D3 sql+executed, run 2: the query session
18 queries0 failed4 rounds
The opening prompt
## The data
You can't see the data, but you can query it. It is in DuckDB, in the tables below. Write DuckDB SQL.
To run queries, reply with one or more fenced blocks (```sql), 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.
All columns are text (VARCHAR); dates are ISO strings.
- `entities` (331 rows): entity_id, name, lei, country, entity_type, parent_id, ultimate_parent_id, record_ids
- `instruments` (115 rows): instrument_id, description, issuer_id, guarantor_id, credit_risk_of, seniority, currency, local_currency, maturity
- `ratings` (743 rows): rated_id, rating_type, ccy_basis, rating, outlook, watch, action, valid_from, valid_to, action_id
- `ceilings` (2 rows): country, ceiling, valid_from
- `ancestors` (55 rows): entity_id, ancestor_id, levels_up
These tables are the data after its rules have been applied: duplicate records merged into one entity (record_ids lists the records each entity merges), and each rating with the period it held. An empty valid_to means the rating was still in force on 1 October 2026. ancestors lists every entity above each entity in its chain of parents, with how many levels up.
## 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.
```sql
SELECT * FROM entities ORDER BY entity_id;
```
```sql
SELECT * FROM instruments ORDER BY instrument_id;
```
```sql
SELECT * FROM ceilings;
```
```sql
SELECT * FROM ancestors ORDER BY entity_id;
```
```sql
SELECT rating_type, ccy_basis, count(*) FROM ratings GROUP BY ALL ORDER BY ALL;
```Query results
Query 1:
| entity_id | name | lei | country | entity_type | parent_id | ultimate_parent_id | record_ids |
|---|---|---|---|---|---|---|---|
| CV | Republic of Corvenia | | CV | SOV | | | CV |
| E01 | Kestrel Energy plc | 7245002OOPBG04092E43 | GB | CORP | | | E01 |
| E02 | Northwind Holdings plc | 213800PHEIYNJMHTDV74 | GB | CORP | | | E02 E03 |
| E04 | Northwind Finance BV | 213800LA5RYJLGXV2T85 | NL | FINSUB | E02 | E02 | E04 |
| E05 | Valdoria Telecom SA | 391200LESH03LMOY2U61 | VD | CORP | | | E05 |
| E06 | Orrin Bank AG | 549300AMVE3VRVG7HK43 | DE | BANK | | | E06 |
| E07 | Pellam Retail Ltd | 969500B6IUACELPI2291 | GB | CORP | | | E07 |
| E08 | Saxby Shipping SA | 969500KOTZ1JFIZSG796 | GR | CORP | | | E08 |
| E09 | Halden Group plc | 815600ASM9EHDG931T89 | GB | CORP | | | E09 |
| E10 | Halden Bank AG | 391200QYPVFF2O9K2039 | LU | BANK | E09 | E09 | E10 E17 |
| E1001 | Tunod Steel SA | 3912003R00FP6CNV6210 | FR | CORP | | | E1001 E1002 |
| E1003 | Rilol Telecom plc | 3912009W4J483WB8PZ97 | GB | BANK | | | E1003 |
| E1004 | Munem Retail SA | 969500IBYK0X2ZT52780 | ES | CORP | | | E1004 |
| E1005 | Setan Airlines Inc | 815600JRN7AOE36KFR35 | US | CORP | | | E1005 |
| E1006 | Soson Airlines Inc | 213800WSVEOAQ5HD4C43 | US | CORP | E1005 | E1005 | E1006 |
| E1007 | Golod Property plc | 815600N2UAHQREHHWF76 | GB | BANK | | | E1007 |
| E1008 | Sotil Retail plc | 213800RPNJ2OSQ387M40 | GB | CORP | | | E1008 |
| E1009 | Malam Chemicals Inc | 3912006EIY6TU9NVSC86 | US | CORP | | | E1009 |
| E1010 | Buvir Industries Inc | 3912004R2GZJL49URX69 | US | CORP | | | E1010 |
| E1011 | Falom Media Inc | 549300XX6U9N4Y7KPH74 | US | BANK | | | E1011 |
| E1012 | Posad Industries SA | 9695002JIQI5QYDN0G98 | FR | CORP | | | E1012 |
| E1013 | Pisol Pharma BV | 969500U072SAPPW32N81 | NL | BANK | E1004 | E1004 | E1013 |
| E1014 | Toral Utilities BV | 391200J700D8T2H18W16 | NL | CORP | | | E1014 |
| E1015 | Civen Steel Inc | 815600JSNIJ4UFCBF662 | US | CORP | | | E1015 |
| E1016 | Ponar Telecom SA | 5493008DQ96XI37KZG24 | ES | BANK | | | E1016 |
| E1017 | Nisid Steel SA | 391200K600X7LWZTTM85 | FR | BANK | | | E1017 |
| E1018 | Tosem Mining Inc | 549300SEMGL6OXLWHQ59 | US | CORP | | | E1018 |
| E1019 | Losol Mining SA | 391200GSFO0F68KKUC67 | CV | CORP | | | E1019 |
| E1020 | Finel Media AG | 549300FCSHHELSCZX562 | DE | CORP | | | E1020 |
| E1021 | Niner Pharma plc | 391200KLG6G4KVIMIU52 | GB | CORP | | | E1021 E1022 |
| E1023 | Heled Water plc | 3912006FHXTH5V6WNK07 | GB | CORP | | | E1023 |
| E1024 | Susin Shipping BV | 3912005J04HB7X0GTN24 | NL | CORP | | | E1024 |
| E1025 | Tulol Shipping SA | 2138007MIV2OS05PET94 | ES | BANK | | | E1025 |
| E1026 | Vunam Water BV | 969500C8XYHXZBFMUO41 | NL | CORP | | | E1026 |
| E1027 | Tesad Media Inc | 969500T86HNH5S920X18 | US | CORP | | | E1027 |
| E1028 | Mutir Retail SA | 213800TJ32NARU0BI982 | VD | CORP | | | E1028 |
| E1029 | Leson Telecom Inc | 8156008DPX4I9DNKWN26 | US | BANK | | | E1029 E1030 |
| E1031 | Kuvir Logistics SA | 969500GRHP48SQNEWH44 | ES | CORP | | | E1031 |
| E1032 | Helom Chemicals BV | 2138006H9XCYN2P1K228 | NL | BANK | | | E1032 |
| E1033 | Kunid Pharma SA | 213800Q84PS4FTJJB947 | ES | CORP | E1004 | E1004 | E1033 |
| E1034 | Tanad Capital SpA | 815600KLV84WAQGPSX27 | IT | CORP | | | E1034 |
| E1035 | Kavod Utilities AG | 724500YHN51API4SE179 | DE | CORP | | | E1035 |
| E1036 | Lilor Retail AG | 9695000N72OQ0Q07IW61 | DE | CORP | | | E1036 |
| E1037 | Natil Retail SA | 391200OBAXI8590VQN12 | FR | CORP | | | E1037 |
| E1038 | Lanon Telecom BV | 549300EZ4HXP0L5RAZ01 | NL | CORP | | | E1038 |
| E1039 | Pulor Airlines SA | 969500HA9D5I7F73PW83 | CV | BANK | | | E1039 |
| E1040 | Dorid Mining AG | 549300SPMD9MEMFWMR12 | DE | CORP | | | E1040 |
| E1041 | Hiral Steel SA | 549300JU1O5MP1HSKQ01 | ES | CORP | | | E1041 |
| E1042 | Rerod Steel BV | 391200LC6V921W096L49 | NL | CORP | | | E1042 |
| E1043 | Vitom Property plc | 5493007IVTPIWJZLFF29 | GB | CORP | | | E1043 |
| E1044 | Hesid Telecom Inc | 3912003Y7VZHUGN50755 | US | BANK | | | E1044 |
| E1045 | Nesid Logistics Inc | 96950029VB162U3K1976 | US | BANK | | | E1045 |
| E1046 | Ditin Shipping Inc | 549300ZM08IADSAK3L87 | US | BANK | E1026 | E1026 | E1046 |
| E1047 | Vaved Pharma plc | 391200WGA8OE30KZUD08 | GB | CORP | E1020 | E1020 | E1047 |
| E1048 | Lised Pharma AG | 9695000T21G05UQMGF10 | DE | CORP | | | E1048 |
| E1049 | Paser Utilities plc | 391200R2EH7FELZFOV27 | GB | CORP | | | E1049 |
| E1050 | Sunar Holdings AG | 969500YF1ZXQV9ONT388 | DE | CORP | | | E1050 |
| E1051 | Kenar Water SA | 724500WO4TZY2027IZ62 | GR | CORP | | | E1051 |
| E1052 | Witad Steel SA | 213800ENVP6736MREW83 | FR | CORP | | | E1052 |
| E1053 | Soter Water SA | 5493001E7O9QDD98PV36 | ES | CORP | | | E1053 |
(271 more rows not shown)
Query 2:
| instrument_id | description | issuer_id | guarantor_id | credit_risk_of | seniority | currency | local_currency | maturity |
|---|---|---|---|---|---|---|---|---|
| I01 | Kestrel Energy 4.50% notes due 2030 | E01 | | E01 | SU | GBP | no | 2030-03-15 |
| I02 | Kestrel Energy 6.25% notes due 2031 | E01 | | E01 | SUB | GBP | no | 2031-09-30 |
| I03 | Northwind Finance 3.75% notes due 2030 | E04 | E02 | E02 | SU | EUR | no | 2030-05-01 |
| I04 | Valdoria Telecom 5.00% notes due 2029 | E05 | | E05 | SU | USD | no | 2029-11-20 |
| I05 | Halden Leasing 2.90% notes due 2028 | E11 | E10 | E10 | SU | EUR | no | 2028-06-30 |
| I06 | Corvenia Power 7.10% notes due 2032 | E15 | | E15 | SUB | USD | no | 2032-02-15 |
| I07 | Valdoria Telecom 4.25% notes due 2027 | E05 | | E05 | SU | XVD | yes | 2027-08-31 |
| I08 | Corvenia Power 6.00% notes due 2034 | E15 | | E15 | SU | USD | no | 2034-09-01 |
| I1001 | Soson Airlines 5.50% notes due 2031 | E1006 | | E1006 | SUB | USD | no | 2035-06-30 |
| I1002 | Golod Property 8.75% notes due 2031 | E1007 | | E1007 | SU | USD | no | 2033-06-30 |
| I1003 | Sotil Retail 3.00% notes due 2031 | E1008 | | E1008 | SU | GBP | no | 2034-06-30 |
| I1004 | Malam Chemicals 2.25% notes due 2035 | E1009 | | E1009 | SU | USD | no | 2028-06-30 |
| I1005 | Posad Industries 4.00% notes due 2033 | E1012 | | E1012 | SU | EUR | no | 2031-06-30 |
| I1006 | Pisol Pharma 4.75% notes due 2030 | E1013 | | E1013 | SUB | USD | no | 2030-06-30 |
| I1007 | Toral Utilities 7.75% notes due 2028 | E1014 | | E1014 | SU | EUR | no | 2033-06-30 |
| I1008 | Ponar Telecom 4.75% notes due 2035 | E1016 | | E1016 | SU | EUR | no | 2033-06-30 |
| I1009 | Tosem Mining 2.75% notes due 2031 | E1018 | | E1018 | SUB | USD | no | 2036-06-30 |
| I1010 | Finel Media 6.50% notes due 2035 | E1020 | | E1020 | SU | EUR | no | 2036-06-30 |
| I1011 | Niner Pharma 3.25% notes due 2029 | E1021 | | E1021 | SU | USD | no | 2035-06-30 |
| I1012 | Heled Water 6.25% notes due 2030 | E1023 | | E1023 | SU | GBP | no | 2031-06-30 |
| I1013 | Kuvir Logistics 2.00% notes due 2027 | E1031 | | E1031 | SU | EUR | no | 2027-06-30 |
| I1014 | Kavod Utilities 2.50% notes due 2032 | E1035 | | E1035 | SU | USD | no | 2036-06-30 |
| I1015 | Lanon Telecom 4.75% notes due 2033 | E1038 | | E1038 | SUB | EUR | no | 2032-06-30 |
| I1016 | Hiral Steel 6.00% notes due 2035 | E1041 | | E1041 | SU | USD | no | 2034-06-30 |
| I1017 | Lised Pharma 4.50% notes due 2036 | E1048 | | E1048 | SU | EUR | no | 2029-06-30 |
| I1018 | Paser Utilities 3.75% notes due 2027 | E1049 | | E1049 | SUB | GBP | no | 2034-06-30 |
| I1019 | Sunar Holdings 8.50% notes due 2036 | E1050 | | E1050 | SUB | USD | no | 2034-06-30 |
| I1020 | Witad Steel 5.00% notes due 2033 | E1052 | | E1052 | SU | EUR | no | 2027-06-30 |
| I1021 | Duver Shipping 8.50% notes due 2032 | E1056 | | E1056 | SU | EUR | no | 2030-06-30 |
| I1022 | Levem Foods 6.50% notes due 2035 | E1067 | | E1067 | SUB | EUR | no | 2030-06-30 |
| I1023 | Mored Utilities 4.25% notes due 2032 | E1071 | | E1071 | SUB | USD | no | 2033-06-30 |
| I1024 | Ganed Holdings 5.75% notes due 2035 | E1077 | | E1077 | SU | EUR | no | 2032-06-30 |
| I1025 | Menir Shipping 7.50% notes due 2028 | E1078 | | E1078 | SUB | EUR | no | 2034-06-30 |
| I1026 | Nevar Property 6.75% notes due 2036 | E1079 | | E1079 | SU | GBP | no | 2028-06-30 |
| I1027 | Gilen Capital 2.00% notes due 2031 | E1082 | | E1082 | SUB | USD | no | 2034-06-30 |
| I1028 | Givim Mining 5.75% notes due 2036 | E1085 | | E1085 | SU | EUR | no | 2034-06-30 |
| I1029 | Gorar Steel 7.25% notes due 2033 | E1086 | | E1086 | SUB | USD | no | 2035-06-30 |
| I1030 | Vitid Holdings 5.75% notes due 2032 | E1087 | | E1087 | SU | EUR | no | 2034-06-30 |
| I1031 | Koved Holdings 2.50% notes due 2032 | E1088 | | E1088 | SUB | EUR | no | 2033-06-30 |
| I1032 | Getel Utilities 7.25% notes due 2033 | E1090 | | E1090 | SU | USD | no | 2032-06-30 |
| I1033 | Vavam Pharma 8.75% notes due 2032 | E1103 | | E1103 | SUB | USD | no | 2032-06-30 |
| I1034 | Kisil Logistics 8.50% notes due 2031 | E1108 | | E1108 | SU | EUR | no | 2033-06-30 |
| I1035 | Verod Logistics 3.00% notes due 2035 | E1114 | | E1114 | SU | GBP | no | 2029-06-30 |
| I1036 | Piren Foods 2.50% notes due 2030 | E1115 | | E1115 | SU | USD | no | 2033-06-30 |
| I1037 | Reter Shipping 8.00% notes due 2028 | E1118 | | E1118 | SU | EUR | no | 2027-06-30 |
| I1038 | Conan Capital 4.75% notes due 2033 | E1131 | | E1131 | SU | EUR | no | 2031-06-30 |
| I1039 | Larid Steel 8.50% notes due 2028 | E1141 | | E1141 | SU | GBP | no | 2033-06-30 |
| I1040 | Woner Media 5.75% notes due 2027 | E1143 | | E1143 | SUB | EUR | no | 2027-06-30 |
| I1041 | Kanim Pharma 3.25% notes due 2033 | E1145 | | E1145 | SUB | EUR | no | 2036-06-30 |
| I1042 | Daren Mining 5.75% notes due 2030 | E1147 | | E1147 | SU | EUR | no | 2035-06-30 |
| I1043 | Honel Shipping 4.50% notes due 2028 | E1149 | | E1149 | SUB | EUR | no | 2029-06-30 |
| I1044 | Wavad Foods 6.75% notes due 2035 | E1155 | | E1155 | SU | USD | no | 2036-06-30 |
| I1045 | Ruven Airlines 5.75% notes due 2032 | E1156 | | E1156 | SUB | EUR | no | 2036-06-30 |
| I1046 | Diled Steel 8.75% notes due 2027 | E1160 | | E1160 | SU | EUR | no | 2029-06-30 |
| I1047 | Wunam Telecom 5.25% notes due 2032 | E1162 | | E1162 | SU | EUR | no | 2029-06-30 |
| I1048 | Wenar Water 8.25% notes due 2028 | E1163 | | E1163 | SUB | EUR | no | 2028-06-30 |
| I1049 | Ranim Shipping 8.00% notes due 2028 | E1166 | | E1166 | SUB | USD | no | 2036-06-30 |
| I1050 | Fivan Holdings 2.25% notes due 2035 | E1168 | | E1168 | SU | EUR | no | 2027-06-30 |
| I1051 | Molar Shipping 3.25% notes due 2031 | E1188 | | E1188 | SU | EUR | no | 2028-06-30 |
| I1052 | Divid Property 4.25% notes due 2033 | E1189 | | E1189 | SUB | GBP | no | 2032-06-30 |
(55 more rows not shown)
Query 3:
| country | ceiling | valid_from |
|---|---|---|
| CV | A | 2024-01-01 |
| VD | BB | 2025-04-01 |
Query 4:
| entity_id | ancestor_id | levels_up |
|---|---|---|
| E04 | E02 | 1 |
| E10 | E09 | 1 |
| E1006 | E1005 | 1 |
| E1013 | E1004 | 1 |
| E1033 | E1004 | 1 |
| E1046 | E1026 | 1 |
| E1047 | E1020 | 1 |
| E1059 | E1015 | 1 |
| E1066 | E1004 | 1 |
| E1075 | E1071 | 1 |
| E1089 | E1078 | 1 |
| E1095 | E1027 | 1 |
| E1098 | E1006 | 1 |
| E1098 | E1005 | 2 |
| E11 | E09 | 2 |
| E11 | E10 | 1 |
| E1101 | E1083 | 1 |
| E1110 | E1007 | 1 |
| E1114 | E1063 | 1 |
| E1149 | E1013 | 1 |
| E1149 | E1004 | 2 |
| E1174 | E1073 | 1 |
| E1177 | E1010 | 1 |
| E1179 | E1162 | 1 |
| E1183 | E1025 | 1 |
| E1191 | E1177 | 1 |
| E1191 | E1010 | 2 |
| E1197 | E1066 | 1 |
| E1197 | E1004 | 2 |
| E1215 | E1063 | 1 |
| E1228 | E1023 | 1 |
| E1233 | E1198 | 1 |
| E1248 | E1107 | 1 |
| E1271 | E1071 | 1 |
| E1273 | E1074 | 1 |
| E1275 | E1189 | 1 |
| E1276 | E1074 | 1 |
| E1292 | E1061 | 1 |
| E1293 | E1166 | 1 |
| E1315 | E1278 | 1 |
| E1325 | E1084 | 1 |
| E1326 | E1052 | 1 |
| E1327 | E1119 | 1 |
| E1328 | E1244 | 1 |
| E1329 | E1069 | 1 |
| E1330 | E1021 | 1 |
| E1331 | E1025 | 1 |
| E1332 | E1068 | 1 |
| E1333 | E1082 | 1 |
| E1334 | E1260 | 1 |
| E1335 | E1234 | 1 |
| E1336 | E1176 | 1 |
| E1337 | E1038 | 1 |
| E1338 | E1073 | 1 |
| E1339 | E1241 | 1 |
Query 5:
| rating_type | ccy_basis | count_star() |
|---|---|---|
| INST | | 110 |
| LTIDR | FC | 598 |
| LTIDR | LC | 34 |
| STIDR | FC | 1 |
Run more queries, or give the final answers.The model
<invoke name="sql">
</invoke>
```sql
SELECT * FROM ratings WHERE rated_id IN ('E01','E02','E04','E05','E06','E07','E08','E09','E10','E11','E12','E13','E14','E15','E16','CV','VD','I01','I02','I03','I04','I05','I06','I07','I08') OR rated_id LIKE 'E0%' OR rated_id LIKE 'E1_' ORDER BY rated_id, rating_type, ccy_basis, valid_from;
```
```sql
SELECT * FROM entities WHERE entity_id IN ('E11','E12','E13','E14','E15','E16','E17','E18','E19','E20','VD','E03') OR name LIKE '%Brindle%' OR name LIKE '%Halden%' OR name LIKE '%Orrin%' OR name LIKE '%Marlow%' OR name LIKE '%Corvenia%' OR name LIKE '%Valdoria%' OR name LIKE '%Pellam%';
```
```sql
SELECT * FROM instruments WHERE instrument_id NOT LIKE 'I1%' OR issuer_id IN ('E15','E11') ORDER BY instrument_id;
```Query results
Query 1:
| rated_id | rating_type | ccy_basis | rating | outlook | watch | action | valid_from | valid_to | action_id |
|---|---|---|---|---|---|---|---|---|---|
| CV | LTIDR | FC | BBB+ | STA | | AS | 2024-01-01 | | A38 |
| CV | LTIDR | LC | A- | STA | | AS | 2024-01-01 | | A39 |
| E01 | LTIDR | FC | A- | STA | | AS | 2024-03-12 | 2025-06-20 | A01 |
| E01 | LTIDR | FC | BBB | STA | | DG | 2025-06-20 | 2026-02-10 | A02 |
| E01 | LTIDR | FC | BBB | NEG | | AF | 2026-02-10 | | A03 |
| E01 | STIDR | FC | F2 | | | AF | 2026-02-10 | | A04 |
| E02 | LTIDR | FC | A | STA | | AS | 2023-11-01 | 2025-09-15 | A08 |
| E02 | LTIDR | FC | A | POS | | AF | 2025-09-15 | | A09 |
| E05 | LTIDR | FC | BB | STA | | AS | 2025-04-01 | | A14 |
| E05 | LTIDR | LC | BBB- | STA | | AS | 2025-04-01 | | A13 |
| E06 | LTIDR | FC | A- | STA | | AS | 2024-05-01 | 2026-09-03 | A16 |
| E06 | LTIDR | FC | A- | | RWN | RW | 2026-09-03 | | A17 |
| E07 | LTIDR | FC | BB | STA | | AS | 2024-01-10 | 2026-05-12 | A18 |
| E07 | LTIDR | FC | WD | | | WD | 2026-05-12 | | A19 |
| E08 | LTIDR | FC | B | STA | | AS | 2024-06-01 | 2026-01-20 | A20 |
| E08 | LTIDR | FC | CCC | | | DG | 2026-01-20 | 2026-07-08 | A21 |
| E08 | LTIDR | FC | RD | | | DG | 2026-07-08 | | A22 |
| E09 | LTIDR | FC | A | STA | | AS | 2023-05-01 | 2026-03-01 | A24 |
| E09 | LTIDR | FC | A | NEG | | AF | 2026-03-01 | | A25 |
| E10 | LTIDR | FC | A- | STA | | AS | 2023-05-01 | 2026-04-15 | A26 |
| E10 | LTIDR | FC | BBB+ | STA | | DG | 2026-04-15 | | A27 |
| E12 | LTIDR | FC | BB- | STA | | AS | 2024-02-01 | 2025-08-01 | A30 |
| E12 | LTIDR | FC | BB | STA | | UG | 2025-08-01 | | A31 |
| E13 | LTIDR | FC | BBB | STA | | AS | 2024-07-01 | | A32 |
| E14 | LTIDR | FC | A- | STA | | AS | 2023-01-15 | 2024-09-30 | A34 |
| E14 | LTIDR | FC | BBB+ | STA | | DG | 2024-09-30 | 2025-11-20 | A36 |
| E14 | LTIDR | FC | BBB+ | | RWN | RW | 2025-11-20 | 2026-05-01 | A35 |
| E14 | LTIDR | FC | BBB+ | STA | | AF | 2026-05-01 | | A33 |
| E15 | LTIDR | FC | A | STA | | AS | 2024-03-01 | | A41 |
| E15 | LTIDR | LC | A+ | STA | | AS | 2024-03-01 | | A40 |
| I01 | INST | | A- | | | AS | 2024-03-12 | 2025-06-20 | A05 |
| I01 | INST | | BBB | | | DG | 2025-06-20 | | A06 |
| I02 | INST | | BBB | | | AS | 2024-03-12 | 2025-06-20 | A23 |
| I02 | INST | | BB+ | | | DG | 2025-06-20 | | A07 |
| I03 | INST | | A | | | AS | 2023-11-01 | 2025-09-15 | A10 |
| I03 | INST | | A | | | AF | 2025-09-15 | | A11 |
| I04 | INST | | BB | | | AS | 2025-04-01 | | A15 |
| I05 | INST | | A- | | | AS | 2023-06-01 | 2026-04-15 | A28 |
| I05 | INST | | BBB+ | | | DG | 2026-04-15 | | A29 |
| I06 | INST | | A- | | | AS | 2024-03-01 | | A42 |
| I07 | INST | | BBB- | | | AS | 2025-04-01 | | A45 |
Query 2:
| entity_id | name | lei | country | entity_type | parent_id | ultimate_parent_id | record_ids |
|---|---|---|---|---|---|---|---|
| CV | Republic of Corvenia | | CV | SOV | | | CV |
| VD | Republic of Valdoria | | VD | SOV | | | VD |
| E05 | Valdoria Telecom SA | 391200LESH03LMOY2U61 | VD | CORP | | | E05 |
| E06 | Orrin Bank AG | 549300AMVE3VRVG7HK43 | DE | BANK | | | E06 |
| E07 | Pellam Retail Ltd | 969500B6IUACELPI2291 | GB | CORP | | | E07 |
| E09 | Halden Group plc | 815600ASM9EHDG931T89 | GB | CORP | | | E09 |
| E10 | Halden Bank AG | 391200QYPVFF2O9K2039 | LU | BANK | E09 | E09 | E10 E17 |
| E11 | Halden Leasing SA | 549300XBZH4ULO9MQV55 | FR | FINSUB | E10 | E09 | E11 |
| E12 | Halden Foods Ltd | 213800IJDL4OJ4DG5T19 | GB | CORP | | | E12 |
| E13 | Orrin Bancorp Inc | 815600O8X8K2F154N214 | US | BANK | | | E13 |
| E14 | Marlow Utilities plc | 3912005AH2C1I9YF8106 | GB | CORP | | | E14 |
| E15 | Corvenia Power SA | 213800PBQVHVBBH6GV02 | CV | CORP | | | E15 |
Query 3:
| instrument_id | description | issuer_id | guarantor_id | credit_risk_of | seniority | currency | local_currency | maturity |
|---|---|---|---|---|---|---|---|---|
| I01 | Kestrel Energy 4.50% notes due 2030 | E01 | | E01 | SU | GBP | no | 2030-03-15 |
| I02 | Kestrel Energy 6.25% notes due 2031 | E01 | | E01 | SUB | GBP | no | 2031-09-30 |
| I03 | Northwind Finance 3.75% notes due 2030 | E04 | E02 | E02 | SU | EUR | no | 2030-05-01 |
| I04 | Valdoria Telecom 5.00% notes due 2029 | E05 | | E05 | SU | USD | no | 2029-11-20 |
| I05 | Halden Leasing 2.90% notes due 2028 | E11 | E10 | E10 | SU | EUR | no | 2028-06-30 |
| I06 | Corvenia Power 7.10% notes due 2032 | E15 | | E15 | SUB | USD | no | 2032-02-15 |
| I07 | Valdoria Telecom 4.25% notes due 2027 | E05 | | E05 | SU | XVD | yes | 2027-08-31 |
| I08 | Corvenia Power 6.00% notes due 2034 | E15 | | E15 | SU | USD | no | 2034-09-01 |
Run more queries, or give the final answers.The model
```sql
SELECT * FROM entities WHERE name LIKE '%Brindle%' OR name LIKE '%Marlow%';
```
```sql
SELECT * FROM ratings WHERE rated_id IN (SELECT entity_id FROM entities WHERE name LIKE '%Brindle%') OR rated_id IN ('I08','E11','E04','E17','E03','E22','E1','VD');
```
```sql
SELECT 'Q9' q, count(DISTINCT rated_id) v FROM ratings WHERE rating_type IN ('LTIDR','STIDR') AND valid_to IS NULL OR valid_to=''
UNION ALL SELECT 'Q48', count(DISTINCT rated_id) FROM ratings WHERE rating_type='INST' AND (valid_to IS NULL OR valid_to='') AND rating<>'WD'
UNION ALL SELECT 'Q37', count(*) FROM entities
UNION ALL SELECT 'Q43', count(*) FROM entities WHERE country='LU'
UNION ALL SELECT 'Q36', count(*) FROM entities WHERE entity_id='E02' OR ultimate_parent_id='E02'
UNION ALL SELECT 'Q35', count(*) FROM entities WHERE entity_id='E09' OR ultimate_parent_id='E09';
```
```sql
SELECT 'DG2026' k, e.entity_id, r.rating_type, r.ccy_basis, r.rating, r.valid_from FROM ratings r JOIN entities e ON r.rated_id=e.entity_id WHERE r.action='DG' AND r.valid_from>='2026-01-01'
UNION ALL SELECT 'RWN', rated_id, rating_type, ccy_basis, rating, valid_from FROM ratings WHERE watch='RWN' AND (valid_to IS NULL OR valid_to='')
UNION ALL SELECT 'NEG', rated_id, rating_type, ccy_basis, rating, valid_from FROM ratings WHERE outlook='NEG' AND (valid_to IS NULL OR valid_to='')
UNION ALL SELECT 'DEF', rated_id, rating_type, ccy_basis, rating, valid_from FROM ratings WHERE rating IN ('D','RD','C','DD') OR rating='WD'
ORDER BY 1,2;
```
```sql
SELECT r.rated_id, e.country, r.rating, r.ccy_basis, r.valid_from FROM ratings r JOIN entities e ON e.entity_id=r.rated_id WHERE r.rating_type='LTIDR' AND r.ccy_basis='FC' AND (r.valid_to IS NULL OR r.valid_to='') AND e.country IN ('CV','VD');
```
```sql
SELECT count(DISTINCT r.rated_id) FROM ratings r JOIN entities e ON e.entity_id=r.rated_id WHERE e.country='GB' AND r.rating_type IN ('LTIDR','STIDR') AND (r.valid_to IS NULL OR r.valid_to='') AND r.rating<>'WD';
```
```sql
SELECT DISTINCT rated_id FROM ratings WHERE rating_type IN ('LTIDR','STIDR') AND rated_id NOT IN (SELECT rated_id FROM ratings WHERE rating_type IN ('LTIDR','STIDR') AND (valid_to IS NULL OR valid_to='') AND rating<>'WD');
```
```sql
SELECT count(*) FROM instruments i WHERE EXISTS (SELECT 1 FROM ratings r WHERE r.rated_id=i.instrument_id AND (valid_to IS NULL OR valid_to='') AND rating IN ('AAA','AA+','AA','AA-','A+','A','A-','BBB+','BBB','BBB-'));
```Query results
Query 1:
| entity_id | name | lei | country | entity_type | parent_id | ultimate_parent_id | record_ids |
|---|---|---|---|---|---|---|---|
| E14 | Marlow Utilities plc | 3912005AH2C1I9YF8106 | GB | CORP | | | E14 |
Query 2:
(no rows)
Query 3:
| q | v |
|---|---|
| Q9 | 313 |
| Q48 | 106 |
| Q37 | 331 |
| Q43 | 1 |
| Q36 | 2 |
| Q35 | 3 |
Query 4:
| k | entity_id | rating_type | ccy_basis | rating | valid_from |
|---|---|---|---|---|---|
| DEF | E07 | LTIDR | FC | WD | 2026-05-12 |
| DEF | E08 | LTIDR | FC | RD | 2026-07-08 |
| DEF | E1001 | LTIDR | FC | WD | 2025-07-20 |
| DEF | E1007 | LTIDR | FC | WD | 2026-06-27 |
| DEF | E1021 | LTIDR | FC | WD | 2025-11-08 |
| DEF | E1032 | LTIDR | FC | WD | 2026-09-15 |
| DEF | E1041 | LTIDR | FC | WD | 2024-04-09 |
| DEF | E1048 | LTIDR | FC | WD | 2023-04-15 |
| DEF | E1057 | LTIDR | FC | WD | 2026-09-19 |
| DEF | E1062 | LTIDR | FC | WD | 2025-03-28 |
| DEF | E1063 | LTIDR | FC | WD | 2025-01-12 |
| DEF | E1076 | LTIDR | FC | WD | 2024-04-28 |
| DEF | E1084 | LTIDR | FC | WD | 2025-08-02 |
| DEF | E1106 | LTIDR | LC | WD | 2025-08-10 |
| DEF | E1107 | LTIDR | FC | WD | 2024-10-16 |
| DEF | E1115 | LTIDR | FC | WD | 2025-06-28 |
| DEF | E1121 | LTIDR | FC | WD | 2024-10-23 |
| DEF | E1124 | LTIDR | FC | WD | 2024-06-15 |
| DEF | E1138 | LTIDR | FC | WD | 2024-12-26 |
| DEF | E1140 | LTIDR | FC | WD | 2025-09-15 |
| DEF | E1155 | LTIDR | FC | WD | 2026-03-22 |
| DEF | E1158 | LTIDR | FC | WD | 2026-02-27 |
| DEF | E1159 | LTIDR | FC | WD | 2026-09-22 |
| DEF | E1166 | LTIDR | FC | WD | 2023-07-26 |
| DEF | E1172 | LTIDR | FC | WD | 2026-03-12 |
| DEF | E1200 | LTIDR | FC | WD | 2023-11-03 |
| DEF | E1205 | LTIDR | FC | WD | 2025-11-16 |
| DEF | E1206 | LTIDR | FC | WD | 2025-11-20 |
| DEF | E1218 | LTIDR | FC | WD | 2026-05-22 |
| DEF | E1219 | LTIDR | FC | WD | 2026-04-11 |
| DEF | E1225 | LTIDR | FC | WD | 2025-06-12 |
| DEF | E1233 | LTIDR | FC | WD | 2025-01-24 |
| DEF | E1234 | LTIDR | FC | WD | 2026-09-22 |
| DEF | E1244 | LTIDR | FC | WD | 2024-04-18 |
| DEF | E1253 | LTIDR | FC | WD | 2025-08-13 |
| DEF | E1277 | LTIDR | FC | WD | 2025-12-14 |
| DEF | E1279 | LTIDR | FC | WD | 2024-11-17 |
| DEF | E1303 | LTIDR | FC | WD | 2026-03-26 |
| DEF | E1308 | LTIDR | FC | WD | 2025-06-19 |
| DEF | E1316 | LTIDR | FC | WD | 2024-07-07 |
| DEF | E1320 | LTIDR | FC | WD | 2023-10-15 |
| DG2026 | E08 | LTIDR | FC | CCC | 2026-01-20 |
| DG2026 | E08 | LTIDR | FC | RD | 2026-07-08 |
| DG2026 | E10 | LTIDR | FC | BBB+ | 2026-04-15 |
| DG2026 | E1034 | LTIDR | FC | BBB+ | 2026-05-02 |
| DG2026 | E1051 | LTIDR | FC | A+ | 2026-06-01 |
| DG2026 | E1051 | LTIDR | FC | A+ | 2026-04-05 |
| DG2026 | E1053 | LTIDR | FC | BB | 2026-03-20 |
| DG2026 | E1057 | LTIDR | FC | BB | 2026-06-25 |
| DG2026 | E1058 | LTIDR | FC | BBB- | 2026-07-14 |
| DG2026 | E1064 | LTIDR | FC | BBB+ | 2026-03-04 |
| DG2026 | E1080 | LTIDR | FC | A- | 2026-02-14 |
| DG2026 | E1093 | LTIDR | FC | B | 2026-07-25 |
| DG2026 | E1112 | LTIDR | FC | BBB | 2026-02-20 |
| DG2026 | E1144 | LTIDR | FC | B+ | 2026-06-06 |
| DG2026 | E1151 | LTIDR | FC | BBB | 2026-01-26 |
| DG2026 | E1159 | LTIDR | FC | BBB+ | 2026-06-16 |
| DG2026 | E1160 | LTIDR | FC | B | 2026-07-28 |
| DG2026 | E1163 | LTIDR | FC | BB+ | 2026-03-19 |
| DG2026 | E1167 | LTIDR | FC | BB | 2026-09-07 |
(78 more rows not shown)
Query 5:
| rated_id | country | rating | ccy_basis | valid_from |
|---|---|---|---|---|
| CV | CV | BBB+ | FC | 2024-01-01 |
| E05 | VD | BB | FC | 2025-04-01 |
| E15 | CV | A | FC | 2024-03-01 |
| E1019 | CV | BB+ | FC | 2022-12-11 |
| E1028 | VD | BB | FC | 2025-12-25 |
| E1039 | CV | A | FC | 2025-12-09 |
| E1059 | CV | BB- | FC | 2025-02-16 |
| E1071 | CV | B+ | FC | 2023-01-11 |
| E1096 | CV | BBB | FC | 2024-04-04 |
| E1101 | VD | BB | FC | 2022-10-26 |
| E1106 | VD | B+ | FC | 2024-10-26 |
| E1126 | VD | BB | FC | 2025-07-10 |
| E1136 | CV | A- | FC | 2023-07-04 |
| E1144 | CV | B+ | FC | 2026-06-06 |
| E1185 | CV | BB+ | FC | 2025-02-28 |
| E1194 | CV | A | FC | 2025-01-20 |
| E1217 | CV | BB- | FC | 2025-09-07 |
| E1223 | CV | BB+ | FC | 2023-08-20 |
| E1229 | CV | BB+ | FC | 2026-06-02 |
| E1236 | VD | BB | FC | 2023-09-17 |
| E1243 | CV | BB | FC | 2026-08-19 |
| E1279 | VD | WD | FC | 2024-11-17 |
| E1283 | CV | BB | FC | 2024-11-03 |
| E1304 | CV | BB | FC | 2026-07-25 |
| E1307 | VD | BB- | FC | 2026-09-25 |
| E1313 | VD | BB- | FC | 2025-09-02 |
Query 6:
| count(DISTINCT r.rated_id) |
|---|
| 66 |
Query 7:
| rated_id |
|---|
| E1076 |
| E1205 |
| E1218 |
| E1159 |
| E1200 |
| E1206 |
| E1234 |
| E1041 |
| E1048 |
| E1107 |
| E1320 |
| E1063 |
| E1140 |
| E1277 |
| E1001 |
| E1244 |
| E1316 |
| E1084 |
| E1032 |
| E1225 |
| E1233 |
| E07 |
| E1124 |
| E1219 |
| E1253 |
| E1308 |
| E1057 |
| E1172 |
| E1007 |
| E1121 |
| E1166 |
| E1155 |
| E1021 |
| E1062 |
| E1138 |
Query 8:
| count_star() |
|---|
| 66 |
Run more queries, or give the final answers.The model
```sql
SELECT 'Q7' k, string_agg(DISTINCT rated_id, ',' ORDER BY rated_id) v, count(DISTINCT rated_id) n FROM ratings WHERE action='DG' AND rating_type IN ('LTIDR','STIDR') AND valid_from BETWEEN '2026-01-01' AND '2026-12-31'
UNION ALL SELECT 'Q18', string_agg(DISTINCT rated_id, ',' ORDER BY rated_id), count(DISTINCT rated_id) FROM ratings WHERE watch='RWN' AND rating_type IN ('LTIDR','STIDR') AND (valid_to IS NULL OR valid_to='')
UNION ALL SELECT 'Q19', string_agg(DISTINCT rated_id, ',' ORDER BY rated_id), count(DISTINCT rated_id) FROM ratings WHERE outlook='NEG' AND rating_type IN ('LTIDR','STIDR') AND (valid_to IS NULL OR valid_to='')
UNION ALL SELECT 'Q9', NULL, count(DISTINCT rated_id) FROM ratings WHERE rating_type IN ('LTIDR','STIDR') AND (valid_to IS NULL OR valid_to='') AND rating<>'WD'
UNION ALL SELECT 'ratings', string_agg(DISTINCT rating, ',' ORDER BY rating), NULL FROM ratings;
```
```sql
SELECT * FROM ratings WHERE rated_id='E1051' ORDER BY valid_from;
```Query results
Query 1:
| k | v | n |
|---|---|---|
| Q7 | E08,E10,E1034,E1051,E1053,E1057,E1058,E1064,E1080,E1093,E1112,E1144,E1151,E1159,E1160,E1163,E1167,E1169,E1186,E1213,E1228,E1229,E1243,E1255,E1263,E1285,E1290,E1294,E1298,E1300,E1307 | 31 |
| Q18 | E06,E1006,E1013,E1019,E1037,E1039,E1059,E1061,E1066,E1088,E1098,E1099,E1109,E1126,E1132,E1133,E1146,E1168,E1181,E1194,E1203,E1209,E1238,E1242,E1260,E1264,E1266,E1267,E1297,E1314,E1317,E1323 | 32 |
| Q19 | E01,E09,E1005,E1029,E1034,E1046,E1055,E1056,E1059,E1064,E1072,E1079,E1080,E1105,E1118,E1158,E1160,E1188,E1190,E1211,E1228,E1248,E1261,E1263,E1271,E1282,E1294,E1300 | 28 |
| Q9 | | 278 |
| ratings | A,A+,A-,AA,AA-,B,B+,B-,BB,BB+,BB-,BBB,BBB+,BBB-,CCC,F2,RD,WD | |
Query 2:
| rated_id | rating_type | ccy_basis | rating | outlook | watch | action | valid_from | valid_to | action_id |
|---|---|---|---|---|---|---|---|---|---|
| E1051 | LTIDR | FC | AA- | STA | | AS | 2025-08-15 | 2026-04-05 | A1101 |
| E1051 | LTIDR | FC | A+ | NEG | | DG | 2026-04-05 | 2026-06-01 | A1102 |
| E1051 | LTIDR | FC | A+ | POS | | DG | 2026-06-01 | 2026-09-20 | A1104 |
| E1051 | LTIDR | FC | AA- | STA | | UG | 2026-09-20 | | A1103 |
Run more queries, or give the final answers.The model
**Q1.** A-. Kestrel Energy (E01) held an A- long-term foreign-currency rating from 2024-03-12 to 2025-06-20 (A01).
**Q2.** No. E01's only 2026 action was an affirmation at BBB with the outlook moved to Negative (A03); the downgrade to BBB was in June 2025 (A02).
**Q3.** No, it is BB+. The 2031 note (I02) was cut to BB+ on 2025-06-20 (A07), which is below investment grade.
**Q4.** Positive. E02 (which merges E03) has had an A rating with a Positive outlook since 2025-09-15 (A09).
**Q5.** A holder takes E02's credit risk, rated A. I03 is issued by E04 and guaranteed by E02, and its credit_risk_of is E02; E02 is rated A (A09) and I03 is also A (A11).
**Q6.** Not in the structured answer. The data does not state a reason for the gap. It only shows E05's foreign-currency BB (A14) against its local-currency BBB- (A13), and the Valdoria ceiling of BB.
**Q7.** 31 issuers had a downgrade action in 2026; the IDs are in the JSON. I relied on the action flag "DG" for 2026 long-term rating records.
**Q8.** E08. Its rating has been RD (restricted default) since 2026-07-08 (A22).
**Q9.** 278. This is the count of distinct entities with a current long-term or short-term issuer rating on 1 October 2026, excluding withdrawn (WD) ratings.
**Q10.** Depends. E05 is BB in foreign currency (A14, not investment grade) but BBB- in local currency (A13, investment grade).
**Q11.** BBB+. E14 held BBB+ from 2024-09-30 to 2025-11-20 (A36), a period that includes 2025-06-01.
**Q12.** A-. E14 held A- from 2023-01-15 to 2024-09-30 (A34).
**Q13.** 1. The only downgrade was A- to BBB+ on 2024-09-30 (A36); the later watch and affirmation did not change the rating.
**Q14.** None. Halden Foods (E12) was first rated on 2024-02-01 (A30), so it had no rating on 2024-01-01.
**Q15.** A-. E10 held A- until 2026-04-15 (A26).
**Q16.** No. E14 was BBB+ on 2025-01-01 and is still BBB+ (A36, A33); only the watch status and outlook changed.
**Q17.** No. E06 stayed at A- and was only placed on Rating Watch Negative on 2026-09-03 (A17).
**Q18.** 32 issuers were on Rating Watch Negative on 1 October 2026; the IDs are in the JSON.
**Q19.** 28 issuers had a Negative outlook on 1 October 2026; the IDs are in the JSON.
**Q20.** No. E07's rating was withdrawn (WD) on 2026-05-12 (A19). That is not a default.
**Q21.** 35 entities. Each had an issuer rating at some point and only withdrawn (WD) ratings as the current one on 1 October 2026; E07 is one example.
**Q22.** Only E08. It is the only entity with a default-grade rating, RD (A22).
**Q23.** F2 (A04).
**Q24.** Yes. E01 is rated BBB (A03).
**Q25.** 66 instruments held a current rating of BBB- or better on 1 October 2026.
**Q26.** A+. E15's local-currency rating (A40).
**Q27.** A-. I06 (A42).
**Q28.** BBB+. CV's foreign-currency rating (A38).
**Q29.** None. VD has no rating records.
**Q30.** 8 entities. Corvenia's ceiling is A and E15, E1039 and E1194 are rated A. Valdoria's ceiling is BB and E05, E1028, E1101, E1126 and E1236 are rated BB.
**Q31.** No. Every current foreign-currency rating for CV and VD entities is at or below its ceiling.
**Q32.** E09. E11's parent is E10, and E10's parent is E09.
**Q33.** The risk is E10's, rated BBB+. I05 is guaranteed by E10 (A29, BBB+ on both the note and E10's issuer rating, A27).
**Q34.** No. E12 has no parent and is not linked to E09 or E10.
**Q35.** 3: E09, E10 and E11.
**Q36.** 2: E02 and E04.
**Q37.** 331 rows in entities, which is already after duplicate records were merged.
**Q38.** No. Orrin Bank AG (E06, DE) and Orrin Bancorp Inc (E13, US) are separate entities with different LEIs.
**Q39.** A (A09).
**Q40.** 66 GB issuers held a current issuer rating on 1 October 2026, excluding withdrawn ratings.
**Q41.** None. No entity named Brindle Capital appears in the data.
**Q42.** LU.
**Q43.** 1 entity is domiciled in LU.
**Q44.** Yes. I07 is denominated in XVD and flagged local_currency = yes.
**Q45.** No. I07 is rated BBB- (A45), above Valdoria's BB ceiling, but the ceiling caps foreign-currency ratings and I07 is a local-currency note.
**Q46.** No. E11 has no issuer rating records; only its note I05 is rated.
**Q47.** None. I08 has no rating records.
**Q48.** 106 instruments held a current, non-withdrawn rating on 1 October 2026.
```json
{
"Q1": {"rating": "A-"},
"Q2": {"downgraded": "no"},
"Q3": {"investment_grade": "no", "rating": "BB+"},
"Q4": {"outlook": "POS"},
"Q5": {"risk_of": "E02", "rating": "A"},
"Q7": {"issuers": ["E08","E10","E1034","E1051","E1053","E1057","E1058","E1064","E1080","E1093","E1112","E1144","E1151","E1159","E1160","E1163","E1167","E1169","E1186","E1213","E1228","E1229","E1243","E1255","E1263","E1285","E1290","E1294","E1298","E1300","E1307"]},
"Q8": {"entities": ["E08"]},
"Q9": {"count": 278},
"Q10": {"investment_grade": "depends"},
"Q11": {"rating": "BBB+"},
"Q12": {"rating": "A-"},
"Q13": {"count": 1},
"Q14": {"rating": "none"},
"Q15": {"rating": "A-"},
"Q16": {"changed": "no"},
"Q17": {"downgraded": "no"},
"Q18": {"issuers": ["E06","E1006","E1013","E1019","E1037","E1039","E1059","E1061","E1066","E1088","E1098","E1099","E1109","E1126","E1132","E1133","E1146","E1168","E1181","E1194","E1203","E1209","E1238","E1242","E1260","E1264","E1266","E1267","E1297","E1314","E1317","E1323"]},
"Q19": {"issuers": ["E01","E09","E1005","E1029","E1034","E1046","E1055","E1056","E1059","E1064","E1072","E1079","E1080","E1105","E1118","E1158","E1160","E1188","E1190","E1211","E1228","E1248","E1261","E1263","E1271","E1282","E1294","E1300"]},
"Q20": {"in_default": "no"},
"Q21": {"entities": ["E1076","E1205","E1218","E1159","E1200","E1206","E1234","E1041","E1048","E1107","E1320","E1063","E1140","E1277","E1001","E1244","E1316","E1084","E1032","E1225","E1233","E07","E1124","E1219","E1253","E1308","E1057","E1172","E1007","E1121","E1166","E1155","E1021","E1062","E1138"]},
"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": ["E15","E1039","E1194","E05","E1028","E1101","E1126","E1236"]},
"Q31": {"any": "no"},
"Q32": {"parent": "E09"},
"Q33": {"risk_of": "E10", "rating": "BBB+"},
"Q34": {"same_group": "no"},
"Q35": {"count": 3},
"Q36": {"count": 2},
"Q37": {"count": 331},
"Q38": {"same": "no"},
"Q39": {"rating": "A"},
"Q40": {"count": 66},
"Q41": {"rating": "none"},
"Q42": {"country": "LU"},
"Q43": {"count": 1},
"Q44": {"local_currency": "yes"},
"Q45": {"above_ceiling": "no"},
"Q46": {"issuer_rating": "no"},
"Q47": {"rating": "none"},
"Q48": {"count": 106}
}
```