D3 sql+executed, run 3: the query session
26 queries1 failed6 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 WHERE name ILIKE ANY ('%Kestrel%','%Northwind%','%Valdoria%','%Marlow%','%Halden%','%Orrin%','%Pellam%','%Corvenia%','%Brindle%') ORDER BY name;
```
```sql
SELECT * FROM instruments ORDER BY issuer_id;
```
```sql
SELECT * FROM ceilings;
```
```sql
SELECT * FROM ancestors;
```Query results
Query 1 failed: Parser Error: syntax error at or near ","
Query 2:
| instrument_id | description | issuer_id | guarantor_id | credit_risk_of | seniority | currency | local_currency | maturity |
|---|---|---|---|---|---|---|---|---|
| I02 | Kestrel Energy 6.25% notes due 2031 | E01 | | E01 | SUB | GBP | no | 2031-09-30 |
| I01 | Kestrel Energy 4.50% notes due 2030 | E01 | | E01 | SU | GBP | no | 2030-03-15 |
| 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 |
| I07 | Valdoria Telecom 4.25% notes due 2027 | E05 | | E05 | SU | XVD | yes | 2027-08-31 |
| 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 |
| I05 | Halden Leasing 2.90% notes due 2028 | E11 | E10 | E10 | SU | EUR | no | 2028-06-30 |
| 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 |
| I1053 | Piran Logistics 7.25% notes due 2034 | E1190 | | E1190 | SU | EUR | no | 2028-06-30 |
| I1054 | Lenam Industries 2.50% notes due 2036 | E1195 | | E1195 | SU | GBP | no | 2030-06-30 |
(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 |
| E11 | E10 | 1 |
| E11 | E09 | 2 |
| 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 |
| 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 |
Run more queries, or give the final answers.The model
```sql
SELECT * FROM entities WHERE entity_id IN ('E01','E02','E03','E04','E05','E06','E07','E08','E09','E10','E11','E12','E13','E14','E15') OR name LIKE '%Kestrel%' OR name LIKE '%Northwind%' OR name LIKE '%Valdoria%' OR name LIKE '%Marlow%' OR name LIKE '%Halden%' OR name LIKE '%Orrin%' OR name LIKE '%Pellam%' OR name LIKE '%Corvenia%' OR name LIKE '%Brindle%' ORDER BY entity_id;
```
```sql
SELECT * FROM instruments WHERE issuer_id NOT LIKE 'E1%' OR description LIKE '%Corvenia%' OR description LIKE '%Marlow%' OR description LIKE '%Orrin%' OR description LIKE '%Pellam%' OR description LIKE '%Brindle%' OR instrument_id NOT LIKE 'I1%';
```
```sql
SELECT rating_type, ccy_basis, count(*) FROM ratings GROUP BY ALL ORDER BY ALL;
```
```sql
SELECT DISTINCT rating, watch, action, outlook FROM ratings WHERE rated_id NOT LIKE 'E1%' AND rated_id NOT LIKE 'I1%' 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 |
| 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 |
| VD | Republic of Valdoria | | VD | SOV | | | VD |
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 |
Query 3:
| rating_type | ccy_basis | count_star() |
|---|---|---|
| INST | | 110 |
| LTIDR | FC | 598 |
| LTIDR | LC | 34 |
| STIDR | FC | 1 |
Query 4:
| rating | watch | action | outlook |
|---|---|---|---|
| A | | AF | NEG |
| A | | AF | POS |
| A | | AF | |
| A | | AS | STA |
| A | | AS | |
| A- | RWN | RW | |
| A- | | AS | STA |
| A- | | AS | |
| B | | AS | STA |
| BB | | AS | STA |
| BB | | AS | |
| BB+ | | DG | |
| BBB | | AF | NEG |
| BBB | | AS | |
| BBB | | DG | STA |
| BBB | | DG | |
| BBB+ | | AS | STA |
| BBB+ | | DG | |
| BBB- | | AS | STA |
| BBB- | | AS | |
| CCC | | DG | |
| F2 | | AF | |
| RD | | DG | |
| WD | | WD | |
Run more queries, or give the final answers.The model
<invoke_placeholder>
</invoke_placeholder>
```sql
SELECT * FROM ratings WHERE rated_id IN ('E01','E02','E03','E04','E05','E06','E07','E08','E09','E10','E11','E12','E13','E14','E15','E17','CV','VD','I01','I02','I03','I04','I05','I06','I07','I08') ORDER BY rated_id, rating_type, ccy_basis, valid_from;
```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 |
Run more queries, or give the final answers.The model
```sql
SELECT count(*) n, count(DISTINCT entity_id) d FROM entities;
```
```sql
SELECT country, count(*) FROM entities WHERE country IN ('LU') GROUP BY ALL;
```
```sql
SELECT entity_id,name,country,entity_type,parent_id,ultimate_parent_id,record_ids FROM entities WHERE ultimate_parent_id IN ('E09','E02') OR entity_id IN ('E09','E02') OR country='LU';
```
```sql
SELECT count(DISTINCT rated_id) FROM ratings WHERE rating_type='LTIDR' AND (valid_to IS NULL OR valid_to='') AND rating NOT IN ('WD');
```
```sql
SELECT count(DISTINCT r.rated_id) FROM ratings r JOIN entities e ON e.entity_id=r.rated_id WHERE r.rating_type='LTIDR' AND (valid_to IS NULL OR valid_to='') AND rating<>'WD' AND e.country='GB';
```
```sql
SELECT count(DISTINCT rated_id) FROM ratings WHERE rating_type='INST' AND (valid_to IS NULL OR valid_to='') AND rating<>'WD';
```
```sql
SELECT count(DISTINCT rated_id) FROM ratings WHERE rating_type='INST' AND (valid_to IS NULL OR valid_to='') AND rating IN ('AAA','AA+','AA','AA-','A+','A','A-','BBB+','BBB','BBB-');
```
```sql
SELECT rated_id, rating, outlook, watch, action, valid_from, valid_to FROM ratings WHERE rating_type='LTIDR' AND (valid_to IS NULL OR valid_to='') AND (watch='RWN' OR outlook='NEG' OR rating IN ('RD','D','WD')) ORDER BY rated_id;
```
```sql
SELECT rated_id, rating, valid_from, valid_to FROM ratings WHERE rating IN ('RD','D') OR action='WD' ORDER BY rated_id;
```
```sql
SELECT rated_id, rating, valid_from FROM ratings WHERE rating_type='LTIDR' AND ccy_basis='FC' AND (valid_to IS NULL OR valid_to='') AND rated_id IN (SELECT entity_id FROM entities WHERE country IN ('CV','VD'));
```
```sql
SELECT rated_id, valid_from, valid_to, rating FROM ratings WHERE rating_type='LTIDR' AND rated_id IN (SELECT rated_id FROM ratings WHERE rating_type='LTIDR' AND valid_to<>'' GROUP BY rated_id) AND rated_id NOT IN (SELECT rated_id FROM ratings WHERE rating_type='LTIDR' AND (valid_to IS NULL OR valid_to='')) ORDER BY 1;
```
```sql
SELECT r.rated_id, r.rating, r.valid_from, p.rating prev FROM ratings r JOIN ratings p ON p.rated_id=r.rated_id AND p.valid_to=r.valid_from AND p.rating_type=r.rating_type AND p.ccy_basis=r.ccy_basis WHERE r.rating_type='LTIDR' AND r.valid_from>='2026-01-01' AND r.action IN ('DG') ORDER BY 1;
```Query results
Query 1:
| n | d |
|---|---|
| 331 | 331 |
Query 2:
| country | count_star() |
|---|---|
| LU | 1 |
Query 3:
| entity_id | name | country | entity_type | parent_id | ultimate_parent_id | record_ids |
|---|---|---|---|---|---|---|
| E02 | Northwind Holdings plc | GB | CORP | | | E02 E03 |
| E04 | Northwind Finance BV | NL | FINSUB | E02 | E02 | E04 |
| E09 | Halden Group plc | GB | CORP | | | E09 |
| E10 | Halden Bank AG | LU | BANK | E09 | E09 | E10 E17 |
| E11 | Halden Leasing SA | FR | FINSUB | E10 | E09 | E11 |
Query 4:
| count(DISTINCT rated_id) |
|---|
| 278 |
Query 5:
| count(DISTINCT r.rated_id) |
|---|
| 66 |
Query 6:
| count(DISTINCT rated_id) |
|---|
| 106 |
Query 7:
| count(DISTINCT rated_id) |
|---|
| 66 |
Query 8:
| rated_id | rating | outlook | watch | action | valid_from | valid_to |
|---|---|---|---|---|---|---|
| E01 | BBB | NEG | | AF | 2026-02-10 | |
| E06 | A- | | RWN | RW | 2026-09-03 | |
| E07 | WD | | | WD | 2026-05-12 | |
| E08 | RD | | | DG | 2026-07-08 | |
| E09 | A | NEG | | AF | 2026-03-01 | |
| E1001 | WD | | | WD | 2025-07-20 | |
| E1005 | BB | NEG | | DG | 2025-08-02 | |
| E1006 | AA | | RWN | RW | 2026-06-17 | |
| E1007 | WD | | | WD | 2026-06-27 | |
| E1013 | BB- | | RWN | RW | 2025-07-09 | |
| E1019 | BBB- | | RWN | RW | 2024-03-20 | |
| E1021 | WD | | | WD | 2025-11-08 | |
| E1029 | A- | NEG | | UG | 2025-08-08 | |
| E1032 | WD | | | WD | 2026-09-15 | |
| E1034 | BBB+ | NEG | | DG | 2026-05-02 | |
| E1037 | A | | RWN | RW | 2022-05-07 | |
| E1039 | A | | RWN | RW | 2025-12-09 | |
| E1041 | WD | | | WD | 2024-04-09 | |
| E1046 | AA- | NEG | | UG | 2025-05-28 | |
| E1048 | WD | | | WD | 2023-04-15 | |
| E1055 | BBB- | NEG | | UG | 2024-12-04 | |
| E1056 | A+ | NEG | | DG | 2023-01-01 | |
| E1057 | WD | | | WD | 2026-09-19 | |
| E1059 | BB- | NEG | | AF | 2025-02-16 | |
| E1059 | BB- | | RWN | RW | 2026-02-23 | |
| E1061 | A | | RWN | RW | 2025-06-06 | |
| E1062 | WD | | | WD | 2025-03-28 | |
| E1063 | WD | | | WD | 2025-01-12 | |
| E1064 | A- | NEG | | UG | 2026-06-03 | |
| E1066 | A- | | RWN | RW | 2026-05-03 | |
| E1072 | BB- | NEG | | AF | 2026-02-07 | |
| E1076 | WD | | | WD | 2024-04-28 | |
| E1079 | BB+ | NEG | | AF | 2024-01-26 | |
| E1080 | A- | NEG | | DG | 2026-02-14 | |
| E1084 | WD | | | WD | 2025-08-02 | |
| E1088 | B+ | | RWN | RW | 2024-01-16 | |
| E1098 | BBB- | | RWN | RW | 2026-04-28 | |
| E1099 | BB+ | | RWN | RW | 2023-11-05 | |
| E1105 | A+ | NEG | | UG | 2024-01-13 | |
| E1106 | WD | | | WD | 2025-08-10 | |
| E1107 | WD | | | WD | 2024-10-16 | |
| E1109 | A+ | | RWN | RW | 2025-12-25 | |
| E1118 | BB+ | NEG | | DG | 2025-07-14 | |
| E1121 | WD | | | WD | 2024-10-23 | |
| E1124 | WD | | | WD | 2024-06-15 | |
| E1126 | BB | | RWN | RW | 2025-07-10 | |
| E1132 | B+ | | RWN | RW | 2025-08-24 | |
| E1133 | B+ | | RWN | RW | 2025-10-11 | |
| E1138 | WD | | | WD | 2024-12-26 | |
| E1140 | WD | | | WD | 2025-09-15 | |
| E1146 | BB | | RWN | RW | 2025-08-12 | |
| E1155 | WD | | | WD | 2026-03-22 | |
| E1158 | BBB | NEG | | AF | 2026-08-14 | |
| E1159 | WD | | | WD | 2026-09-22 | |
| E1160 | B | NEG | | DG | 2026-07-28 | |
| E1166 | WD | | | WD | 2023-07-26 | |
| E1168 | BBB- | | RWN | RW | 2023-10-12 | |
| E1172 | WD | | | WD | 2026-03-12 | |
| E1181 | A- | | RWN | RW | 2025-01-06 | |
| E1188 | BB- | NEG | | UG | 2024-09-05 | |
(38 more rows not shown)
Query 9:
| rated_id | rating | valid_from | valid_to |
|---|---|---|---|
| E07 | WD | 2026-05-12 | |
| E08 | RD | 2026-07-08 | |
| E1001 | WD | 2025-07-20 | |
| E1007 | WD | 2026-06-27 | |
| E1021 | WD | 2025-11-08 | |
| E1032 | WD | 2026-09-15 | |
| E1041 | WD | 2024-04-09 | |
| E1048 | WD | 2023-04-15 | |
| E1057 | WD | 2026-09-19 | |
| E1062 | WD | 2025-03-28 | |
| E1063 | WD | 2025-01-12 | |
| E1076 | WD | 2024-04-28 | |
| E1084 | WD | 2025-08-02 | |
| E1106 | WD | 2025-08-10 | |
| E1107 | WD | 2024-10-16 | |
| E1115 | WD | 2025-06-28 | 2025-08-06 |
| E1121 | WD | 2024-10-23 | |
| E1124 | WD | 2024-06-15 | |
| E1138 | WD | 2024-12-26 | |
| E1140 | WD | 2025-09-15 | |
| E1155 | WD | 2026-03-22 | |
| E1158 | WD | 2026-02-27 | 2026-05-22 |
| E1159 | WD | 2026-09-22 | |
| E1166 | WD | 2023-07-26 | |
| E1172 | WD | 2026-03-12 | |
| E1200 | WD | 2023-11-03 | |
| E1205 | WD | 2025-11-16 | |
| E1206 | WD | 2025-11-20 | |
| E1218 | WD | 2026-05-22 | |
| E1219 | WD | 2026-04-11 | |
| E1225 | WD | 2025-06-12 | |
| E1233 | WD | 2025-01-24 | |
| E1234 | WD | 2026-09-22 | |
| E1244 | WD | 2024-04-18 | |
| E1253 | WD | 2025-08-13 | |
| E1277 | WD | 2025-12-14 | |
| E1279 | WD | 2024-11-17 | |
| E1303 | WD | 2026-03-26 | 2026-06-04 |
| E1308 | WD | 2025-06-19 | |
| E1316 | WD | 2024-07-07 | |
| E1320 | WD | 2023-10-15 | |
Query 10:
| rated_id | rating | valid_from |
|---|---|---|
| CV | BBB+ | 2024-01-01 |
| E05 | BB | 2025-04-01 |
| E15 | A | 2024-03-01 |
| E1019 | BB+ | 2022-12-11 |
| E1028 | BB | 2025-12-25 |
| E1039 | A | 2025-12-09 |
| E1059 | BB- | 2025-02-16 |
| E1071 | B+ | 2023-01-11 |
| E1096 | BBB | 2024-04-04 |
| E1101 | BB | 2022-10-26 |
| E1106 | B+ | 2024-10-26 |
| E1126 | BB | 2025-07-10 |
| E1136 | A- | 2023-07-04 |
| E1144 | B+ | 2026-06-06 |
| E1185 | BB+ | 2025-02-28 |
| E1194 | A | 2025-01-20 |
| E1217 | BB- | 2025-09-07 |
| E1223 | BB+ | 2023-08-20 |
| E1229 | BB+ | 2026-06-02 |
| E1236 | BB | 2023-09-17 |
| E1243 | BB | 2026-08-19 |
| E1279 | WD | 2024-11-17 |
| E1283 | BB | 2024-11-03 |
| E1304 | BB | 2026-07-25 |
| E1307 | BB- | 2026-09-25 |
| E1313 | BB- | 2025-09-02 |
Query 11:
(no rows)
Query 12:
| rated_id | rating | valid_from | prev |
|---|---|---|---|
| E08 | CCC | 2026-01-20 | B |
| E08 | RD | 2026-07-08 | CCC |
| E10 | BBB+ | 2026-04-15 | A- |
| E1034 | BBB+ | 2026-05-02 | A- |
| E1051 | A+ | 2026-04-05 | AA- |
| E1051 | A+ | 2026-06-01 | A+ |
| E1053 | BB | 2026-03-20 | BB+ |
| E1057 | BB | 2026-06-25 | BB+ |
| E1058 | BBB- | 2026-07-14 | BBB |
| E1064 | BBB+ | 2026-03-04 | BBB+ |
| E1080 | A- | 2026-02-14 | A |
| E1093 | B | 2026-07-25 | B+ |
| E1112 | BBB | 2026-02-20 | BBB+ |
| E1144 | B+ | 2026-06-06 | BB- |
| E1151 | BBB | 2026-01-26 | BBB+ |
| E1159 | BBB+ | 2026-06-16 | A- |
| E1160 | B | 2026-07-28 | B+ |
| E1163 | BB+ | 2026-03-19 | BBB- |
| E1167 | BB | 2026-09-07 | BB+ |
| E1169 | BB- | 2026-08-16 | BB |
| E1186 | BBB+ | 2026-01-04 | A- |
| E1213 | A- | 2026-02-13 | A |
| E1213 | BBB+ | 2026-06-16 | A |
| E1228 | BB+ | 2026-06-28 | BBB- |
| E1229 | BB | 2026-05-06 | BBB- |
| E1229 | BB+ | 2026-06-02 | BB |
| E1243 | BB | 2026-01-13 | BB+ |
| E1255 | BBB+ | 2026-01-19 | A- |
| E1263 | BBB | 2026-03-03 | BBB+ |
| E1263 | BBB- | 2026-06-16 | BBB |
| E1285 | A | 2026-02-17 | A+ |
| E1290 | B | 2026-08-16 | B+ |
| E1294 | A+ | 2026-07-11 | AA- |
| E1298 | BBB | 2026-02-06 | BBB+ |
| E1300 | BBB+ | 2026-04-09 | A- |
| E1300 | BBB | 2026-05-06 | BBB+ |
| E1307 | BB- | 2026-02-08 | BB |
Run more queries, or give the final answers.The model
```sql
WITH s(r,i) AS (VALUES ('AAA',1),('AA+',2),('AA',3),('AA-',4),('A+',5),('A',6),('A-',7),('BBB+',8),('BBB',9),('BBB-',10),('BB+',11),('BB',12),('BB-',13),('B+',14),('B',15),('B-',16),('CCC',17),('RD',18)),
x AS (SELECT r1.rated_id, r1.ccy_basis, r1.valid_from, a.i ni, b.i pi FROM ratings r1 JOIN ratings p ON p.rated_id=r1.rated_id AND p.valid_to=r1.valid_from AND p.rating_type=r1.rating_type AND p.ccy_basis=r1.ccy_basis JOIN s a ON a.r=r1.rating JOIN s b ON b.r=p.rating WHERE r1.rating_type='LTIDR' AND r1.valid_from BETWEEN '2026-01-01' AND '2026-12-31')
SELECT string_agg(DISTINCT rated_id, ',') FROM x WHERE ni>pi;
```
```sql
SELECT 'RWN', string_agg(DISTINCT rated_id, ',') FROM ratings WHERE rating_type='LTIDR' AND (valid_to IS NULL OR valid_to='') AND watch='RWN'
UNION ALL SELECT 'NEG', string_agg(DISTINCT rated_id, ',') FROM ratings WHERE rating_type='LTIDR' AND (valid_to IS NULL OR valid_to='') AND outlook='NEG' AND coalesce(watch,'')<>'RWN'
UNION ALL SELECT 'NOWD', string_agg(DISTINCT rated_id, ',') FROM ratings r WHERE rating_type='LTIDR' AND (valid_to IS NULL OR valid_to='') AND rating='WD' AND NOT EXISTS (SELECT 1 FROM ratings q WHERE q.rated_id=r.rated_id AND q.rating_type='LTIDR' AND (q.valid_to IS NULL OR q.valid_to='') AND q.rating<>'WD');
```
```sql
SELECT e.entity_id, e.country, r.ccy_basis, r.rating FROM ratings r JOIN entities e ON e.entity_id=r.rated_id WHERE e.country IN ('CV','VD') AND r.rating_type='LTIDR' AND r.ccy_basis='FC' AND (r.valid_to IS NULL OR r.valid_to='') AND e.entity_type<>'SOV' ORDER BY 2,4;
```Query results
Query 1:
| string_agg(DISTINCT rated_id, ',') |
|---|
| E1058,E1167,E1080,E1151,E1294,E1064,E1093,E1228,E1229,E1255,E1263,E1298,E1307,E1163,E1213,E1300,E1053,E1057,E1144,E1159,E1243,E08,E1112,E1169,E1186,E10,E1160,E1034,E1285,E1290,E1051 |
Query 2:
| 'RWN' | string_agg(DISTINCT rated_id, ',') |
|---|---|
| RWN | E1109,E1168,E1181,E06,E1133,E1088,E1194,E1066,E1146,E1203,E1314,E1323,E1006,E1019,E1264,E1013,E1061,E1238,E1297,E1099,E1132,E1260,E1039,E1059,E1266,E1098,E1126,E1267,E1037,E1209,E1242,E1317 |
| NEG | E09,E1211,E1228,E1263,E1034,E1188,E1248,E1005,E1080,E1072,E1190,E1105,E1158,E1079,E1271,E01,E1064,E1118,E1261,E1029,E1160,E1055,E1294,E1046,E1056,E1059,E1282,E1300 |
| NOWD | E1007,E1032,E1057,E1155,E1159,E1253,E1308,E1076,E1062,E1244,E1316,E1121,E1205,E1277,E1218,E1001,E1124,E1172,E1200,E1225,E1233,E1234,E07,E1021,E1166,E1206,E1219,E1320,E1041,E1063,E1107,E1138,E1140,E1048,E1084 |
Query 3:
| entity_id | country | ccy_basis | rating |
|---|---|---|---|
| E15 | CV | FC | A |
| E1039 | CV | FC | A |
| E1194 | CV | FC | A |
| E1136 | CV | FC | A- |
| E1071 | CV | FC | B+ |
| E1144 | CV | FC | B+ |
| E1304 | CV | FC | BB |
| E1283 | CV | FC | BB |
| E1243 | CV | FC | BB |
| E1229 | CV | FC | BB+ |
| E1019 | CV | FC | BB+ |
| E1185 | CV | FC | BB+ |
| E1223 | CV | FC | BB+ |
| E1059 | CV | FC | BB- |
| E1217 | CV | FC | BB- |
| E1096 | CV | FC | BBB |
| E1106 | VD | FC | B+ |
| E05 | VD | FC | BB |
| E1236 | VD | FC | BB |
| E1101 | VD | FC | BB |
| E1126 | VD | FC | BB |
| E1028 | VD | FC | BB |
| E1307 | VD | FC | BB- |
| E1313 | VD | FC | BB- |
| E1279 | VD | FC | WD |
Run more queries, or give the final answers.The model
```sql
SELECT entity_id,name,country,record_ids FROM entities WHERE name ILIKE '%brindle%' OR record_ids ILIKE '%brindle%';
```
```sql
SELECT * FROM ratings WHERE rated_id IN ('E1059','E1279') ORDER BY rated_id, valid_from;
```Query results
Query 1:
(no rows)
Query 2:
| rated_id | rating_type | ccy_basis | rating | outlook | watch | action | valid_from | valid_to | action_id |
|---|---|---|---|---|---|---|---|---|---|
| E1059 | LTIDR | FC | BB- | STA | | AS | 2024-01-13 | 2025-02-16 | A1128 |
| E1059 | LTIDR | LC | BB | STA | | AS | 2024-01-13 | 2025-07-07 | A1130 |
| E1059 | LTIDR | FC | BB- | NEG | | AF | 2025-02-16 | | A1129 |
| E1059 | LTIDR | LC | BB- | STA | | DG | 2025-07-07 | 2026-02-23 | A1131 |
| E1059 | LTIDR | LC | BB- | | RWN | RW | 2026-02-23 | | A1132 |
| E1279 | LTIDR | FC | BB | STA | | AS | 2022-04-23 | 2024-11-17 | A1593 |
| E1279 | LTIDR | LC | BB | STA | | AS | 2022-04-23 | 2023-12-16 | A1595 |
| E1279 | LTIDR | LC | BB | STA | | AF | 2023-12-16 | | A1596 |
| E1279 | LTIDR | FC | WD | | | WD | 2024-11-17 | | A1594 |
Run more queries, or give the final answers.The model
**Q1.** A-. E01's FC issuer rating was A- from 2024-03-12 to 2025-06-20 (A01).
**Q2.** No. E01 was downgraded in 2025 (A02). On 2026-02-10 it was affirmed at BBB with a Negative outlook (A03).
**Q3.** No. I02 is rated BB+ (A07), which is sub-investment grade.
**Q4.** Positive. E02, merged with E03, has been A/POS since 2025-09-15 (A09).
**Q5.** The holder takes E02's credit risk (Northwind Holdings, the guarantor), which is rated A. I03 has guarantor E02 and is rated A (A11).
**Q6.** Valdoria's Country Ceiling of BB (VD, from 2025-04-01) caps the foreign-currency rating. E05's FC rating is BB (A14) and its LC rating is BBB- (A13).
**Q7.** 31 issuers had a downgrade effective in 2026; they are listed in the JSON. This counts LTIDR downgrades on the rating scale, including E08 and E10, and excludes withdrawals.
**Q8.** E08. Its rating has been RD since 2026-07-08 (A22).
**Q9.** 278. This is the number of distinct entities with a current LTIDR that is not WD. It includes the sovereign CV, and E1279, whose LC rating is still active.
**Q10.** Depends. E05 is BB in foreign currency (investment grade is BBB- or higher, so sub-investment grade) but BBB- in local currency (investment grade).
**Q11.** BBB+ (A36).
**Q12.** A- (A34).
**Q13.** 1. The only downgrade was A- to BBB+ on 2024-09-30. The RWN period and the later affirmation are not downgrades.
**Q14.** None. E12's first rating began on 2024-02-01 (A30).
**Q15.** A-. E10 was A- until 2026-04-15 (A26).
**Q16.** No. E14 was BBB+/Stable on 2025-01-01 and is BBB+/Stable now. The watch in between did not change the rating.
**Q17.** No. E06's rating is still A-; on 2026-09-03 it was only placed on Rating Watch Negative (A17).
**Q18.** 32 issuers were on RWN on 2026-10-01; they are listed in the JSON.
**Q19.** 28 issuers had a Negative outlook (with no RWN) on 2026-10-01; they are listed in the JSON.
**Q20.** No. E07's rating was withdrawn (WD, A19), not set to a default rating.
**Q21.** 35 entities had an issuer rating before but only WD on 2026-10-01; they are listed in the JSON.
**Q22.** E08. It is the only entity with an RD or D rating in the data (A22).
**Q23.** F2 (A04).
**Q24.** Yes. E01's issuer rating is BBB (A03).
**Q25.** 66. This is the number of instruments with a current INST rating of BBB- or higher.
**Q26.** A+ (A40).
**Q27.** A- (A42).
**Q28.** BBB+ (A38).
**Q29.** None. The data holds no rating for VD.
**Q30.** E15, E1039 and E1194 are at the CV ceiling of A. E05, E1236, E1101, E1126 and E1028 are at the VD ceiling of BB.
**Q31.** No. No non-sovereign with a CV or VD FC rating is above the ceiling of A or BB respectively.
**Q32.** E09.
**Q33.** The holder takes E10's credit risk (Halden Bank, the guarantor), which is rated BBB+ (A27, A29).
**Q34.** No. E12 has no parent and is not in E09's group.
**Q35.** 3: E09, E10 and E11. E17 is merged into E10.
**Q36.** 2: E02 and E04.
**Q37.** 331. The entities table has 331 distinct entity_ids, after merging.
**Q38.** No. E06 (Orrin Bank AG, DE) and E13 (Orrin Bancorp Inc, US) are separate entities with different LEIs.
**Q39.** A (A09).
**Q40.** 66. This counts GB-domiciled entities with a current non-WD LTIDR.
**Q41.** None. No entity or record named Brindle Capital exists in the data.
**Q42.** LU (E10).
**Q43.** 1 (E10).
**Q44.** Yes. I07 is flagged local_currency=yes and is denominated in XVD.
**Q45.** No. The BB ceiling applies to foreign-currency ratings, and I07 is a local-currency obligation rated BBB- (A45).
**Q46.** No. E11 has no ratings of its own; only its instrument I05 is rated.
**Q47.** None. I08 has no rating record.
**Q48.** 106. This is the number of instruments with a current INST rating that is not WD.
```json
{
"Q1":{"rating":"A-"},
"Q2":{"downgraded":"no"},
"Q3":{"investment_grade":"no","rating":"BB+"},
"Q4":{"outlook":"POS"},
"Q5":{"risk_of":"E02","rating":"A"},
"Q7":{"issuers":["E1058","E1167","E1080","E1151","E1294","E1064","E1093","E1228","E1229","E1255","E1263","E1298","E1307","E1163","E1213","E1300","E1053","E1057","E1144","E1159","E1243","E08","E1112","E1169","E1186","E10","E1160","E1034","E1285","E1290","E1051"]},
"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":["E1109","E1168","E1181","E06","E1133","E1088","E1194","E1066","E1146","E1203","E1314","E1323","E1006","E1019","E1264","E1013","E1061","E1238","E1297","E1099","E1132","E1260","E1039","E1059","E1266","E1098","E1126","E1267","E1037","E1209","E1242","E1317"]},
"Q19":{"issuers":["E09","E1211","E1228","E1263","E1034","E1188","E1248","E1005","E1080","E1072","E1190","E1105","E1158","E1079","E1271","E01","E1064","E1118","E1261","E1029","E1160","E1055","E1294","E1046","E1056","E1059","E1282","E1300"]},
"Q20":{"in_default":"no"},
"Q21":{"entities":["E1007","E1032","E1057","E1155","E1159","E1253","E1308","E1076","E1062","E1244","E1316","E1121","E1205","E1277","E1218","E1001","E1124","E1172","E1200","E1225","E1233","E1234","E07","E1021","E1166","E1206","E1219","E1320","E1041","E1063","E1107","E1138","E1140","E1048","E1084"]},
"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","E1236","E1101","E1126","E1028"]},
"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}
}
```