D1 sql, run 1: the query session
19 queries0 failed5 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` (370 rows): entity_id, name, lei, country, entity_type, parent_id, source_system
- `instruments` (115 rows): instrument_id, description, issuer_id, guarantor_id, seniority, currency, maturity
- `rating_actions` (787 rows): action_id, date, rated_id, rating_type, ccy_basis, action, rating, outlook, watch, comment
## Questions
Answer each question below from the data above. Start each answer on a new line with its
number in bold, like **Q1.**, give the direct answer first, then at most two sentences of
reasoning that cite the records (IDs) you relied on.
Then end with one JSON block (```json) holding the structured answer to each question listed
here, with exactly these fields, shaped like {"Q1": {"field": value}, ...}. Name entities by their record ID: the entity_id in the CSV files, or the part of the IRI after lad: in the RDF (E01, not Kestrel Energy plc).
- Q1: rating (a rating, or "none")
- Q2: downgraded ("yes", "no" or "depends")
- Q3: investment_grade ("yes", "no" or "depends"), rating (a rating, or "none")
- Q4: outlook (an outlook)
- Q5: risk_of (a record ID), rating (a rating, or "none")
- Q7: issuers (a list of record IDs)
- Q8: entities (a list of record IDs)
- Q9: count (a number)
- Q10: investment_grade ("yes", "no" or "depends")
- Q11: rating (a rating, or "none")
- Q12: rating (a rating, or "none")
- Q13: count (a number)
- Q14: rating (a rating, or "none")
- Q15: rating (a rating, or "none")
- Q16: changed ("yes", "no" or "depends")
- Q17: downgraded ("yes", "no" or "depends")
- Q18: issuers (a list of record IDs)
- Q19: issuers (a list of record IDs)
- Q20: in_default ("yes", "no" or "depends")
- Q21: entities (a list of record IDs)
- Q22: entities (a list of record IDs)
- Q23: rating (a rating, or "none")
- Q24: investment_grade ("yes", "no" or "depends")
- Q25: count (a number)
- Q26: rating (a rating, or "none")
- Q27: rating (a rating, or "none")
- Q28: rating (a rating, or "none")
- Q29: rating (a rating, or "none")
- Q30: entities (a list of record IDs)
- Q31: any ("yes", "no" or "depends")
- Q32: parent (a record ID)
- Q33: risk_of (a record ID), rating (a rating, or "none")
- Q34: same_group ("yes", "no" or "depends")
- Q35: count (a number)
- Q36: count (a number)
- Q37: count (a number)
- Q38: same ("yes", "no" or "depends")
- Q39: rating (a rating, or "none")
- Q40: count (a number)
- Q41: rating (a rating, or "none")
- Q42: country (a country code)
- Q43: count (a number)
- Q44: local_currency ("yes", "no" or "depends")
- Q45: above_ceiling ("yes", "no" or "depends")
- Q46: issuer_rating ("yes", "no" or "depends")
- Q47: rating (a rating, or "none")
- Q48: count (a number)
Q1. What was Kestrel Energy's rating on 1 January 2025?
Q2. Has Kestrel Energy been downgraded in 2026?
Q3. Is Kestrel Energy's 2031 note investment grade?
Q4. What is Northwind Holdings' current outlook?
Q5. Whose credit risk does a holder of the Northwind Finance 2030 notes take, and how is it rated?
Q6. Why is Valdoria Telecom's foreign-currency rating lower than its local-currency rating?
Q7. Which issuers were downgraded in 2026?
Q8. Which entities were in default on 1 October 2026?
Q9. As of 1 October 2026, how many distinct issuers hold an issuer rating?
Q10. Is Valdoria Telecom investment grade?
Q11. What was Marlow Utilities' rating on 1 June 2025?
Q12. What was Marlow Utilities' rating on 1 January 2024?
Q13. How many times has Marlow Utilities been downgraded?
Q14. What was Halden Foods' rating on 1 January 2024?
Q15. What was Halden Bank's rating on 1 January 2026?
Q16. Has Marlow Utilities' rating changed since 1 January 2025?
Q17. Was Orrin Bank downgraded in 2026?
Q18. Which issuers were on Rating Watch Negative on 1 October 2026?
Q19. Which issuers had a Negative outlook on 1 October 2026?
Q20. Is Pellam Retail in default?
Q21. Which entities had an issuer rating at some point but no longer had one on 1 October 2026?
Q22. Which entities have ever been in default?
Q23. What is Kestrel Energy's short-term rating?
Q24. Is Kestrel Energy's issuer rating investment grade?
Q25. How many instruments held an investment-grade rating on 1 October 2026?
Q26. What is Corvenia Power's local-currency rating?
Q27. How is Corvenia Power's 2032 note rated?
Q28. What is the Republic of Corvenia's foreign-currency issuer rating?
Q29. What is the Republic of Valdoria's issuer rating?
Q30. Which entities had a foreign-currency issuer rating exactly at their country's ceiling on 1 October 2026?
Q31. Did any company have a foreign-currency issuer rating above its country's ceiling on 1 October 2026?
Q32. Who is Halden Leasing's ultimate parent?
Q33. Whose credit risk does a holder of the Halden Leasing 2028 notes take, and how is it rated?
Q34. Is Halden Foods part of the same group as Halden Bank?
Q35. How many entities are in the Halden group, the parent included?
Q36. How many entities are in the Northwind group, the parent included?
Q37. How many distinct legal entities does the data describe?
Q38. Are Orrin Bank AG and Orrin Bancorp Inc the same entity?
Q39. What is Northwind Holdings' current rating?
Q40. How many distinct issuers domiciled in GB held an issuer rating on 1 October 2026?
Q41. What is Brindle Capital's current rating?
Q42. In which country is Halden Bank domiciled?
Q43. How many distinct entities are domiciled in Luxembourg (LU)?
Q44. Is Valdoria Telecom's 2027 note a local-currency obligation?
Q45. Is Valdoria Telecom's 2027 note rated above what Valdoria's Country Ceiling allows?
Q46. Does Halden Leasing have an issuer rating?
Q47. How is Corvenia Power's 2034 note rated?
Q48. How many instruments held a rating on 1 October 2026?The model
<invoke>
```sql
select * from entities order by entity_id limit 400;
```
```sql
select * from instruments order by instrument_id;
```
```sql
select rating_type, ccy_basis, action, outlook, watch, count(*) from rating_actions group by all order by all;
```
</invoke>Query results
Query 1:
| entity_id | name | lei | country | entity_type | parent_id | source_system |
|---|---|---|---|---|---|---|
| CV | Republic of Corvenia | | CV | SOV | | RATINGS |
| E01 | Kestrel Energy plc | 7245002OOPBG04092E43 | GB | CORP | | RATINGS |
| E02 | Northwind Holdings plc | 213800PHEIYNJMHTDV74 | GB | CORP | | RATINGS |
| E03 | NORTHWIND HLDGS | 213800PHEIYNJMHTDV74 | GB | CORP | | RESEARCH |
| E04 | Northwind Finance BV | 213800LA5RYJLGXV2T85 | NL | FINSUB | E02 | RATINGS |
| E05 | Valdoria Telecom SA | 391200LESH03LMOY2U61 | VD | CORP | | RATINGS |
| E06 | Orrin Bank AG | 549300AMVE3VRVG7HK43 | DE | BANK | | RATINGS |
| E07 | Pellam Retail Ltd | 969500B6IUACELPI2291 | GB | CORP | | RATINGS |
| E08 | Saxby Shipping SA | 969500KOTZ1JFIZSG796 | GR | CORP | | RATINGS |
| E09 | Halden Group plc | 815600ASM9EHDG931T89 | GB | CORP | | RATINGS |
| E10 | Halden Bank AG | 391200QYPVFF2O9K2039 | DE | BANK | E09 | RATINGS |
| E1001 | Tunod Steel SA | 3912003R00FP6CNV6210 | FR | CORP | | RATINGS |
| E1002 | TUNOD STEEL SA | 3912003R00FP6CNV6210 | FR | CORP | | RESEARCH |
| E1003 | Rilol Telecom plc | 3912009W4J483WB8PZ97 | GB | BANK | | RATINGS |
| E1004 | Munem Retail SA | 969500IBYK0X2ZT52780 | ES | CORP | | RATINGS |
| E1005 | Setan Airlines Inc | 815600JRN7AOE36KFR35 | US | CORP | | RATINGS |
| E1006 | Soson Airlines Inc | 213800WSVEOAQ5HD4C43 | US | CORP | E1005 | RATINGS |
| E1007 | Golod Property plc | 815600N2UAHQREHHWF76 | GB | BANK | | RATINGS |
| E1008 | Sotil Retail plc | 213800RPNJ2OSQ387M40 | GB | CORP | | RATINGS |
| E1009 | Malam Chemicals Inc | 3912006EIY6TU9NVSC86 | US | CORP | | RATINGS |
| E1010 | Buvir Industries Inc | 3912004R2GZJL49URX69 | US | CORP | | RATINGS |
| E1011 | Falom Media Inc | 549300XX6U9N4Y7KPH74 | US | BANK | | RATINGS |
| E1012 | Posad Industries SA | 9695002JIQI5QYDN0G98 | FR | CORP | | RATINGS |
| E1013 | Pisol Pharma BV | 969500U072SAPPW32N81 | NL | BANK | E1004 | RATINGS |
| E1014 | Toral Utilities BV | 391200J700D8T2H18W16 | NL | CORP | | RATINGS |
| E1015 | Civen Steel Inc | 815600JSNIJ4UFCBF662 | US | CORP | | RATINGS |
| E1016 | Ponar Telecom SA | 5493008DQ96XI37KZG24 | ES | BANK | | RATINGS |
| E1017 | Nisid Steel SA | 391200K600X7LWZTTM85 | FR | BANK | | RATINGS |
| E1018 | Tosem Mining Inc | 549300SEMGL6OXLWHQ59 | US | CORP | | RATINGS |
| E1019 | Losol Mining SA | 391200GSFO0F68KKUC67 | CV | CORP | | RATINGS |
| E1020 | Finel Media AG | 549300FCSHHELSCZX562 | DE | CORP | | RATINGS |
| E1021 | Niner Pharma plc | 391200KLG6G4KVIMIU52 | GB | CORP | | RATINGS |
| E1022 | NINER PHARMA | 391200KLG6G4KVIMIU52 | GB | CORP | | RESEARCH |
| E1023 | Heled Water plc | 3912006FHXTH5V6WNK07 | GB | CORP | | RATINGS |
| E1024 | Susin Shipping BV | 3912005J04HB7X0GTN24 | NL | CORP | | RATINGS |
| E1025 | Tulol Shipping SA | 2138007MIV2OS05PET94 | ES | BANK | | RATINGS |
| E1026 | Vunam Water BV | 969500C8XYHXZBFMUO41 | NL | CORP | | RATINGS |
| E1027 | Tesad Media Inc | 969500T86HNH5S920X18 | US | CORP | | RATINGS |
| E1028 | Mutir Retail SA | 213800TJ32NARU0BI982 | VD | CORP | | RATINGS |
| E1029 | Leson Telecom Inc | 8156008DPX4I9DNKWN26 | US | BANK | | RATINGS |
| E1030 | LESON TELECOM INC | 8156008DPX4I9DNKWN26 | US | BANK | | RESEARCH |
| E1031 | Kuvir Logistics SA | 969500GRHP48SQNEWH44 | ES | CORP | | RATINGS |
| E1032 | Helom Chemicals BV | 2138006H9XCYN2P1K228 | NL | BANK | | RATINGS |
| E1033 | Kunid Pharma SA | 213800Q84PS4FTJJB947 | ES | CORP | E1004 | RATINGS |
| E1034 | Tanad Capital SpA | 815600KLV84WAQGPSX27 | IT | CORP | | RATINGS |
| E1035 | Kavod Utilities AG | 724500YHN51API4SE179 | DE | CORP | | RATINGS |
| E1036 | Lilor Retail AG | 9695000N72OQ0Q07IW61 | DE | CORP | | RATINGS |
| E1037 | Natil Retail SA | 391200OBAXI8590VQN12 | FR | CORP | | RATINGS |
| E1038 | Lanon Telecom BV | 549300EZ4HXP0L5RAZ01 | NL | CORP | | RATINGS |
| E1039 | Pulor Airlines SA | 969500HA9D5I7F73PW83 | CV | BANK | | RATINGS |
| E1040 | Dorid Mining AG | 549300SPMD9MEMFWMR12 | DE | CORP | | RATINGS |
| E1041 | Hiral Steel SA | 549300JU1O5MP1HSKQ01 | ES | CORP | | RATINGS |
| E1042 | Rerod Steel BV | 391200LC6V921W096L49 | NL | CORP | | RATINGS |
| E1043 | Vitom Property plc | 5493007IVTPIWJZLFF29 | GB | CORP | | RATINGS |
| E1044 | Hesid Telecom Inc | 3912003Y7VZHUGN50755 | US | BANK | | RATINGS |
| E1045 | Nesid Logistics Inc | 96950029VB162U3K1976 | US | BANK | | RATINGS |
| E1046 | Ditin Shipping Inc | 549300ZM08IADSAK3L87 | US | BANK | E1026 | RATINGS |
| E1047 | Vaved Pharma plc | 391200WGA8OE30KZUD08 | GB | CORP | E1020 | RATINGS |
| E1048 | Lised Pharma AG | 9695000T21G05UQMGF10 | DE | CORP | | RATINGS |
| E1049 | Paser Utilities plc | 391200R2EH7FELZFOV27 | GB | CORP | | RATINGS |
(310 more rows not shown)
Query 2:
| instrument_id | description | issuer_id | guarantor_id | seniority | currency | maturity |
|---|---|---|---|---|---|---|
| I01 | Kestrel Energy 4.50% notes due 2030 | E01 | | SU | GBP | 2030-03-15 |
| I02 | Kestrel Energy 6.25% notes due 2031 | E01 | | SUB | GBP | 2031-09-30 |
| I03 | Northwind Finance 3.75% notes due 2030 | E04 | E02 | SU | EUR | 2030-05-01 |
| I04 | Valdoria Telecom 5.00% notes due 2029 | E05 | | SU | USD | 2029-11-20 |
| I05 | Halden Leasing 2.90% notes due 2028 | E11 | E10 | SU | EUR | 2028-06-30 |
| I06 | Corvenia Power 7.10% notes due 2032 | E15 | | SUB | USD | 2032-02-15 |
| I07 | Valdoria Telecom 4.25% notes due 2027 | E05 | | SU | XVD | 2027-08-31 |
| I08 | Corvenia Power 6.00% notes due 2034 | E15 | | SU | USD | 2034-09-01 |
| I1001 | Soson Airlines 5.50% notes due 2031 | E1006 | | SUB | USD | 2035-06-30 |
| I1002 | Golod Property 8.75% notes due 2031 | E1007 | | SU | USD | 2033-06-30 |
| I1003 | Sotil Retail 3.00% notes due 2031 | E1008 | | SU | GBP | 2034-06-30 |
| I1004 | Malam Chemicals 2.25% notes due 2035 | E1009 | | SU | USD | 2028-06-30 |
| I1005 | Posad Industries 4.00% notes due 2033 | E1012 | | SU | EUR | 2031-06-30 |
| I1006 | Pisol Pharma 4.75% notes due 2030 | E1013 | | SUB | USD | 2030-06-30 |
| I1007 | Toral Utilities 7.75% notes due 2028 | E1014 | | SU | EUR | 2033-06-30 |
| I1008 | Ponar Telecom 4.75% notes due 2035 | E1016 | | SU | EUR | 2033-06-30 |
| I1009 | Tosem Mining 2.75% notes due 2031 | E1018 | | SUB | USD | 2036-06-30 |
| I1010 | Finel Media 6.50% notes due 2035 | E1020 | | SU | EUR | 2036-06-30 |
| I1011 | Niner Pharma 3.25% notes due 2029 | E1021 | | SU | USD | 2035-06-30 |
| I1012 | Heled Water 6.25% notes due 2030 | E1023 | | SU | GBP | 2031-06-30 |
| I1013 | Kuvir Logistics 2.00% notes due 2027 | E1031 | | SU | EUR | 2027-06-30 |
| I1014 | Kavod Utilities 2.50% notes due 2032 | E1035 | | SU | USD | 2036-06-30 |
| I1015 | Lanon Telecom 4.75% notes due 2033 | E1038 | | SUB | EUR | 2032-06-30 |
| I1016 | Hiral Steel 6.00% notes due 2035 | E1041 | | SU | USD | 2034-06-30 |
| I1017 | Lised Pharma 4.50% notes due 2036 | E1048 | | SU | EUR | 2029-06-30 |
| I1018 | Paser Utilities 3.75% notes due 2027 | E1049 | | SUB | GBP | 2034-06-30 |
| I1019 | Sunar Holdings 8.50% notes due 2036 | E1050 | | SUB | USD | 2034-06-30 |
| I1020 | Witad Steel 5.00% notes due 2033 | E1052 | | SU | EUR | 2027-06-30 |
| I1021 | Duver Shipping 8.50% notes due 2032 | E1056 | | SU | EUR | 2030-06-30 |
| I1022 | Levem Foods 6.50% notes due 2035 | E1067 | | SUB | EUR | 2030-06-30 |
| I1023 | Mored Utilities 4.25% notes due 2032 | E1071 | | SUB | USD | 2033-06-30 |
| I1024 | Ganed Holdings 5.75% notes due 2035 | E1077 | | SU | EUR | 2032-06-30 |
| I1025 | Menir Shipping 7.50% notes due 2028 | E1078 | | SUB | EUR | 2034-06-30 |
| I1026 | Nevar Property 6.75% notes due 2036 | E1079 | | SU | GBP | 2028-06-30 |
| I1027 | Gilen Capital 2.00% notes due 2031 | E1082 | | SUB | USD | 2034-06-30 |
| I1028 | Givim Mining 5.75% notes due 2036 | E1085 | | SU | EUR | 2034-06-30 |
| I1029 | Gorar Steel 7.25% notes due 2033 | E1086 | | SUB | USD | 2035-06-30 |
| I1030 | Vitid Holdings 5.75% notes due 2032 | E1087 | | SU | EUR | 2034-06-30 |
| I1031 | Koved Holdings 2.50% notes due 2032 | E1088 | | SUB | EUR | 2033-06-30 |
| I1032 | Getel Utilities 7.25% notes due 2033 | E1090 | | SU | USD | 2032-06-30 |
| I1033 | Vavam Pharma 8.75% notes due 2032 | E1103 | | SUB | USD | 2032-06-30 |
| I1034 | Kisil Logistics 8.50% notes due 2031 | E1108 | | SU | EUR | 2033-06-30 |
| I1035 | Verod Logistics 3.00% notes due 2035 | E1114 | | SU | GBP | 2029-06-30 |
| I1036 | Piren Foods 2.50% notes due 2030 | E1115 | | SU | USD | 2033-06-30 |
| I1037 | Reter Shipping 8.00% notes due 2028 | E1118 | | SU | EUR | 2027-06-30 |
| I1038 | Conan Capital 4.75% notes due 2033 | E1131 | | SU | EUR | 2031-06-30 |
| I1039 | Larid Steel 8.50% notes due 2028 | E1141 | | SU | GBP | 2033-06-30 |
| I1040 | Woner Media 5.75% notes due 2027 | E1143 | | SUB | EUR | 2027-06-30 |
| I1041 | Kanim Pharma 3.25% notes due 2033 | E1145 | | SUB | EUR | 2036-06-30 |
| I1042 | Daren Mining 5.75% notes due 2030 | E1147 | | SU | EUR | 2035-06-30 |
| I1043 | Honel Shipping 4.50% notes due 2028 | E1149 | | SUB | EUR | 2029-06-30 |
| I1044 | Wavad Foods 6.75% notes due 2035 | E1155 | | SU | USD | 2036-06-30 |
| I1045 | Ruven Airlines 5.75% notes due 2032 | E1156 | | SUB | EUR | 2036-06-30 |
| I1046 | Diled Steel 8.75% notes due 2027 | E1160 | | SU | EUR | 2029-06-30 |
| I1047 | Wunam Telecom 5.25% notes due 2032 | E1162 | | SU | EUR | 2029-06-30 |
| I1048 | Wenar Water 8.25% notes due 2028 | E1163 | | SUB | EUR | 2028-06-30 |
| I1049 | Ranim Shipping 8.00% notes due 2028 | E1166 | | SUB | USD | 2036-06-30 |
| I1050 | Fivan Holdings 2.25% notes due 2035 | E1168 | | SU | EUR | 2027-06-30 |
| I1051 | Molar Shipping 3.25% notes due 2031 | E1188 | | SU | EUR | 2028-06-30 |
| I1052 | Divid Property 4.25% notes due 2033 | E1189 | | SUB | GBP | 2032-06-30 |
(55 more rows not shown)
Query 3:
| rating_type | ccy_basis | action | outlook | watch | count_star() |
|---|---|---|---|---|---|
| CC | | AS | | | 2 |
| CO | | AS | | | 7 |
| INST | | AF | | | 1 |
| INST | | AS | | | 106 |
| INST | | DG | | | 3 |
| INST | | EX | | | 9 |
| LTIDR | FC | AF | NEG | | 22 |
| LTIDR | FC | AF | POS | | 15 |
| LTIDR | FC | AF | STA | | 44 |
| LTIDR | FC | AS | STA | | 326 |
| LTIDR | FC | DG | NEG | | 27 |
| LTIDR | FC | DG | POS | | 24 |
| LTIDR | FC | DG | STA | | 35 |
| LTIDR | FC | DG | | | 2 |
| LTIDR | FC | RW | | RWN | 45 |
| LTIDR | FC | UG | NEG | | 8 |
| LTIDR | FC | UG | POS | | 10 |
| LTIDR | FC | UG | STA | | 27 |
| LTIDR | FC | WD | | | 39 |
| LTIDR | LC | AF | POS | | 1 |
| LTIDR | LC | AF | STA | | 3 |
| LTIDR | LC | AS | STA | | 19 |
| LTIDR | LC | DG | NEG | | 1 |
| LTIDR | LC | DG | POS | | 1 |
| LTIDR | LC | DG | STA | | 2 |
| LTIDR | LC | RW | | RWN | 3 |
| LTIDR | LC | UG | POS | | 1 |
| LTIDR | LC | UG | STA | | 2 |
| LTIDR | LC | WD | | | 1 |
| STIDR | FC | AF | | | 1 |
Run more queries, or give the final answers.The model
```sql
select * from entities where entity_id in ('E11','E12','E13','E14','E15','E16','E17','E18','E19','E20') or name ilike '%Marlow%' or name ilike '%Halden%' or name ilike '%Orrin%' or name ilike '%Brindle%' or name ilike '%Corvenia%' or name ilike '%Valdoria%' or name ilike '%Northwind%' or name ilike '%Pellam%' order by entity_id;
```
```sql
select * from instruments where issuer_id in ('E01','E04','E05','E11','E15') or instrument_id not like 'I1%' order by instrument_id;
```
```sql
select * from rating_actions where rated_id in ('E01','E02','E03','E04','E05','E06','E07','E09','E10','E11','E12','E13','E14','E15','E16','E17','E18','CV','VD','I01','I02','I03','I04','I05','I06','I07','I08') order by rated_id, date;
```
```sql
select * from rating_actions where rating_type in ('CC','CO') order by date;
```Query results
Query 1:
| entity_id | name | lei | country | entity_type | parent_id | source_system |
|---|---|---|---|---|---|---|
| CV | Republic of Corvenia | | CV | SOV | | RATINGS |
| E02 | Northwind Holdings plc | 213800PHEIYNJMHTDV74 | GB | CORP | | RATINGS |
| E03 | NORTHWIND HLDGS | 213800PHEIYNJMHTDV74 | GB | CORP | | RESEARCH |
| E04 | Northwind Finance BV | 213800LA5RYJLGXV2T85 | NL | FINSUB | E02 | RATINGS |
| E05 | Valdoria Telecom SA | 391200LESH03LMOY2U61 | VD | CORP | | RATINGS |
| E06 | Orrin Bank AG | 549300AMVE3VRVG7HK43 | DE | BANK | | RATINGS |
| E07 | Pellam Retail Ltd | 969500B6IUACELPI2291 | GB | CORP | | RATINGS |
| E09 | Halden Group plc | 815600ASM9EHDG931T89 | GB | CORP | | RATINGS |
| E10 | Halden Bank AG | 391200QYPVFF2O9K2039 | DE | BANK | E09 | RATINGS |
| E11 | Halden Leasing SA | 549300XBZH4ULO9MQV55 | FR | FINSUB | E10 | RATINGS |
| E12 | Halden Foods Ltd | 213800IJDL4OJ4DG5T19 | GB | CORP | | RATINGS |
| E13 | Orrin Bancorp Inc | 815600O8X8K2F154N214 | US | BANK | | RATINGS |
| E14 | Marlow Utilities plc | 3912005AH2C1I9YF8106 | GB | CORP | | RATINGS |
| E15 | Corvenia Power SA | 213800PBQVHVBBH6GV02 | CV | CORP | | RATINGS |
| E16 | Brindle Capital Ltd | 5493003Z3PXXR7KNFM81 | GB | CORP | | QA |
| E17 | HALDEN BANK | 391200QYPVFF2O9K2039 | LU | BANK | | RESEARCH |
| VD | Republic of Valdoria | | VD | SOV | | RATINGS |
Query 2:
| instrument_id | description | issuer_id | guarantor_id | seniority | currency | maturity |
|---|---|---|---|---|---|---|
| I01 | Kestrel Energy 4.50% notes due 2030 | E01 | | SU | GBP | 2030-03-15 |
| I02 | Kestrel Energy 6.25% notes due 2031 | E01 | | SUB | GBP | 2031-09-30 |
| I03 | Northwind Finance 3.75% notes due 2030 | E04 | E02 | SU | EUR | 2030-05-01 |
| I04 | Valdoria Telecom 5.00% notes due 2029 | E05 | | SU | USD | 2029-11-20 |
| I05 | Halden Leasing 2.90% notes due 2028 | E11 | E10 | SU | EUR | 2028-06-30 |
| I06 | Corvenia Power 7.10% notes due 2032 | E15 | | SUB | USD | 2032-02-15 |
| I07 | Valdoria Telecom 4.25% notes due 2027 | E05 | | SU | XVD | 2027-08-31 |
| I08 | Corvenia Power 6.00% notes due 2034 | E15 | | SU | USD | 2034-09-01 |
Query 3:
| action_id | date | rated_id | rating_type | ccy_basis | action | rating | outlook | watch | comment |
|---|---|---|---|---|---|---|---|---|---|
| A39 | 2024-01-01 | CV | LTIDR | LC | AS | A- | STA | | |
| A38 | 2024-01-01 | CV | LTIDR | FC | AS | BBB+ | STA | | |
| A37 | 2024-01-01 | CV | CC | | AS | A | | | |
| A01 | 2024-03-12 | E01 | LTIDR | FC | AS | A- | STA | | |
| A02 | 2025-06-20 | E01 | LTIDR | FC | DG | BBB | STA | | weaker cash flow after asset sale |
| A03 | 2026-02-10 | E01 | LTIDR | FC | AF | BBB | NEG | | |
| A04 | 2026-02-10 | E01 | STIDR | FC | AF | F2 | | | |
| A08 | 2023-11-01 | E02 | LTIDR | FC | AS | A | STA | | |
| A09 | 2025-09-15 | E03 | LTIDR | FC | AF | A | POS | | |
| A13 | 2025-04-01 | E05 | LTIDR | LC | AS | BBB- | STA | | |
| A14 | 2025-04-01 | E05 | LTIDR | FC | AS | BB | STA | | |
| A16 | 2024-05-01 | E06 | LTIDR | FC | AS | A- | STA | | |
| A17 | 2026-09-03 | E06 | LTIDR | FC | RW | A- | | RWN | |
| A18 | 2024-01-10 | E07 | LTIDR | FC | AS | BB | STA | | |
| A19 | 2026-05-12 | E07 | LTIDR | FC | WD | WD | | | commercial reasons |
| A24 | 2023-05-01 | E09 | LTIDR | FC | AS | A | STA | | |
| A25 | 2026-03-01 | E09 | LTIDR | FC | AF | A | NEG | | |
| A26 | 2023-05-01 | E10 | LTIDR | FC | AS | A- | STA | | support from parent |
| A27 | 2026-04-15 | E10 | LTIDR | FC | DG | BBB+ | STA | | |
| A46 | 2025-02-01 | E11 | CO | | AS | BBB | | | |
| A30 | 2024-02-01 | E12 | LTIDR | FC | AS | BB- | STA | | |
| A31 | 2025-08-01 | E12 | LTIDR | FC | UG | BB | STA | | |
| A32 | 2024-07-01 | E13 | LTIDR | FC | AS | BBB | STA | | |
| A34 | 2023-01-15 | E14 | LTIDR | FC | AS | A- | STA | | |
| A36 | 2024-09-30 | E14 | LTIDR | FC | DG | BBB+ | STA | | |
| A35 | 2025-11-20 | E14 | LTIDR | FC | RW | BBB+ | | RWN | |
| A33 | 2026-05-01 | E14 | LTIDR | FC | AF | BBB+ | STA | | |
| A41 | 2024-03-01 | E15 | LTIDR | FC | AS | A | STA | | |
| A40 | 2024-03-01 | E15 | LTIDR | LC | AS | A+ | STA | | |
| A43 | 2024-04-01 | E16 | LTIDR | FC | AS | BBB- | STA | | |
| A44 | 2026-06-01 | E16 | LTIDR | FC | DG | BB+ | STA | | |
| A05 | 2024-03-12 | I01 | INST | | AS | A- | | | |
| A06 | 2025-06-20 | I01 | INST | | DG | BBB | | | |
| A23 | 2024-03-12 | I02 | INST | | AS | BBB | | | |
| A07 | 2025-06-20 | I02 | INST | | DG | BB+ | | | |
| A10 | 2023-11-01 | I03 | INST | | AS | A | | | |
| A11 | 2025-09-15 | I03 | INST | | AF | A | | | |
| A15 | 2025-04-01 | I04 | INST | | AS | BB | | | |
| A28 | 2023-06-01 | I05 | INST | | AS | A- | | | |
| A29 | 2026-04-15 | I05 | INST | | DG | BBB+ | | | |
| A42 | 2024-03-01 | I06 | INST | | AS | A- | | | |
| A45 | 2025-04-01 | I07 | INST | | AS | BBB- | | | |
| A47 | 2026-09-01 | I08 | INST | | EX | A | | | |
| A12 | 2025-04-01 | VD | CC | | AS | BB | | | |
Query 4:
| action_id | date | rated_id | rating_type | ccy_basis | action | rating | outlook | watch | comment |
|---|---|---|---|---|---|---|---|---|---|
| A37 | 2024-01-01 | CV | CC | | AS | A | | | |
| A1708 | 2024-08-17 | E1333 | CO | | AS | BBB+ | | | |
| A46 | 2025-02-01 | E11 | CO | | AS | BBB | | | |
| A12 | 2025-04-01 | VD | CC | | AS | BB | | | |
| A1700 | 2025-06-13 | E1327 | CO | | AS | BBB- | | | |
| A1704 | 2025-06-27 | E1330 | CO | | AS | BB+ | | | |
| A1715 | 2026-07-04 | E1338 | CO | | AS | BBB+ | | | |
| A1698 | 2026-09-02 | E1326 | CO | | AS | BB | | | |
| A1713 | 2026-11-16 | E1337 | CO | | AS | BBB+ | | | |
Run more queries, or give the final answers.The model
```sql
select rating, count(*) from rating_actions where rating_type in ('LTIDR','INST') group by rating order by 2 desc;
```
```sql
select * from rating_actions where rating in ('D','RD','C','DD','DDD') or comment ilike '%default%' or comment ilike '%distress%' order by date;
```
```sql
select * from rating_actions where action='DG' and date>='2026-01-01' and rating_type='LTIDR' order by date;
```
```sql
select * from rating_actions where watch is not null and watch<>'' order by date;
```
```sql
select count(*), count(distinct lei), count(distinct coalesce(nullif(lei,''),entity_id)) from entities;
select country, count(*), count(distinct lei) from entities where country in ('LU','GB') group by country;
select * from entities where country='LU';
select * from entities where entity_type='SOV' or entity_id in ('E1005','E1004') or parent_id is not null order by entity_id;
```Query results
Query 1:
| rating | count_star() |
|---|---|
| A- | 75 |
| BBB- | 75 |
| BB+ | 74 |
| A | 73 |
| BB | 72 |
| B+ | 69 |
| BBB+ | 63 |
| A+ | 55 |
| BBB | 54 |
| AA- | 52 |
| BB- | 50 |
| WD | 40 |
| B | 16 |
| AA | 6 |
| CCC | 1 |
| RD | 1 |
| B- | 1 |
Query 2:
| action_id | date | rated_id | rating_type | ccy_basis | action | rating | outlook | watch | comment |
|---|---|---|---|---|---|---|---|---|---|
| A22 | 2026-07-08 | E08 | LTIDR | FC | DG | RD | | | distressed debt exchange completed |
Query 3:
| action_id | date | rated_id | rating_type | ccy_basis | action | rating | outlook | watch | comment |
|---|---|---|---|---|---|---|---|---|---|
| A1395 | 2026-01-04 | E1186 | LTIDR | FC | DG | BBB+ | STA | | |
| A1516 | 2026-01-13 | E1243 | LTIDR | FC | DG | BB | STA | | |
| A1545 | 2026-01-19 | E1255 | LTIDR | FC | DG | BBB+ | STA | | |
| A21 | 2026-01-20 | E08 | LTIDR | FC | DG | CCC | | | |
| A1326 | 2026-01-26 | E1151 | LTIDR | FC | DG | BBB | POS | | |
| A1636 | 2026-02-06 | E1299 | LTIDR | FC | DG | BBB | POS | | |
| A1660 | 2026-02-08 | E1307 | LTIDR | FC | DG | BB- | POS | | |
| A1450 | 2026-02-13 | E1213 | LTIDR | FC | DG | A- | STA | | |
| A1174 | 2026-02-14 | E1080 | LTIDR | FC | DG | A- | NEG | | |
| A1608 | 2026-02-17 | E1285 | LTIDR | FC | DG | A | POS | | |
| A1244 | 2026-02-20 | E1112 | LTIDR | FC | DG | BBB | POS | | |
| A1561 | 2026-03-03 | E1263 | LTIDR | FC | DG | BBB | STA | | |
| A1140 | 2026-03-04 | E1064 | LTIDR | FC | DG | BBB+ | STA | | |
| A1732 | 2026-03-10 | E1347 | LTIDR | FC | DG | BBB- | NEG | | |
| A1726 | 2026-03-18 | E1344 | LTIDR | FC | DG | A- | NEG | | |
| A1734 | 2026-03-18 | E1348 | LTIDR | FC | DG | BBB- | NEG | | |
| A1350 | 2026-03-19 | E1163 | LTIDR | FC | DG | BB+ | POS | | |
| A1109 | 2026-03-20 | E1053 | LTIDR | FC | DG | BB | NEG | | |
| A1102 | 2026-04-05 | E1051 | LTIDR | FC | DG | A+ | NEG | | |
| A1639 | 2026-04-09 | E1300 | LTIDR | FC | DG | BBB+ | STA | | |
| A27 | 2026-04-15 | E10 | LTIDR | FC | DG | BBB+ | STA | | |
| A1070 | 2026-05-02 | E1034 | LTIDR | FC | DG | BBB+ | NEG | | |
| A1482 | 2026-05-06 | E1229 | LTIDR | FC | DG | BB | STA | | |
| A1640 | 2026-05-06 | E1300 | LTIDR | FC | DG | BBB | NEG | | |
| A1104 | 2026-06-01 | E1051 | LTIDR | FC | DG | A+ | POS | | |
| A44 | 2026-06-01 | E16 | LTIDR | FC | DG | BB+ | STA | | |
| A1481 | 2026-06-02 | E1229 | LTIDR | FC | DG | BB+ | STA | | |
| A1310 | 2026-06-06 | E1144 | LTIDR | FC | DG | B+ | POS | | |
| A1562 | 2026-06-16 | E1263 | LTIDR | FC | DG | BBB- | NEG | | |
| A1341 | 2026-06-16 | E1159 | LTIDR | FC | DG | BBB+ | POS | | |
| A1451 | 2026-06-16 | E1213 | LTIDR | FC | DG | BBB+ | POS | | |
| A1122 | 2026-06-25 | E1057 | LTIDR | FC | DG | BB | STA | | |
| A1718 | 2026-06-26 | E1340 | LTIDR | FC | DG | BBB+ | NEG | | |
| A1479 | 2026-06-28 | E1228 | LTIDR | FC | DG | BB+ | NEG | | |
| A22 | 2026-07-08 | E08 | LTIDR | FC | DG | RD | | | distressed debt exchange completed |
| A1627 | 2026-07-11 | E1294 | LTIDR | FC | DG | A+ | NEG | | |
| A1127 | 2026-07-14 | E1058 | LTIDR | FC | DG | BBB- | POS | | |
| A1722 | 2026-07-17 | E1342 | LTIDR | FC | DG | BBB+ | NEG | | |
| A1202 | 2026-07-25 | E1093 | LTIDR | FC | DG | B | STA | | |
| A1344 | 2026-07-28 | E1161 | LTIDR | FC | DG | B | NEG | | |
| A1724 | 2026-08-08 | E1343 | LTIDR | FC | DG | BBB+ | NEG | | |
| A1366 | 2026-08-16 | E1170 | LTIDR | FC | DG | BB- | STA | | |
| A1620 | 2026-08-16 | E1290 | LTIDR | FC | DG | B | POS | | |
| A1738 | 2026-09-03 | E1350 | LTIDR | FC | DG | BB | NEG | | |
| A1360 | 2026-09-07 | E1167 | LTIDR | FC | DG | BB | STA | | |
| A1728 | 2026-09-22 | E1345 | LTIDR | FC | DG | BB- | NEG | | |
| A1740 | 2026-09-27 | E1351 | LTIDR | FC | DG | A- | NEG | | |
| A1736 | 2026-10-14 | E1349 | LTIDR | FC | DG | A- | NEG | | |
| A1730 | 2026-10-15 | E1346 | LTIDR | FC | DG | BBB+ | NEG | | |
| A1720 | 2026-11-09 | E1341 | LTIDR | FC | DG | BBB+ | NEG | | |
Query 4:
| action_id | date | rated_id | rating_type | ccy_basis | action | rating | outlook | watch | comment |
|---|---|---|---|---|---|---|---|---|---|
| A1076 | 2022-05-07 | E1037 | LTIDR | FC | RW | A | | RWN | |
| A1084 | 2023-04-08 | E1041 | LTIDR | FC | RW | A+ | | RWN | |
| A1427 | 2023-09-02 | E1203 | LTIDR | FC | RW | BBB+ | | RWN | |
| A1362 | 2023-10-12 | E1168 | LTIDR | FC | RW | BBB- | | RWN | |
| A1214 | 2023-11-05 | E1099 | LTIDR | FC | RW | BB+ | | RWN | |
| A1455 | 2023-11-12 | E1216 | LTIDR | FC | RW | BB+ | | RWN | |
| A1570 | 2023-12-15 | E1267 | LTIDR | FC | RW | A- | | RWN | |
| A1190 | 2024-01-16 | E1088 | LTIDR | FC | RW | B+ | | RWN | |
| A1041 | 2024-02-08 | E1019 | LTIDR | LC | RW | BBB- | | RWN | |
| A1328 | 2024-02-13 | E1153 | LTIDR | FC | RW | B+ | | RWN | |
| A1042 | 2024-03-20 | E1019 | LTIDR | LC | RW | BBB- | | RWN | |
| A1262 | 2024-04-24 | E1121 | LTIDR | FC | RW | A | | RWN | |
| A1564 | 2024-05-18 | E1264 | LTIDR | FC | RW | B+ | | RWN | |
| A1676 | 2024-06-26 | E1314 | LTIDR | FC | RW | BBB | | RWN | |
| A1442 | 2024-09-09 | E1210 | LTIDR | FC | RW | BB | | RWN | |
| A1682 | 2024-09-11 | E1317 | LTIDR | FC | RW | BB | | RWN | |
| A1387 | 2025-01-06 | E1181 | LTIDR | FC | RW | A- | | RWN | |
| A1692 | 2025-01-06 | E1323 | LTIDR | FC | RW | AA- | | RWN | |
| A1410 | 2025-01-20 | E1194 | LTIDR | FC | RW | A | | RWN | |
| A1206 | 2025-02-18 | E1095 | LTIDR | FC | RW | A- | | RWN | |
| A1022 | 2025-04-03 | E1012 | LTIDR | FC | RW | BB | | RWN | |
| A1134 | 2025-06-06 | E1061 | LTIDR | FC | RW | A | | RWN | |
| A1026 | 2025-07-09 | E1013 | LTIDR | FC | RW | BB- | | RWN | |
| A1272 | 2025-07-10 | E1126 | LTIDR | FC | RW | BB | | RWN | |
| A1317 | 2025-08-12 | E1146 | LTIDR | FC | RW | BB | | RWN | |
| A1199 | 2025-08-19 | E1091 | LTIDR | FC | RW | A | | RWN | |
| A1284 | 2025-08-24 | E1132 | LTIDR | FC | RW | B+ | | RWN | |
| A1555 | 2025-09-05 | E1260 | LTIDR | FC | RW | BBB- | | RWN | |
| A1514 | 2025-09-11 | E1242 | LTIDR | FC | RW | BBB | | RWN | |
| A1287 | 2025-10-11 | E1133 | LTIDR | FC | RW | B+ | | RWN | |
| A1370 | 2025-11-15 | E1172 | LTIDR | FC | RW | BB | | RWN | |
| A35 | 2025-11-20 | E14 | LTIDR | FC | RW | BBB+ | | RWN | |
| A1080 | 2025-12-09 | E1039 | LTIDR | FC | RW | A | | RWN | |
| A1237 | 2025-12-25 | E1109 | LTIDR | FC | RW | A+ | | RWN | |
| A1588 | 2026-02-07 | E1276 | LTIDR | FC | RW | AA- | | RWN | |
| A1132 | 2026-02-23 | E1059 | LTIDR | LC | RW | BB- | | RWN | |
| A1212 | 2026-03-05 | E1098 | LTIDR | FC | RW | BBB- | | RWN | |
| A1449 | 2026-03-19 | E1213 | LTIDR | FC | RW | A | | RWN | |
| A1211 | 2026-04-28 | E1098 | LTIDR | FC | RW | BBB- | | RWN | |
| A1145 | 2026-05-03 | E1066 | LTIDR | FC | RW | A- | | RWN | |
| A1337 | 2026-05-22 | E1158 | LTIDR | FC | RW | BBB | | RWN | |
| A1648 | 2026-06-04 | E1303 | LTIDR | FC | RW | BB+ | | RWN | |
| A1010 | 2026-06-17 | E1006 | LTIDR | FC | RW | AA | | RWN | |
| A1568 | 2026-07-20 | E1266 | LTIDR | FC | RW | BBB | | RWN | |
| A1587 | 2026-07-22 | E1276 | LTIDR | FC | RW | AA- | | RWN | |
| A1508 | 2026-07-27 | E1238 | LTIDR | FC | RW | AA- | | RWN | |
| A1633 | 2026-09-01 | E1297 | LTIDR | FC | RW | BBB | | RWN | |
| A17 | 2026-09-03 | E06 | LTIDR | FC | RW | A- | | RWN | |
Query 5:
| entity_id | name | lei | country | entity_type | parent_id | source_system |
|---|---|---|---|---|---|---|
| CV | Republic of Corvenia | | CV | SOV | | RATINGS |
| E04 | Northwind Finance BV | 213800LA5RYJLGXV2T85 | NL | FINSUB | E02 | RATINGS |
| E10 | Halden Bank AG | 391200QYPVFF2O9K2039 | DE | BANK | E09 | RATINGS |
| E1004 | Munem Retail SA | 969500IBYK0X2ZT52780 | ES | CORP | | RATINGS |
| E1005 | Setan Airlines Inc | 815600JRN7AOE36KFR35 | US | CORP | | RATINGS |
| E1006 | Soson Airlines Inc | 213800WSVEOAQ5HD4C43 | US | CORP | E1005 | RATINGS |
| E1013 | Pisol Pharma BV | 969500U072SAPPW32N81 | NL | BANK | E1004 | RATINGS |
| E1033 | Kunid Pharma SA | 213800Q84PS4FTJJB947 | ES | CORP | E1004 | RATINGS |
| E1046 | Ditin Shipping Inc | 549300ZM08IADSAK3L87 | US | BANK | E1026 | RATINGS |
| E1047 | Vaved Pharma plc | 391200WGA8OE30KZUD08 | GB | CORP | E1020 | RATINGS |
| E1059 | Kelim Media SA | 549300CRXZL5I1OT6L14 | CV | CORP | E1015 | RATINGS |
| E1066 | Lolil Industries SA | 213800VQSNQ2434DKS91 | ES | CORP | E1004 | RATINGS |
| E1075 | Nilim Industries Inc | 815600GT8SEYXSQI7W78 | US | CORP | E1071 | RATINGS |
| E1089 | Hanir Airlines SA | 969500WJX7JXMZXN4L42 | GR | CORP | E1078 | RATINGS |
| E1095 | Hunel Foods Inc | 549300YCPCEYTT7UCP57 | US | CORP | E1027 | RATINGS |
| E1098 | Wirim Water Inc | 724500HD5AQ2MDSXXU69 | US | CORP | E1006 | RATINGS |
| E11 | Halden Leasing SA | 549300XBZH4ULO9MQV55 | FR | FINSUB | E10 | RATINGS |
| E1101 | Doror Telecom SA | 815600YUVYKAXDN9LE93 | VD | CORP | E1083 | RATINGS |
| E1110 | Rinar Industries SA | 815600DZBIB9VS57NE44 | ES | CORP | E1007 | RATINGS |
| E1114 | Verod Logistics plc | 213800VNSK3FDUWI9Q67 | GB | CORP | E1063 | RATINGS |
| E1149 | Honel Shipping BV | 969500DV6LOBOACJKE42 | NL | CORP | E1013 | RATINGS |
| E1174 | Fivel Retail SpA | 724500P05MC40B0POA10 | IT | BANK | E1073 | RATINGS |
| E1177 | Kiver Capital AG | 213800J4ER8QI0XDZ847 | DE | BANK | E1010 | RATINGS |
| E1179 | Cotan Foods SA | 391200USHZVHBK9FHP01 | ES | CORP | E1162 | RATINGS |
| E1183 | Danad Pharma plc | 96950015W720OD9VIA28 | GB | CORP | E1025 | RATINGS |
| E1191 | Boler Steel SA | 815600G5CMC2QEQUCG23 | FR | CORP | E1177 | RATINGS |
| E1197 | Kaval Property plc | 8156000IN4HMEEM2ON82 | GB | CORP | E1066 | RATINGS |
| E1215 | Penen Retail Inc | 8156003V8NY694JQQA11 | US | BANK | E1063 | RATINGS |
| E1228 | Cevad Chemicals plc | 724500JFK718P3DNW233 | GB | CORP | E1023 | RATINGS |
| E1233 | Kavid Industries AG | 3912001DEUC7UPZYE471 | DE | CORP | E1198 | RATINGS |
| E1248 | Hivod Mining Inc | 213800XN4WOS9M0UP985 | US | CORP | E1107 | RATINGS |
| E1271 | Rarid Logistics AG | 213800M91M3NKSWT8K97 | DE | CORP | E1071 | RATINGS |
| E1273 | Furer Property SA | 724500Y582IZ7KJ6AG72 | ES | CORP | E1074 | RATINGS |
| E1275 | Fusin Steel Inc | 815600G1ZFK3SU6EZU96 | US | CORP | E1189 | RATINGS |
| E1276 | Nevil Holdings SpA | 2138005AK9MHXT35J172 | IT | CORP | E1074 | RATINGS |
| E1292 | Bavon Industries plc | 549300RN36RWXRZPV988 | GB | CORP | E1061 | RATINGS |
| E1293 | Datod Airlines plc | 391200BREGDXY5M1LW07 | GB | CORP | E1166 | RATINGS |
| E1315 | Wetid Shipping AG | 391200G0CPKPNGKWC253 | DE | CORP | E1278 | RATINGS |
| E1325 | Poval Chemicals Finance SA | 9695001YLTVXK1L24J01 | FR | FINSUB | E1084 | RATINGS |
| E1326 | Witad Steel Finance BV | 969500WJEQ7O6V8P8X79 | FR | FINSUB | E1052 | RATINGS |
| E1327 | Nuner Holdings Finance plc | 391200SWQKZG1IRLG226 | GB | FINSUB | E1119 | RATINGS |
| E1328 | Palad Mining Finance BV | 969500NW5R0G6TCAZA92 | GB | FINSUB | E1244 | RATINGS |
| E1329 | Ganen Shipping Finance plc | 549300ZZB6Z4QUIPZW48 | FR | FINSUB | E1069 | RATINGS |
| E1330 | Niner Pharma Finance SA | 969500PPIIF0MLO97E32 | NL | FINSUB | E1021 | RATINGS |
| E1331 | Tulol Shipping Finance BV | 391200D59Z1B4XWDGA48 | FR | FINSUB | E1025 | RATINGS |
| E1332 | Sanin Mining Finance SA | 21380077GIA72K258C76 | FR | FINSUB | E1068 | RATINGS |
| E1333 | Gilen Capital Finance plc | 213800HVPSP99Z2KCJ88 | NL | FINSUB | E1082 | RATINGS |
| E1334 | Votim Industries Finance BV | 3912005LQY8PFMP9D487 | FR | FINSUB | E1260 | RATINGS |
| E1335 | Belor Telecom Finance plc | 9695001Q1J0GREF1Y798 | NL | FINSUB | E1234 | RATINGS |
| E1336 | Navor Holdings Finance SA | 391200G55M6O27UJS152 | GB | FINSUB | E1176 | RATINGS |
| E1337 | Lanon Telecom Finance plc | 391200EERFGANN46Y270 | GB | FINSUB | E1038 | RATINGS |
| E1338 | Hivor Industries Finance BV | 724500WX98LDWMIZLF21 | GB | FINSUB | E1073 | RATINGS |
| E1339 | Wivin Airlines Finance SA | 724500Y59GQFHLXXCT69 | NL | FINSUB | E1241 | RATINGS |
| VD | Republic of Valdoria | | VD | SOV | | RATINGS |
Run more queries, or give the final answers.The model
<invoke name="sql">
</invoke>
```sql
with s as (select *, lag(rating) over (partition by rated_id, ccy_basis order by date, action_id) prev from rating_actions where rating_type='LTIDR'),
x as (select s.*, list_position(['AAA','AA+','AA','AA-','A+','A','A-','BBB+','BBB','BBB-','BB+','BB','BB-','B+','B','B-','CCC','RD'], rating) r, list_position(['AAA','AA+','AA','AA-','A+','A','A-','BBB+','BBB','BBB-','BB+','BB','BB-','B+','B','B-','CCC','RD'], prev) p from s where action='DG' and date>='2026-01-01' and date<='2026-11-06')
select x.rated_id, e.name, e.source_system, e.lei, ccy_basis, date, prev, rating, (r>p) as real_dg from x left join entities e on e.entity_id=x.rated_id order by real_dg, date;
```
```sql
with l as (select *, row_number() over (partition by rated_id, ccy_basis order by date desc, action_id desc) rn from rating_actions where rating_type='LTIDR' and date<='2026-10-01'),
cur as (select l.*, e.lei, e.country, e.entity_type, e.source_system from l left join entities e on e.entity_id=l.rated_id where rn=1 and rating<>'WD')
select 'rated' k, count(distinct coalesce(nullif(lei,''),rated_id)) n, string_agg(distinct source_system,',') from cur
union all select 'nonsov', count(distinct coalesce(nullif(lei,''),rated_id)), '' from cur where entity_type<>'SOV'
union all select 'nonsov_noQA', count(distinct coalesce(nullif(lei,''),rated_id)), '' from cur where entity_type<>'SOV' and source_system<>'QA'
union all select 'GB', count(distinct coalesce(nullif(lei,''),rated_id)), string_agg(distinct rated_id,',') from cur where country='GB' and entity_type<>'SOV' and source_system<>'QA' and rated_id in (select entity_id from entities where country='GB') and false
union all select 'GB_all', count(distinct lei), '' from cur where country='GB' and source_system<>'QA';
```
```sql
with l as (select *, row_number() over (partition by rated_id, ccy_basis order by date desc, action_id desc) rn from rating_actions where rating_type='LTIDR' and date<='2026-10-01'),
cur as (select * from l where rn=1)
select 'RWN' k, string_agg(rated_id,',') from cur where watch='RWN' and ccy_basis='FC'
union all select 'NEG', string_agg(rated_id,',') from cur where outlook='NEG' and rating<>'WD'
union all select 'WD', string_agg(rated_id,',') from cur where rating='WD'
union all select 'DEF', string_agg(rated_id,',') from cur where rating in ('RD','D');
```
```sql
with l as (select *, row_number() over (partition by rated_id, ccy_basis order by date desc, action_id desc) rn from rating_actions where rating_type='LTIDR' and date<='2026-10-01'),
cur as (select l.*, e.country, e.name, e.source_system from l join entities e on e.entity_id=l.rated_id where rn=1 and ccy_basis='FC' and rating<>'WD' and e.country in ('CV','VD'))
select * from cur order by country, rated_id;
```
```sql
with l as (select *, row_number() over (partition by rated_id order by date desc, action_id desc) rn from rating_actions where rating_type='INST' and date<='2026-10-01')
select action, rating, count(*) from l where rn=1 group by all order by all;
select * from rating_actions where action in ('EX','AF') and rating_type='INST' order by date;
select count(*) n, count(distinct coalesce(nullif(lei,''),entity_id)) d, count(distinct case when source_system<>'QA' then coalesce(nullif(lei,''),entity_id) end) dq from entities;
select source_system, count(*) from entities group by all;
select * from entities where country='LU' or source_system='QA';
```Query results
Query 1:
| rated_id | name | source_system | lei | ccy_basis | date | prev | rating | real_dg |
|---|---|---|---|---|---|---|---|---|
| E1064 | Renil Media BV | RATINGS | 213800YPXA4OJXD8EB91 | FC | 2026-03-04 | BBB+ | BBB+ | False |
| E1051 | Kenar Water SA | RATINGS | 724500WO4TZY2027IZ62 | FC | 2026-06-01 | A+ | A+ | False |
| E1229 | Fetam Mining SA | RATINGS | 549300GJM0MMFEH84V77 | FC | 2026-06-02 | BB | BB+ | False |
| E1186 | Toren Capital AG | RATINGS | 549300OCOVKZOF4FO259 | FC | 2026-01-04 | A- | BBB+ | True |
| E1243 | Herar Foods SA | RATINGS | 2138008SWUJK7JUSMR14 | FC | 2026-01-13 | BB+ | BB | True |
| E1255 | Melan Holdings SA | RATINGS | 7245002EC45UEUXQJA30 | FC | 2026-01-19 | A- | BBB+ | True |
| E08 | Saxby Shipping SA | RATINGS | 969500KOTZ1JFIZSG796 | FC | 2026-01-20 | B | CCC | True |
| E1151 | Nunan Media SA | RATINGS | 549300XHVH0VBXX4D156 | FC | 2026-01-26 | BBB+ | BBB | True |
| E1299 | FANER STEEL SA | RESEARCH | 815600RCZP0ISY44E024 | FC | 2026-02-06 | BBB+ | BBB | True |
| E1307 | Vevom Retail SA | RATINGS | 969500CNC5SOCN5K2N29 | FC | 2026-02-08 | BB | BB- | True |
| E1213 | Winim Mining SA | RATINGS | 549300A64I73OEIC4R87 | FC | 2026-02-13 | A | A- | True |
| E1080 | Gatad Property Inc | RATINGS | 815600SERWD64UWU8808 | FC | 2026-02-14 | A | A- | True |
| E1285 | Laril Retail plc | RATINGS | 391200J1XGI3MNYV2584 | FC | 2026-02-17 | A+ | A | True |
| E1112 | Calem Logistics Inc | RATINGS | 969500QJ1AV6AZJSB088 | FC | 2026-02-20 | BBB+ | BBB | True |
| E1263 | Sotin Property Inc | RATINGS | 213800TWNH19JCPPPE80 | FC | 2026-03-03 | BBB+ | BBB | True |
| E1347 | Nunan Capital plc | QA | 724500649FYULZG25F44 | FC | 2026-03-10 | BBB | BBB- | True |
| E1348 | Wosed Holdings AG | QA | 724500JEL6C1PJZEDM26 | FC | 2026-03-18 | BBB | BBB- | True |
| E1344 | Naled Utilities plc | QA | 724500N069ZCQGY1UI76 | FC | 2026-03-18 | A | A- | True |
| E1163 | Wenar Water SpA | RATINGS | 549300SBMAQCEKT3IC98 | FC | 2026-03-19 | BBB- | BB+ | True |
| E1053 | Soter Water SA | RATINGS | 5493001E7O9QDD98PV36 | FC | 2026-03-20 | BB+ | BB | True |
| E1051 | Kenar Water SA | RATINGS | 724500WO4TZY2027IZ62 | FC | 2026-04-05 | AA- | A+ | True |
| E1300 | Livar Chemicals plc | RATINGS | 391200Z1OH1HXMHTW971 | FC | 2026-04-09 | A- | BBB+ | True |
| E10 | Halden Bank AG | RATINGS | 391200QYPVFF2O9K2039 | FC | 2026-04-15 | A- | BBB+ | True |
| E1034 | Tanad Capital SpA | RATINGS | 815600KLV84WAQGPSX27 | FC | 2026-05-02 | A- | BBB+ | True |
| E1300 | Livar Chemicals plc | RATINGS | 391200Z1OH1HXMHTW971 | FC | 2026-05-06 | BBB+ | BBB | True |
| E1229 | Fetam Mining SA | RATINGS | 549300GJM0MMFEH84V77 | FC | 2026-05-06 | BBB- | BB | True |
| E16 | Brindle Capital Ltd | QA | 5493003Z3PXXR7KNFM81 | FC | 2026-06-01 | BBB- | BB+ | True |
| E1144 | Witan Logistics SA | RATINGS | 213800QV7J1EXLC4YX51 | FC | 2026-06-06 | BB- | B+ | True |
| E1213 | Winim Mining SA | RATINGS | 549300A64I73OEIC4R87 | FC | 2026-06-16 | A | BBB+ | True |
| E1159 | Benem Property AG | RATINGS | 213800VMJXKPLM9ZIL74 | FC | 2026-06-16 | A- | BBB+ | True |
| E1263 | Sotin Property Inc | RATINGS | 213800TWNH19JCPPPE80 | FC | 2026-06-16 | BBB | BBB- | True |
| E1057 | Batan Foods plc | RATINGS | 2138009BPHEDKSZHFF68 | FC | 2026-06-25 | BB+ | BB | True |
| E1340 | Biram Steel plc | QA | 213800CSTQH7UO0A8E29 | FC | 2026-06-26 | A- | BBB+ | True |
| E1228 | Cevad Chemicals plc | RATINGS | 724500JFK718P3DNW233 | FC | 2026-06-28 | BBB- | BB+ | True |
| E08 | Saxby Shipping SA | RATINGS | 969500KOTZ1JFIZSG796 | FC | 2026-07-08 | CCC | RD | True |
| E1294 | Runor Media SpA | RATINGS | 391200WPOJY9F1NTH725 | FC | 2026-07-11 | AA- | A+ | True |
| E1058 | Wasil Shipping SA | RATINGS | 969500Y1Y66M1421WE10 | FC | 2026-07-14 | BBB | BBB- | True |
| E1342 | Cuvol Water AG | QA | 7245000RRKYSQSJ2DB31 | FC | 2026-07-17 | A- | BBB+ | True |
| E1093 | Nulil Airlines plc | RATINGS | 969500IYLWO8RRIOIL83 | FC | 2026-07-25 | B+ | B | True |
| E1161 | DILED STEEL SA | RESEARCH | 969500PM41NS2PBZU440 | FC | 2026-07-28 | B+ | B | True |
| E1343 | Bolem Energy plc | QA | 969500F1DAQZF8FNJS41 | FC | 2026-08-08 | A- | BBB+ | True |
| E1290 | Nural Water plc | RATINGS | 5493005YGBG4Z7ZGH950 | FC | 2026-08-16 | B+ | B | True |
| E1170 | SEREN TELECOM | RESEARCH | 549300XV49ES64RGNQ00 | FC | 2026-08-16 | BB | BB- | True |
| E1350 | Palol Airlines plc | QA | 213800GZMC02BI2WJX12 | FC | 2026-09-03 | BB+ | BB | True |
| E1167 | Fitad Foods BV | RATINGS | 5493000NGCMTDC4BZ653 | FC | 2026-09-07 | BB+ | BB | True |
| E1345 | Wesen Retail plc | QA | 391200T3GEO5X4SJMO02 | FC | 2026-09-22 | BB | BB- | True |
| E1351 | Bisad Property plc | QA | 969500MERFFSB2CHQE09 | FC | 2026-09-27 | A | A- | True |
| E1349 | Parod Pharma SA | QA | 724500PGN9P0AMIWNV47 | FC | 2026-10-14 | A | A- | True |
| E1346 | Kalem Property AG | QA | 391200MMTFNAN4NBM054 | FC | 2026-10-15 | A- | BBB+ | True |
Query 2:
| k | n | string_agg(DISTINCT source_system, ',') |
|---|---|---|
| rated | 291 | RESEARCH,RATINGS,QA |
| nonsov | 290 | |
| nonsov_noQA | 277 | |
| GB | 0 | |
| GB_all | 66 | |
Query 3:
| k | string_agg(rated_id, ',') |
|---|---|
| RWN | E1039,E1242,E1109,E1037,E1088,E1194,E1013,E1146,E1181,E1238,E1210,E1264,E1267,E1314,E1099,E1061,E1323,E1126,E1132,E1168,E1066,E1098,E1266,E1006,E1133,E1203,E1260,E1317,E06,E1297 |
| NEG | E1080,E1118,E1158,E1345,E09,E1079,E1105,E1161,E1228,E1262,E1060,E01,E1188,E1190,E1344,E1347,E1056,E1343,E1348,E1034,E1350,E1351,E1211,E1282,E1072,E1271,E1055,E1263,E1340,E1005,E1300,E1029,E1046,E1064,E1248,E1294,E1342 |
| WD | E1057,E1063,E1155,E1107,E1007,E1254,E1308,E1032,E1062,E1138,E1159,E1279,E1106,E07,E1084,E1200,E1218,E1277,E1172,E1124,E1320,E1121,E1225,E1233,E1002,E1021,E1041,E1140,E1219,E1244,E1076,E1206,E1166,E1205,E1234,E1316,E1048 |
| DEF | E08 |
Query 4:
| action_id | date | rated_id | rating_type | ccy_basis | action | rating | outlook | watch | comment | rn | country | name | source_system |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| A38 | 2024-01-01 | CV | LTIDR | FC | AS | BBB+ | STA | | | 1 | CV | Republic of Corvenia | RATINGS |
| A1039 | 2022-12-11 | E1019 | LTIDR | FC | AS | BB+ | STA | | | 1 | CV | Losol Mining SA | RATINGS |
| A1080 | 2025-12-09 | E1039 | LTIDR | FC | RW | A | | RWN | | 1 | CV | Pulor Airlines SA | RATINGS |
| A1129 | 2025-02-16 | E1060 | LTIDR | FC | AF | BB- | NEG | | | 1 | CV | KELIM MEDIA SA | RESEARCH |
| A1152 | 2023-01-11 | E1071 | LTIDR | FC | AS | B+ | STA | | | 1 | CV | Mored Utilities SA | RATINGS |
| A1207 | 2024-04-04 | E1096 | LTIDR | FC | AS | BBB | STA | | | 1 | CV | Ravon Capital SA | RATINGS |
| A1291 | 2023-07-04 | E1136 | LTIDR | FC | AS | A- | STA | | | 1 | CV | Lenom Shipping SA | RATINGS |
| A1310 | 2026-06-06 | E1144 | LTIDR | FC | DG | B+ | POS | | | 1 | CV | Witan Logistics SA | RATINGS |
| A1392 | 2025-02-28 | E1185 | LTIDR | FC | AS | BB+ | STA | | | 1 | CV | Tosal Property SA | RATINGS |
| A1410 | 2025-01-20 | E1194 | LTIDR | FC | RW | A | | RWN | | 1 | CV | Litem Industries SA | RATINGS |
| A1457 | 2025-09-07 | E1217 | LTIDR | FC | AS | BB- | STA | | | 1 | CV | Worol Logistics SA | RATINGS |
| A1470 | 2023-08-20 | E1223 | LTIDR | FC | AS | BB+ | STA | | | 1 | CV | Hilim Shipping SA | RATINGS |
| A1481 | 2026-06-02 | E1229 | LTIDR | FC | DG | BB+ | STA | | | 1 | CV | Fetam Mining SA | RATINGS |
| A1517 | 2026-08-19 | E1243 | LTIDR | FC | AF | BB | STA | | | 1 | CV | Herar Foods SA | RATINGS |
| A1525 | 2025-09-11 | E1245 | LTIDR | FC | UG | B+ | POS | | | 1 | CV | Gater Holdings SA | RATINGS |
| A1602 | 2024-11-03 | E1283 | LTIDR | FC | UG | BB | STA | | | 1 | CV | Norad Airlines SA | RATINGS |
| A1653 | 2026-07-25 | E1304 | LTIDR | FC | UG | BB | POS | | | 1 | CV | Peson Shipping SA | RATINGS |
| A41 | 2024-03-01 | E15 | LTIDR | FC | AS | A | STA | | | 1 | CV | Corvenia Power SA | RATINGS |
| A14 | 2025-04-01 | E05 | LTIDR | FC | AS | BB | STA | | | 1 | VD | Valdoria Telecom SA | RATINGS |
| A1058 | 2025-12-25 | E1028 | LTIDR | FC | UG | BB | STA | | | 1 | VD | Mutir Retail SA | RATINGS |
| A1219 | 2022-10-26 | E1101 | LTIDR | FC | AS | BB | STA | | | 1 | VD | Doror Telecom SA | RATINGS |
| A1228 | 2024-10-26 | E1106 | LTIDR | FC | AS | B+ | STA | | | 1 | VD | Reril Pharma SA | RATINGS |
| A1272 | 2025-07-10 | E1126 | LTIDR | FC | RW | BB | | RWN | | 1 | VD | Goter Capital SA | RATINGS |
| A1502 | 2023-09-17 | E1236 | LTIDR | FC | AS | BB | STA | | | 1 | VD | Nitel Retail SA | RATINGS |
| A1661 | 2026-09-25 | E1307 | LTIDR | FC | AF | BB- | STA | | | 1 | VD | Vevom Retail SA | RATINGS |
| A1672 | 2025-09-02 | E1313 | LTIDR | FC | DG | BB- | STA | | | 1 | VD | Divim Holdings SA | RATINGS |
Query 5:
| entity_id | name | lei | country | entity_type | parent_id | source_system |
|---|---|---|---|---|---|---|
| E16 | Brindle Capital Ltd | 5493003Z3PXXR7KNFM81 | GB | CORP | | QA |
| E17 | HALDEN BANK | 391200QYPVFF2O9K2039 | LU | BANK | | RESEARCH |
| E1340 | Biram Steel plc | 213800CSTQH7UO0A8E29 | GB | CORP | | QA |
| E1341 | Panar Airlines SA | 549300IFOJRHYHEP5N72 | FR | CORP | | QA |
| E1342 | Cuvol Water AG | 7245000RRKYSQSJ2DB31 | DE | CORP | | QA |
| E1343 | Bolem Energy plc | 969500F1DAQZF8FNJS41 | GB | CORP | | QA |
| E1344 | Naled Utilities plc | 724500N069ZCQGY1UI76 | GB | CORP | | QA |
| E1345 | Wesen Retail plc | 391200T3GEO5X4SJMO02 | GB | CORP | | QA |
| E1346 | Kalem Property AG | 391200MMTFNAN4NBM054 | DE | CORP | | QA |
| E1347 | Nunan Capital plc | 724500649FYULZG25F44 | GB | CORP | | QA |
| E1348 | Wosed Holdings AG | 724500JEL6C1PJZEDM26 | DE | CORP | | QA |
| E1349 | Parod Pharma SA | 724500PGN9P0AMIWNV47 | FR | CORP | | QA |
| E1350 | Palol Airlines plc | 213800GZMC02BI2WJX12 | GB | CORP | | QA |
| E1351 | Bisad Property plc | 969500MERFFSB2CHQE09 | GB | CORP | | QA |
Run more queries, or give the final answers.The model
```sql
with l as (select *, row_number() over (partition by rated_id order by date desc, action_id desc) rn from rating_actions where rating_type='INST' and date<='2026-10-01'),
c as (select * from l where rn=1)
select 'inst_latest' k, action||':'||rating v, count(*) n from c group by all
union all select 'ig_held', '', count(*) from c where action<>'EX' and rating in ('AAA','AA+','AA','AA-','A+','A','A-','BBB+','BBB','BBB-')
union all select 'held', '', count(*) from c where action<>'EX' and rating<>'WD'
union all select 'entities', 'total/lei/nonQA', count(*) from entities
union all select 'distinct_lei', '', count(distinct coalesce(nullif(lei,''),entity_id)) from entities
union all select 'LU', '', count(*) from entities where country='LU'
union all select 'NW group', string_agg(entity_id,','), count(*) from entities where entity_id in ('E02','E03','E04')
union all select 'inst_total', '', count(*) from instruments;
```
```sql
select rated_id, count(*) from rating_actions where rating_type='INST' and action='EX' group by all;
select * from rating_actions where rated_id in ('I05','I03','I01','I02') or rated_id in ('E17','E08') order by rated_id,date;
```Query results
Query 1:
| k | v | n |
|---|---|---|
| inst_latest | AS:BB- | 5 |
| inst_latest | AS:B+ | 6 |
| inst_latest | AS:BB | 8 |
| inst_latest | AS:BBB- | 17 |
| inst_latest | AF:A | 1 |
| inst_latest | AS:BB+ | 14 |
| inst_latest | EX:AA- | 1 |
| inst_latest | AS:A+ | 15 |
| inst_latest | EX:A | 1 |
| inst_latest | EX:BB- | 1 |
| inst_latest | AS:A | 8 |
| inst_latest | DG:BBB | 1 |
| inst_latest | EX:B+ | 2 |
| inst_latest | AS:AA- | 4 |
| inst_latest | AS:A- | 9 |
| inst_latest | EX:A- | 1 |
| inst_latest | DG:BB+ | 1 |
| inst_latest | AS:B | 6 |
| inst_latest | DG:BBB+ | 1 |
| inst_latest | AS:BBB | 5 |
| inst_latest | AS:BBB+ | 5 |
| ig_held | | 66 |
| held | | 106 |
| entities | total/lei/nonQA | 370 |
| distinct_lei | | 344 |
| LU | | 1 |
| NW group | E02,E03,E04 | 3 |
| inst_total | | 115 |
Query 2:
| action_id | date | rated_id | rating_type | ccy_basis | action | rating | outlook | watch | comment |
|---|---|---|---|---|---|---|---|---|---|
| A20 | 2024-06-01 | E08 | LTIDR | FC | AS | B | STA | | |
| A21 | 2026-01-20 | E08 | LTIDR | FC | DG | CCC | | | |
| A22 | 2026-07-08 | E08 | LTIDR | FC | DG | RD | | | distressed debt exchange completed |
| A05 | 2024-03-12 | I01 | INST | | AS | A- | | | |
| A06 | 2025-06-20 | I01 | INST | | DG | BBB | | | |
| A23 | 2024-03-12 | I02 | INST | | AS | BBB | | | |
| A07 | 2025-06-20 | I02 | INST | | DG | BB+ | | | |
| A10 | 2023-11-01 | I03 | INST | | AS | A | | | |
| A11 | 2025-09-15 | I03 | INST | | AF | A | | | |
| A28 | 2023-06-01 | I05 | INST | | AS | A- | | | |
| A29 | 2026-04-15 | I05 | INST | | DG | BBB+ | | | |
Run more queries, or give the final answers.The model
**Q1.** A-. E01's rating was A- (A01, 2024-03-12) until the downgrade to BBB on 2025-06-20 (A02).
**Q2.** No. E01's only 2026 actions are affirmations (A03, A04), and the downgrade to BBB came in 2025 (A02).
**Q3.** No, BB+. I02 is subordinated and was downgraded to BB+ on 2025-06-20 (A07).
**Q4.** Positive. E03 is a RESEARCH duplicate of E02 (same LEI). Its latest action, A09 (2025-09-15), is an affirmation with a POS outlook, later than E02's STA in A08.
**Q5.** Northwind Holdings (E02), rated A. I03 is issued by E04 but guaranteed by E02, whose rating is A (A08), and I03 is rated A (A10, A11).
**Q6.** Valdoria's Country Ceiling is BB (A12), which caps the foreign-currency rating of Valdoria Telecom (E05) at BB (A14). Its local-currency rating is BBB- (A13).
**Q7.** 42 issuers had a real downgrade in 2026 (listed in the JSON). I counted a "DG" action only when the rating actually fell, which excludes E1064, E1051 on 2026-06-01, and E1229 on 2026-06-02. This includes QA-sourced entities, since the data doesn't say to exclude them, and actions up to today (2026-11-06).
**Q8.** E08 (Saxby Shipping). It was downgraded to RD on 2026-07-08 (A22), after a distressed debt exchange.
**Q9.** 291. This counts distinct LEIs, or entity IDs where there is no LEI, whose latest LTIDR on 1 Oct 2026 was not a withdrawal. It includes the sovereign CV, and the count is 290 without it.
**Q10.** Depends. Valdoria Telecom (E05) is BB in foreign currency (A14), which is not investment grade, and BBB- in local currency (A13), which is.
**Q11.** BBB+. E14 was downgraded from A- to BBB+ on 2024-09-30 (A36).
**Q12.** A-. This is E14's initial rating (A34, 2023-01-15).
**Q13.** 1. The only downgrade is A36.
**Q14.** None. E12's first rating is A30 on 2024-02-01.
**Q15.** A-. E10 was rated A- (A26) until the downgrade on 2026-04-15 (A27).
**Q16.** No. E14 was BBB+ on 2025-01-01 and still is. A35 only placed it on Rating Watch Negative, and A33 affirmed BBB+.
**Q17.** No. E06's only 2026 action is a Rating Watch Negative placement (A17), with the rating unchanged at A-.
**Q18.** 30 issuers (see the JSON), each with a foreign-currency Rating Watch Negative as their latest action on 1 Oct 2026.
**Q19.** 37 issuers (see the JSON), each with a NEG outlook on their latest rating action as of 1 Oct 2026.
**Q20.** No. E07's rating was withdrawn on 2026-05-12 "for commercial reasons" (A19), which is not a default.
**Q21.** 37 entities (see the JSON), each of which had an issuer rating that was later withdrawn (WD) before 1 Oct 2026.
**Q22.** E08, which reached RD (A22).
**Q23.** F2 (A04).
**Q24.** Yes. E01's issuer rating is BBB (A03).
**Q25.** 66. These are instruments whose latest rating on 1 Oct 2026 was BBB- or better and had not expired (EX).
**Q26.** A+ (A40).
**Q27.** A-. I06 is a subordinated note issued by E15 (A42).
**Q28.** BBB+ (A38).
**Q29.** None. VD has only a Country Ceiling (A12, BB) and no issuer rating.
**Q30.** Eight entities. Corvenia's ceiling is A (A37), and E15, E1039 and E1194 are rated A. Valdoria's ceiling is BB (A12), and E05, E1028, E1101, E1126 and E1236 are rated BB.
**Q31.** No. Every CV- and VD-domiciled issuer is at or below its ceiling.
**Q32.** E09. The chain is E11 → E10 → E09.
**Q33.** Halden Bank (E10), rated BBB+. I05 is issued by E11 but guaranteed by E10, whose rating was cut to BBB+ (A27), and I05 itself is also BBB+ (A29).
**Q34.** No. E12 has no parent and no link to E09 or E10.
**Q35.** 3 (E09, E10, E11). E17 is a duplicate record of E10.
**Q36.** 2 (E02, E04). E03 is a duplicate record of E02.
**Q37.** 344. This is the number of distinct LEIs among the 370 entity rows, with the LEI-less sovereigns CV and VD counted by their IDs.
**Q38.** No. They have different LEIs and no parent link between them (E06 and E13).
**Q39.** A (A08).
**Q40.** 66. This counts distinct GB-domiciled LEIs with a non-withdrawn issuer rating on 1 Oct 2026, and includes QA-sourced entities.
**Q41.** BB+ (A44). E16 is a QA-sourced record.
**Q42.** DE. E10 is domiciled in DE, and the LU record E17 is a RESEARCH duplicate with the same LEI.
**Q43.** 0. The only LU record is E17, a duplicate of E10, which is domiciled in DE.
**Q44.** Yes. I07 is denominated in XVD, Valdoria's currency, and is rated at the local-currency level (A45, BBB-).
**Q45.** No. The ceiling limits foreign-currency ratings, and I07 is a local-currency note. It is rated BBB-, above the BB ceiling, but that ceiling doesn't apply to it.
**Q46.** No. E11 has only a counterparty obligation rating (A46, CO BBB) and no LTIDR.
**Q47.** None. I08's rating expired (EX) on 2026-09-01 (A47).
**Q48.** 106. These are instruments whose latest rating on 1 Oct 2026 had not expired.
```json
{"Q1":{"rating":"A-"},
"Q2":{"downgraded":"no"},
"Q3":{"investment_grade":"no","rating":"BB+"},
"Q4":{"outlook":"POS"},
"Q5":{"risk_of":"E02","rating":"A"},
"Q7":{"issuers":["E1186","E1243","E1255","E08","E1151","E1299","E1307","E1213","E1080","E1285","E1112","E1263","E1347","E1348","E1344","E1163","E1053","E1051","E1300","E10","E1034","E1229","E16","E1144","E1159","E1057","E1340","E1228","E1294","E1058","E1342","E1093","E1161","E1343","E1290","E1170","E1350","E1167","E1345","E1351","E1349","E1346"]},
"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":["E1039","E1242","E1109","E1037","E1088","E1194","E1013","E1146","E1181","E1238","E1210","E1264","E1267","E1314","E1099","E1061","E1323","E1126","E1132","E1168","E1066","E1098","E1266","E1006","E1133","E1203","E1260","E1317","E06","E1297"]},
"Q19":{"issuers":["E1080","E1118","E1158","E1345","E09","E1079","E1105","E1161","E1228","E1262","E1060","E01","E1188","E1190","E1344","E1347","E1056","E1343","E1348","E1034","E1350","E1351","E1211","E1282","E1072","E1271","E1055","E1263","E1340","E1005","E1300","E1029","E1046","E1064","E1248","E1294","E1342"]},
"Q20":{"in_default":"no"},
"Q21":{"entities":["E1057","E1063","E1155","E1107","E1007","E1254","E1308","E1032","E1062","E1138","E1159","E1279","E1106","E07","E1084","E1200","E1218","E1277","E1172","E1124","E1320","E1121","E1225","E1233","E1002","E1021","E1041","E1140","E1219","E1244","E1076","E1206","E1166","E1205","E1234","E1316","E1048"]},
"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":344},
"Q38":{"same":"no"},
"Q39":{"rating":"A"},
"Q40":{"count":66},
"Q41":{"rating":"BB+"},
"Q42":{"country":"DE"},
"Q43":{"count":0},
"Q44":{"local_currency":"yes"},
"Q45":{"above_ceiling":"no"},
"Q46":{"issuer_rating":"no"},
"Q47":{"rating":"none"},
"Q48":{"count":106}}
```