362 | 2 | https://example.org/ladder/E1261,https://example.org/ladder/E1262 |
| 549300CRXZL5I1OT6L14 | 2 | https://example.org/ladder/E1060,https://example.org/ladder/E1059 |

Query 5:

| e | l | n |
|---|---|---|
| lad:E17 | 391200QYPVFF2O9K2039 | HALDEN BANK |

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

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?t ?d ?act ?r ?o ?w WHERE {
  ?a a lad:RatingAction ; lad:ratedThing ?t ; lad:ratingType lad:type-LTIDR ; lad:ccyBasis lad:basis-FC ; lad:date ?d ; lad:rating ?r ; lad:action ?act .
  OPTIONAL{?a lad:outlook ?o} OPTIONAL{?a lad:watch ?w}
  FILTER(?d <= "2026-10-01")
  FILTER NOT EXISTS { ?b lad:ratedThing ?t ; lad:ratingType lad:type-LTIDR ; lad:ccyBasis lad:basis-FC ; lad:date ?d2 . FILTER(?d2 > ?d && ?d2 <= "2026-10-01") }
  FILTER(?r IN ("RD","D","WD") || BOUND(?w) || ?o = lad:outlook-NEG)
  FILTER(REGEX(STR(?t),"/E[0-9]+$"))
} ORDER BY ?t
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT DISTINCT ?t ?r ?d WHERE {
  ?a a lad:RatingAction ; lad:ratedThing ?t ; lad:date ?d ; lad:rating ?r .
  FILTER(?r IN ("RD","D","C","SD"))
} ORDER BY ?t
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?t ?d ?r WHERE {
  ?a a lad:RatingAction ; lad:ratedThing ?t ; lad:ratingType lad:type-LTIDR ; lad:date ?d ; lad:rating "WD" .
  FILTER NOT EXISTS { ?b lad:ratedThing ?t ; lad:ratingType lad:type-LTIDR ; lad:date ?d2 . FILTER(?d2 > ?d) }
  FILTER(?d <= "2026-10-01")
}
```
Query results 
Query 1:

| t | d | act | r | o | w |
|---|---|---|---|---|---|
| lad:E01 | 2026-02-10 | lad:action-AF | BBB | lad:outlook-NEG |  |
| lad:E06 | 2026-09-03 | lad:action-RW | A- |  | lad:watch-RWN |
| lad:E07 | 2026-05-12 | lad:action-WD | WD |  |  |
| lad:E08 | 2026-07-08 | lad:action-DG | RD |  |  |
| lad:E09 | 2026-03-01 | lad:action-AF | A | lad:outlook-NEG |  |
| lad:E1002 | 2025-07-20 | lad:action-WD | WD |  |  |
| lad:E1005 | 2025-08-02 | lad:action-DG | BB | lad:outlook-NEG |  |
| lad:E1006 | 2026-06-17 | lad:action-RW | AA |  | lad:watch-RWN |
| lad:E1007 | 2026-06-27 | lad:action-WD | WD |  |  |
| lad:E1013 | 2025-07-09 | lad:action-RW | BB- |  | lad:watch-RWN |
| lad:E1021 | 2025-11-08 | lad:action-WD | WD |  |  |
| lad:E1029 | 2025-08-08 | lad:action-UG | A- | lad:outlook-NEG |  |
| lad:E1032 | 2026-09-15 | lad:action-WD | WD |  |  |
| lad:E1034 | 2026-05-02 | lad:action-DG | BBB+ | lad:outlook-NEG |  |
| lad:E1037 | 2022-05-07 | lad:action-RW | A |  | lad:watch-RWN |
| lad:E1039 | 2025-12-09 | lad:action-RW | A |  | lad:watch-RWN |
| lad:E1041 | 2024-04-09 | lad:action-WD | WD |  |  |
| lad:E1046 | 2025-05-28 | lad:action-UG | AA- | lad:outlook-NEG |  |
| lad:E1048 | 2023-04-15 | lad:action-WD | WD |  |  |
| lad:E1055 | 2024-12-04 | lad:action-UG | BBB- | lad:outlook-NEG |  |
| lad:E1056 | 2023-01-01 | lad:action-DG | A+ | lad:outlook-NEG |  |
| lad:E1057 | 2026-09-19 | lad:action-WD | WD |  |  |
| lad:E1060 | 2025-02-16 | lad:action-AF | BB- | lad:outlook-NEG |  |
| lad:E1061 | 2025-06-06 | lad:action-RW | A |  | lad:watch-RWN |
| lad:E1062 | 2025-03-28 | lad:action-WD | WD |  |  |
| lad:E1063 | 2025-01-12 | lad:action-WD | WD |  |  |
| lad:E1064 | 2026-06-03 | lad:action-UG | A- | lad:outlook-NEG |  |
| lad:E1066 | 2026-05-03 | lad:action-RW | A- |  | lad:watch-RWN |
| lad:E1072 | 2026-02-07 | lad:action-AF | BB- | lad:outlook-NEG |  |
| lad:E1076 | 2024-04-28 | lad:action-WD | WD |  |  |
| lad:E1079 | 2024-01-26 | lad:action-AF | BB+ | lad:outlook-NEG |  |
| lad:E1080 | 2026-02-14 | lad:action-DG | A- | lad:outlook-NEG |  |
| lad:E1084 | 2025-08-02 | lad:action-WD | WD |  |  |
| lad:E1088 | 2024-01-16 | lad:action-RW | B+ |  | lad:watch-RWN |
| lad:E1098 | 2026-04-28 | lad:action-RW | BBB- |  | lad:watch-RWN |
| lad:E1099 | 2023-11-05 | lad:action-RW | BB+ |  | lad:watch-RWN |
| lad:E1105 | 2024-01-13 | lad:action-UG | A+ | lad:outlook-NEG |  |
| lad:E1107 | 2024-10-16 | lad:action-WD | WD |  |  |
| lad:E1109 | 2025-12-25 | lad:action-RW | A+ |  | lad:watch-RWN |
| lad:E1118 | 2025-07-14 | lad:action-DG | BB+ | lad:outlook-NEG |  |
| lad:E1121 | 2024-10-23 | lad:action-WD | WD |  |  |
| lad:E1124 | 2024-06-15 | lad:action-WD | WD |  |  |
| lad:E1126 | 2025-07-10 | lad:action-RW | BB |  | lad:watch-RWN |
| lad:E1132 | 2025-08-24 | lad:action-RW | B+ |  | lad:watch-RWN |
| lad:E1133 | 2025-10-11 | lad:action-RW | B+ |  | lad:watch-RWN |
| lad:E1138 | 2024-12-26 | lad:action-WD | WD |  |  |
| lad:E1140 | 2025-09-15 | lad:action-WD | WD |  |  |
| lad:E1146 | 2025-08-12 | lad:action-RW | BB |  | lad:watch-RWN |
| lad:E1155 | 2026-03-22 | lad:action-WD | WD |  |  |
| lad:E1158 | 2026-08-14 | lad:action-AF | BBB | lad:outlook-NEG |  |
| lad:E1159 | 2026-09-22 | lad:action-WD | WD |  |  |
| lad:E1161 | 2026-07-28 | lad:action-DG | B | lad:outlook-NEG |  |
| lad:E1166 | 2023-07-26 | lad:action-WD | WD |  |  |
| lad:E1168 | 2023-10-12 | lad:action-RW | BBB- |  | lad:watch-RWN |
| lad:E1172 | 2026-03-12 | lad:action-WD | WD |  |  |
| lad:E1181 | 2025-01-06 | lad:action-RW | A- |  | lad:watch-RWN |
| lad:E1188 | 2024-09-05 | lad:action-UG | BB- | lad:outlook-NEG |  |
| lad:E1190 | 2025-05-24 | lad:action-UG | BBB | lad:outlook-NEG |  |
| lad:E1194 | 2025-01-20 | lad:action-RW | A |  | lad:watch-RWN |
| lad:E1200 | 2023-11-03 | lad:action-WD | WD |  |  |
(47 more rows not shown)

Query 2:

| t | r | d |
|---|---|---|
| lad:E08 | RD | 2026-07-08 |

Query 3:

| t | d | r |
|---|---|---|
| lad:E1002 | 2025-07-20 |  |
| lad:E1007 | 2026-06-27 |  |
| lad:E1021 | 2025-11-08 |  |
| lad:E1032 | 2026-09-15 |  |
| lad:E1041 | 2024-04-09 |  |
| lad:E1048 | 2023-04-15 |  |
| lad:E1057 | 2026-09-19 |  |
| lad:E1062 | 2025-03-28 |  |
| lad:E1063 | 2025-01-12 |  |
| lad:E1076 | 2024-04-28 |  |
| lad:E1084 | 2025-08-02 |  |
| lad:E1106 | 2025-08-10 |  |
| lad:E1107 | 2024-10-16 |  |
| lad:E1121 | 2024-10-23 |  |
| lad:E1124 | 2024-06-15 |  |
| lad:E1138 | 2024-12-26 |  |
| lad:E1140 | 2025-09-15 |  |
| lad:E1155 | 2026-03-22 |  |
| lad:E1159 | 2026-09-22 |  |
| lad:E1166 | 2023-07-26 |  |
| lad:E1172 | 2026-03-12 |  |
| lad:E1200 | 2023-11-03 |  |
| lad:E1205 | 2025-11-16 |  |
| lad:E1206 | 2025-11-20 |  |
| lad:E1218 | 2026-05-22 |  |
| lad:E1219 | 2026-04-11 |  |
| lad:E1225 | 2025-06-12 |  |
| lad:E1233 | 2025-01-24 |  |
| lad:E1234 | 2026-09-22 |  |
| lad:E1244 | 2024-04-18 |  |
| lad:E1254 | 2025-08-13 |  |
| lad:E1277 | 2025-12-14 |  |
| lad:E1279 | 2024-11-17 |  |
| lad:E1308 | 2025-06-19 |  |
| lad:E1316 | 2024-07-07 |  |
| lad:E1320 | 2023-10-15 |  |
| lad:E07 | 2026-05-12 |  |

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

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT (COUNT(DISTINCT ?k) AS ?issuers) (COUNT(DISTINCT ?kgb) AS ?gb) WHERE {
  ?a a lad:RatingAction ; lad:ratedThing ?t ; lad:ratingType lad:type-LTIDR ; lad:date ?d ; lad:rating ?r ; lad:ccyBasis ?bb .
  FILTER(?d <= "2026-10-01" && ?r != "WD")
  FILTER NOT EXISTS { ?b lad:ratedThing ?t ; lad:ratingType lad:type-LTIDR ; lad:ccyBasis ?bb ; lad:date ?d2 . FILTER(?d2 > ?d && ?d2 <= "2026-10-01") }
  ?t lad:country ?c .
  OPTIONAL{?t lad:lei ?l}
  BIND(COALESCE(?l, STR(?t)) AS ?k)
  BIND(IF(?c="GB", ?k, ?unb) AS ?kgb)
}
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT (COUNT(DISTINCT COALESCE(?l, STR(?e))) AS ?lu) WHERE { ?e a lad:Entity ; lad:country "LU" . OPTIONAL{?e lad:lei ?l} }
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?t ?d ?r ?act WHERE {
  ?a a lad:RatingAction ; lad:ratedThing ?t ; lad:ratingType lad:type-INST ; lad:date ?d ; lad:rating ?r ; lad:action ?act .
  FILTER(?d <= "2026-10-01")
  FILTER NOT EXISTS { ?b lad:ratedThing ?t ; lad:ratingType lad:type-INST ; lad:date ?d2 . FILTER(?d2 > ?d && ?d2 <= "2026-10-01") }
  FILTER(?act IN (lad:action-EX, lad:action-WD) || ?r IN ("WD","NR"))
}
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT (COUNT(DISTINCT ?t) AS ?downgradedIssuers) WHERE {
  ?a a lad:RatingAction ; lad:ratedThing ?t ; lad:ratingType lad:type-LTIDR ; lad:action lad:action-DG ; lad:date ?d .
  FILTER(?d >= "2026-01-01" && ?d <= "2026-12-31")
}
```
Query results 
Query 1:

| issuers | gb |
|---|---|
| 291 | 74 |

Query 2:

| lu |
|---|
| 1 |

Query 3:

| t | d | r | act |
|---|---|---|---|
| lad:I1001 | 2026-11-17 | A+ | lad:action-EX |
| lad:I1007 | 2026-11-11 | AA- | lad:action-EX |
| lad:I1008 | 2026-05-23 | B+ | lad:action-EX |
| lad:I1012 | 2026-07-22 | A- | lad:action-EX |
| lad:I1015 | 2026-12-17 | B+ | 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 |
| lad:I08 | 2026-09-01 | A | lad:action-EX |

Query 4:

| downgradedIssuers |
|---|
| 0 |

This was the last round: give the final answers now, with no more queries.
The model 
**Q1.** A-. E01's last rating before 1 Jan 2025 was A- (A01, 2024-03-12). The downgrade to BBB came later, on 2025-06-20 (A02).

**Q2.** No. E01's only 2026 actions are affirmations (A03, A04), and the outlook went to Negative.

**Q3.** No, BB+. I02 was downgraded to BB+ on 2025-06-20 (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 (2025-09-15), with a Positive outlook.

**Q5.** The guarantor, E02, rated A. I03 is issued by E04 but guaranteed by E02, and I03 itself is rated A (A10, A11).

**Q6.** Not answered. The data does not state a reason, only the ratings.

**Q7.** Incomplete. The 2026 downgrades I could see are E08, E10, E16, E1034, E1080 and E1161. My count query returned 0, so I could not confirm the full list.

**Q8.** E08. Its latest rating is RD (A22, 2026-07-08).

**Q9.** 291. These are distinct issuers, with duplicate records merged by LEI, whose latest long-term issuer rating on 1 Oct 2026 was not WD.

**Q10.** Depends. E05 is BBB- on a local-currency basis (A13) but BB on a foreign-currency basis (A14).

**Q11.** BBB+ (A36, 2024-09-30).

**Q12.** A- (A34).

**Q13.** 1. Only A36 is a downgrade. The rating watch (A35) and the affirmation (A33) are not downgrades.

**Q14.** None. E12's first rating is dated 2024-02-01 (A30).

**Q15.** A- (A26). E10 was downgraded only on 2026-04-15.

**Q16.** No. E14 was BBB+ on 1 Jan 2025 and is still BBB+ (A33).

**Q17.** No. E06 was only placed on Rating Watch Negative (A17), and its rating stayed A-.

**Q18.** Incomplete. Visible issuers with a latest foreign-currency action of Rating Watch Negative are listed in the JSON. About 47 further rows were truncated.

**Q19.** Incomplete. The visible issuers whose latest foreign-currency outlook was Negative are listed in the JSON. Truncated rows may hold more.

**Q20.** No. E07's rating was withdrawn for commercial reasons (A19), not because of a default.

**Q21.** E07 and the 36 other issuers whose latest long-term action is a withdrawal (WD). Duplicate-LEI records were not reconciled.

**Q22.** E08, the only entity with an RD rating (A22).

**Q23.** F2 (A04).

**Q24.** Yes. E01 is BBB (A03).

**Q25.** 66. This counts instruments whose latest rating on 1 Oct 2026 was BBB- or better, excluding expired or withdrawn ratings.

**Q26.** A+ (A40).

**Q27.** A- (A42).

**Q28.** BBB+ (A38).

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

**Q30.** E05 and E15. E05 is BB against a ceiling of BB (A12, A14), and E15 is A against a ceiling of A for CV (A37, A41). Other entities with hidden records are not checked.

**Q31.** No, based on the visible records. Both E05 and E15 sit exactly at their ceilings.

**Q32.** E09 (E11's parent is E10, whose parent is E09).

**Q33.** The guarantor, E10, rated BBB+ (A27). I05 is issued by E11 and guaranteed by E10.

**Q34.** No. E12 has no parent link to E09 or E10.

**Q35.** 3: E09, E10 and E11. E17 has the same LEI as E10, so it is a duplicate record.

**Q36.** 2: E02 and E04. E03 has the same LEI as E02, so it is a duplicate.

**Q37.** 344. There are 370 entity records, with 342 distinct LEIs plus 2 records without an LEI.

**Q38.** No. E06 and E13 have different LEIs and countries (DE and US).

**Q39.** A (A09).

**Q40.** 74. This counts distinct GB issuers, merged by LEI, with a latest long-term rating on 1 Oct 2026 that was not WD.

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

**Q42.** DE. E10 is DE, though its duplicate record E17 says LU.

**Q43.** 1. Only E17 is in LU, and it is a duplicate of E10.

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

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

**Q46.** No. E11 has only a Credit Opinion (A46, BBB), not an issuer rating.

**Q47.** None. I08's only action is an EX at A on 2026-09-01, which I took to mean the rating ended; the data does not define EX.

**Q48.** 106. This is 66 investment-grade instruments plus 40 rated BB+ or lower, excluding EX and WD.

```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","E16","E1034","E1080","E1161"]},
"Q8":{"entities":["E08"]},
"Q9":{"count":291},
"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","E1037","E1039","E1061","E1066","E1088","E1098","E1099","E1109","E1126","E1132","E1133","E1146","E1168","E1181","E1194"]},
"Q19":{"issuers":["E01","E09","E1005","E1029","E1034","E1046","E1055","E1056","E1060","E1064","E1072","E1079","E1080","E1105","E1118","E1158","E1161","E1188","E1190"]},
"Q20":{"in_default":"no"},
"Q21":{"entities":["E07","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"]},
"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","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":106}
}
```