D1 sql, run 5: the query session

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14 queries0 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` (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 
```sql
SELECT * FROM entities ORDER BY entity_id;
```

```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;
```
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 NOT LIKE 'E1___' ORDER BY entity_id;
```

```sql
SELECT * FROM rating_actions WHERE rated_id IN ('E01','E02','E03','E04','E05','E06','E07','E08','E09','E10','E11','E12','E13','E14','E15','CV','VD','I01','I02','I03','I04','I05','I06','I07','I08') ORDER BY rated_id, date;
```

```sql
SELECT * FROM rating_actions WHERE comment IS NOT NULL AND comment<>'' AND rated_id NOT LIKE 'E1___' 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 |
| 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 |
| 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:

| action_id | date | rated_id | rating_type | ccy_basis | action | rating | outlook | watch | comment |
|---|---|---|---|---|---|---|---|---|---|
| A37 | 2024-01-01 | CV | CC |  | AS | A |  |  |  |
| A38 | 2024-01-01 | CV | LTIDR | FC | AS | BBB+ | STA |  |  |
| A39 | 2024-01-01 | CV | LTIDR | LC | AS | A- | STA |  |  |
| 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 |  |  |
| A14 | 2025-04-01 | E05 | LTIDR | FC | AS | BB | STA |  |  |
| A13 | 2025-04-01 | E05 | LTIDR | LC | AS | BBB- | 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 |
| 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 |
| 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 |  |  |
| A40 | 2024-03-01 | E15 | LTIDR | LC | AS | A+ | STA |  |  |
| A41 | 2024-03-01 | E15 | LTIDR | FC | AS | A | 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 3:

| action_id | date | rated_id | rating_type | ccy_basis | action | rating | outlook | watch | comment |
|---|---|---|---|---|---|---|---|---|---|
| A26 | 2023-05-01 | E10 | LTIDR | FC | AS | A- | STA |  | support from parent |
| A02 | 2025-06-20 | E01 | LTIDR | FC | DG | BBB | STA |  | weaker cash flow after asset sale |
| A19 | 2026-05-12 | E07 | LTIDR | FC | WD | WD |  |  | commercial reasons |
| A22 | 2026-07-08 | E08 | LTIDR | FC | DG | RD |  |  | distressed debt exchange completed |

Run more queries, or give the final answers.
The model 
<invoke name="sql">
</invoke>
```sql
WITH r AS (SELECT *, row_number() OVER (PARTITION BY rated_id, rating_type, coalesce(ccy_basis,'') ORDER BY date DESC, action_id DESC) rn FROM rating_actions WHERE date<='2026-10-01'), l AS (SELECT * FROM r WHERE rn=1)
SELECT 'cur' k, l.rated_id, l.rating_type, l.ccy_basis, l.action, l.rating, l.outlook, l.watch, e.country, e.name FROM l LEFT JOIN entities e ON e.entity_id=l.rated_id
WHERE (l.rating_type='LTIDR' AND (l.watch='RWN' OR l.outlook='NEG' OR l.rating IN ('RD','D','C'))) OR l.rated_id IN ('E16','E1019','E1039','E1028') OR l.rating_type IN ('CC','CO')
ORDER BY 2;
```
```sql
SELECT a.action_id,a.date,a.rated_id,a.action,a.rating,e.name FROM rating_actions a LEFT JOIN entities e ON e.entity_id=a.rated_id WHERE a.rating_type='LTIDR' AND (a.action='DG' AND a.date>='2026-01-01' OR a.rating IN ('RD','D')) ORDER BY a.date;
```
```sql
SELECT count(DISTINCT coalesce(lei,entity_id)) n_distinct, count(DISTINCT CASE WHEN country='LU' THEN coalesce(lei,entity_id) END) lu, count(DISTINCT CASE WHEN country='LU' THEN entity_id END) lu_ids FROM entities;
```
```sql
WITH r AS (SELECT *, row_number() OVER (PARTITION BY rated_id, rating_type, coalesce(ccy_basis,'') ORDER BY date DESC, action_id DESC) rn FROM rating_actions WHERE date<='2026-10-01'), l AS (SELECT * FROM r WHERE rn=1)
SELECT 'inst_rated' k, count(*) c FROM l WHERE rating_type='INST' AND action<>'EX' AND rating NOT IN ('WD','NR')
UNION ALL SELECT 'inst_ig', count(*) FROM l WHERE rating_type='INST' AND action<>'EX' AND rating IN ('AAA','AA+','AA','AA-','A+','A','A-','BBB+','BBB','BBB-')
UNION ALL SELECT 'inst_all', count(*) FROM l WHERE rating_type='INST'
UNION ALL SELECT 'issuers', count(DISTINCT rated_id) FROM l WHERE rating_type='LTIDR' AND action<>'WD' AND rating<>'WD'
UNION ALL SELECT 'gb_issuers', count(DISTINCT e.entity_id) FROM l JOIN entities e ON e.entity_id=l.rated_id WHERE rating_type='LTIDR' AND action<>'WD' AND e.country='GB';
```
Query results 
Query 1:

| k | rated_id | rating_type | ccy_basis | action | rating | outlook | watch | country | name |
|---|---|---|---|---|---|---|---|---|---|
| cur | CV | CC |  | AS | A |  |  | CV | Republic of Corvenia |
| cur | E01 | LTIDR | FC | AF | BBB | NEG |  | GB | Kestrel Energy plc |
| cur | E06 | LTIDR | FC | RW | A- |  | RWN | DE | Orrin Bank AG |
| cur | E08 | LTIDR | FC | DG | RD |  |  | GR | Saxby Shipping SA |
| cur | E09 | LTIDR | FC | AF | A | NEG |  | GB | Halden Group plc |
| cur | E1005 | LTIDR | FC | DG | BB | NEG |  | US | Setan Airlines Inc |
| cur | E1006 | LTIDR | FC | RW | AA |  | RWN | US | Soson Airlines Inc |
| cur | E1013 | LTIDR | FC | RW | BB- |  | RWN | NL | Pisol Pharma BV |
| cur | E1019 | LTIDR | FC | AS | BB+ | STA |  | CV | Losol Mining SA |
| cur | E1019 | LTIDR | LC | RW | BBB- |  | RWN | CV | Losol Mining SA |
| cur | E1028 | LTIDR | FC | UG | BB | STA |  | VD | Mutir Retail SA |
| cur | E1028 | LTIDR | LC | UG | BBB | STA |  | VD | Mutir Retail SA |
| cur | E1029 | LTIDR | FC | UG | A- | NEG |  | US | Leson Telecom Inc |
| cur | E1034 | LTIDR | FC | DG | BBB+ | NEG |  | IT | Tanad Capital SpA |
| cur | E1037 | LTIDR | FC | RW | A |  | RWN | FR | Natil Retail SA |
| cur | E1039 | LTIDR | LC | AS | AA- | STA |  | CV | Pulor Airlines SA |
| cur | E1039 | LTIDR | FC | RW | A |  | RWN | CV | Pulor Airlines SA |
| cur | E1046 | LTIDR | FC | UG | AA- | NEG |  | US | Ditin Shipping Inc |
| cur | E1055 | LTIDR | FC | UG | BBB- | NEG |  | GB | Muran Property plc |
| cur | E1056 | LTIDR | FC | DG | A+ | NEG |  | IT | Duver Shipping SpA |
| cur | E1059 | LTIDR | LC | RW | BB- |  | RWN | CV | Kelim Media SA |
| cur | E1060 | LTIDR | FC | AF | BB- | NEG |  | CV | KELIM MEDIA SA |
| cur | E1061 | LTIDR | FC | RW | A |  | RWN | DE | Dotan Retail AG |
| cur | E1064 | LTIDR | FC | UG | A- | NEG |  | NL | Renil Media BV |
| cur | E1066 | LTIDR | FC | RW | A- |  | RWN | ES | Lolil Industries SA |
| cur | E1072 | LTIDR | FC | AF | BB- | NEG |  | GB | Delil Chemicals plc |
| cur | E1079 | LTIDR | FC | AF | BB+ | NEG |  | GB | Nevar Property plc |
| cur | E1080 | LTIDR | FC | DG | A- | NEG |  | US | Gatad Property Inc |
| cur | E1088 | LTIDR | FC | RW | B+ |  | RWN | FR | Koved Holdings SA |
| cur | E1098 | LTIDR | FC | RW | BBB- |  | RWN | US | Wirim Water Inc |
| cur | E1099 | LTIDR | FC | RW | BB+ |  | RWN | FR | Nasad Shipping SA |
| cur | E11 | CO |  | AS | BBB |  |  | FR | Halden Leasing SA |
| cur | E1105 | LTIDR | FC | UG | A+ | NEG |  | GR | Betin Pharma SA |
| cur | E1109 | LTIDR | FC | RW | A+ |  | RWN | NL | Susal Energy BV |
| cur | E1118 | LTIDR | FC | DG | BB+ | NEG |  | DE | Reter Shipping AG |
| cur | E1126 | LTIDR | FC | RW | BB |  | RWN | VD | Goter Capital SA |
| cur | E1132 | LTIDR | FC | RW | B+ |  | RWN | US | Deler Logistics Inc |
| cur | E1133 | LTIDR | FC | RW | B+ |  | RWN | US | Sorir Water Inc |
| cur | E1146 | LTIDR | FC | RW | BB |  | RWN | US | Taril Industries Inc |
| cur | E1158 | LTIDR | FC | AF | BBB | NEG |  | ES | Nular Energy SA |
| cur | E1161 | LTIDR | FC | DG | B | NEG |  | FR | DILED STEEL SA |
| cur | E1168 | LTIDR | FC | RW | BBB- |  | RWN | US | Fivan Holdings Inc |
| cur | E1181 | LTIDR | FC | RW | A- |  | RWN | IT | Mosal Logistics SpA |
| cur | E1188 | LTIDR | FC | UG | BB- | NEG |  | GR | Molar Shipping SA |
| cur | E1190 | LTIDR | FC | UG | BBB | NEG |  | GB | Piran Logistics plc |
| cur | E1194 | LTIDR | FC | RW | A |  | RWN | CV | Litem Industries SA |
| cur | E1203 | LTIDR | FC | RW | BBB+ |  | RWN | DE | Fusir Steel AG |
| cur | E1210 | LTIDR | FC | RW | BB |  | RWN | DE | MALID MINING SPA |
| cur | E1211 | LTIDR | FC | AF | BBB- | NEG |  | GB | Cinam Energy plc |
| cur | E1228 | LTIDR | FC | DG | BB+ | NEG |  | GB | Cevad Chemicals plc |
| cur | E1238 | LTIDR | FC | RW | AA- |  | RWN | GR | Wevin Capital SA |
| cur | E1242 | LTIDR | FC | RW | BBB |  | RWN | IT | Botin Logistics SpA |
| cur | E1248 | LTIDR | FC | AF | A- | NEG |  | US | Hivod Mining Inc |
| cur | E1260 | LTIDR | FC | RW | BBB- |  | RWN | US | Votim Industries Inc |
| cur | E1262 | LTIDR | FC | AF | B+ | NEG |  | ES | MUNAM WATER SA |
| cur | E1263 | LTIDR | FC | DG | BBB- | NEG |  | US | Sotin Property Inc |
| cur | E1264 | LTIDR | FC | RW | B+ |  | RWN | GB | Devam Water plc |
| cur | E1266 | LTIDR | FC | RW | BBB |  | RWN | NL | Culed Chemicals BV |
| cur | E1267 | LTIDR | FC | RW | A- |  | RWN | FR | Gutin Water SA |
| cur | E1271 | LTIDR | FC | AF | A- | NEG |  | DE | Rarid Logistics AG |
(23 more rows not shown)

Query 2:

| action_id | date | rated_id | action | rating | name |
|---|---|---|---|---|---|
| A1395 | 2026-01-04 | E1186 | DG | BBB+ | Toren Capital AG |
| A1516 | 2026-01-13 | E1243 | DG | BB | Herar Foods SA |
| A1545 | 2026-01-19 | E1255 | DG | BBB+ | Melan Holdings SA |
| A21 | 2026-01-20 | E08 | DG | CCC | Saxby Shipping SA |
| A1326 | 2026-01-26 | E1151 | DG | BBB | Nunan Media SA |
| A1636 | 2026-02-06 | E1299 | DG | BBB | FANER STEEL SA |
| A1660 | 2026-02-08 | E1307 | DG | BB- | Vevom Retail SA |
| A1450 | 2026-02-13 | E1213 | DG | A- | Winim Mining SA |
| A1174 | 2026-02-14 | E1080 | DG | A- | Gatad Property Inc |
| A1608 | 2026-02-17 | E1285 | DG | A | Laril Retail plc |
| A1244 | 2026-02-20 | E1112 | DG | BBB | Calem Logistics Inc |
| A1561 | 2026-03-03 | E1263 | DG | BBB | Sotin Property Inc |
| A1140 | 2026-03-04 | E1064 | DG | BBB+ | Renil Media BV |
| A1732 | 2026-03-10 | E1347 | DG | BBB- | Nunan Capital plc |
| A1734 | 2026-03-18 | E1348 | DG | BBB- | Wosed Holdings AG |
| A1726 | 2026-03-18 | E1344 | DG | A- | Naled Utilities plc |
| A1350 | 2026-03-19 | E1163 | DG | BB+ | Wenar Water SpA |
| A1109 | 2026-03-20 | E1053 | DG | BB | Soter Water SA |
| A1102 | 2026-04-05 | E1051 | DG | A+ | Kenar Water SA |
| A1639 | 2026-04-09 | E1300 | DG | BBB+ | Livar Chemicals plc |
| A27 | 2026-04-15 | E10 | DG | BBB+ | Halden Bank AG |
| A1070 | 2026-05-02 | E1034 | DG | BBB+ | Tanad Capital SpA |
| A1482 | 2026-05-06 | E1229 | DG | BB | Fetam Mining SA |
| A1640 | 2026-05-06 | E1300 | DG | BBB | Livar Chemicals plc |
| A44 | 2026-06-01 | E16 | DG | BB+ | Brindle Capital Ltd |
| A1104 | 2026-06-01 | E1051 | DG | A+ | Kenar Water SA |
| A1481 | 2026-06-02 | E1229 | DG | BB+ | Fetam Mining SA |
| A1310 | 2026-06-06 | E1144 | DG | B+ | Witan Logistics SA |
| A1562 | 2026-06-16 | E1263 | DG | BBB- | Sotin Property Inc |
| A1341 | 2026-06-16 | E1159 | DG | BBB+ | Benem Property AG |
| A1451 | 2026-06-16 | E1213 | DG | BBB+ | Winim Mining SA |
| A1122 | 2026-06-25 | E1057 | DG | BB | Batan Foods plc |
| A1718 | 2026-06-26 | E1340 | DG | BBB+ | Biram Steel plc |
| A1479 | 2026-06-28 | E1228 | DG | BB+ | Cevad Chemicals plc |
| A22 | 2026-07-08 | E08 | DG | RD | Saxby Shipping SA |
| A1627 | 2026-07-11 | E1294 | DG | A+ | Runor Media SpA |
| A1127 | 2026-07-14 | E1058 | DG | BBB- | Wasil Shipping SA |
| A1722 | 2026-07-17 | E1342 | DG | BBB+ | Cuvol Water AG |
| A1202 | 2026-07-25 | E1093 | DG | B | Nulil Airlines plc |
| A1344 | 2026-07-28 | E1161 | DG | B | DILED STEEL SA |
| A1724 | 2026-08-08 | E1343 | DG | BBB+ | Bolem Energy plc |
| A1620 | 2026-08-16 | E1290 | DG | B | Nural Water plc |
| A1366 | 2026-08-16 | E1170 | DG | BB- | SEREN TELECOM |
| A1738 | 2026-09-03 | E1350 | DG | BB | Palol Airlines plc |
| A1360 | 2026-09-07 | E1167 | DG | BB | Fitad Foods BV |
| A1728 | 2026-09-22 | E1345 | DG | BB- | Wesen Retail plc |
| A1740 | 2026-09-27 | E1351 | DG | A- | Bisad Property plc |
| A1736 | 2026-10-14 | E1349 | DG | A- | Parod Pharma SA |
| A1730 | 2026-10-15 | E1346 | DG | BBB+ | Kalem Property AG |
| A1720 | 2026-11-09 | E1341 | DG | BBB+ | Panar Airlines SA |

Query 3:

| n_distinct | lu | lu_ids |
|---|---|---|
| 344 | 1 | 1 |

Query 4:

| k | c |
|---|---|
| inst_rated | 106 |
| inst_ig | 66 |
| inst_all | 112 |
| issuers | 293 |
| gb_issuers | 75 |

Run more queries, or give the final answers.
The model 
```sql
WITH r AS (SELECT *, row_number() OVER (PARTITION BY rated_id, rating_type, coalesce(ccy_basis,'') ORDER BY date DESC, action_id DESC) rn FROM rating_actions WHERE date<='2026-10-01'), l AS (SELECT r.*, e.lei, e.source_system, e.country FROM r JOIN entities e ON e.entity_id=r.rated_id WHERE rn=1 AND rating_type='LTIDR')
SELECT 'RWN' k, string_agg(rated_id||'/'||coalesce(lei,'-')||'/'||source_system, ', ' ORDER BY rated_id) v FROM l WHERE watch='RWN' AND ccy_basis='FC'
UNION ALL SELECT 'NEG', string_agg(rated_id||'/'||coalesce(lei,'-')||'/'||source_system, ', ' ORDER BY rated_id) FROM l WHERE outlook='NEG' AND watch IS NULL OR outlook='NEG' AND watch=''
UNION ALL SELECT 'issuers_dedup', count(DISTINCT coalesce(lei,rated_id))::VARCHAR FROM l WHERE rating<>'WD'
UNION ALL SELECT 'gb_dedup', count(DISTINCT lei)::VARCHAR FROM l WHERE rating<>'WD' AND country='GB'
UNION ALL SELECT 'ceil', string_agg(rated_id||'/'||country||'/'||ccy_basis||'/'||rating, ', ' ORDER BY rated_id) FROM l WHERE country IN ('CV','VD') AND rating<>'WD'
UNION ALL SELECT 'wd', string_agg(DISTINCT rated_id||'/'||coalesce(lei,'-'), ', ') FROM l WHERE rating='WD' AND rated_id NOT IN (SELECT rated_id FROM l WHERE rating<>'WD');
```
```sql
SELECT * FROM rating_actions WHERE rated_id='E16' ORDER BY date;
```
Query results 
Query 1:

| k | v |
|---|---|
| RWN | E06/549300AMVE3VRVG7HK43/RATINGS, E1006/213800WSVEOAQ5HD4C43/RATINGS, E1013/969500U072SAPPW32N81/RATINGS, E1037/391200OBAXI8590VQN12/RATINGS, E1039/969500HA9D5I7F73PW83/RATINGS, E1061/5493002BLV266QJVIH90/RATINGS, E1066/213800VQSNQ2434DKS91/RATINGS, E1088/549300GS8TRRRJCSVZ45/RATINGS, E1098/724500HD5AQ2MDSXXU69/RATINGS, E1099/213800XQVJ5IKNNVXY16/RATINGS, E1109/815600379XSXXQR72R46/RATINGS, E1126/213800QG4ZGLWRUBIQ31/RATINGS, E1132/549300WSZI986L1XA988/RATINGS, E1133/549300PSORKEO25SHT85/RATINGS, E1146/7245008Y7HAJI3ZSJK12/RATINGS, E1168/549300N9NKGSRIO34Y39/RATINGS, E1181/3912006PQEEWVJETOG62/RATINGS, E1194/815600GVTRTKVHG8BO41/RATINGS, E1203/724500W08E6JP9P9NC97/RATINGS, E1210/549300HWTXXHJP2HKU38/RESEARCH, E1238/5493004IM0PRT8BSDK29/RATINGS, E1242/213800VNDQV0VN6FVU72/RATINGS, E1260/969500D8VQO3X7NDHQ76/RATINGS, E1264/549300HH75F3NXLKV336/RATINGS, E1266/724500CD625Q9LIJG838/RATINGS, E1267/8156006G7EEYC0O0U554/RATINGS, E1297/7245002QMS1HJ8LWKI72/RATINGS, E1314/815600VWY9ZIH3XVHE31/RATINGS, E1317/391200YYRT4OCYJBQT44/RATINGS, E1323/9695000MJJR7IQP71F01/RATINGS |
| NEG | E01/7245002OOPBG04092E43/RATINGS, E09/815600ASM9EHDG931T89/RATINGS, E1005/815600JRN7AOE36KFR35/RATINGS, E1029/8156008DPX4I9DNKWN26/RATINGS, E1034/815600KLV84WAQGPSX27/RATINGS, E1046/549300ZM08IADSAK3L87/RATINGS, E1055/724500WWWM8KJ2Q08398/RATINGS, E1056/969500DMA3PCFLMC4U98/RATINGS, E1060/549300CRXZL5I1OT6L14/RESEARCH, E1064/213800YPXA4OJXD8EB91/RATINGS, E1072/969500W1RDU3ZPX1YB94/RATINGS, E1079/5493000MDIWO1KHI0272/RATINGS, E1080/815600SERWD64UWU8808/RATINGS, E1105/3912002RB0IGZZN6RN49/RATINGS, E1118/969500ZM445IDEYHCL85/RATINGS, E1158/9695008UP74QEOJ3KW74/RATINGS, E1161/969500PM41NS2PBZU440/RESEARCH, E1188/815600O0Y6S2CPCDAA82/RATINGS, E1190/549300ENXJ8RIUXUHZ80/RATINGS, E1211/2138006JVQYZA2IAU357/RATINGS, E1228/724500JFK718P3DNW233/RATINGS, E1248/213800XN4WOS9M0UP985/RATINGS, E1262/549300H1N0EQEAZLE362/RESEARCH, E1263/213800TWNH19JCPPPE80/RATINGS, E1271/213800M91M3NKSWT8K97/RATINGS, E1282/724500GZZJO3VTZ5OY05/RATINGS, E1294/391200WPOJY9F1NTH725/RATINGS, E1300/391200Z1OH1HXMHTW971/RATINGS, E1340/213800CSTQH7UO0A8E29/QA, E1342/7245000RRKYSQSJ2DB31/QA, E1343/969500F1DAQZF8FNJS41/QA, E1344/724500N069ZCQGY1UI76/QA, E1345/391200T3GEO5X4SJMO02/QA, E1347/724500649FYULZG25F44/QA, E1348/724500JEL6C1PJZEDM26/QA, E1350/213800GZMC02BI2WJX12/QA, E1351/969500MERFFSB2CHQE09/QA |
| issuers_dedup | 291 |
| gb_dedup | 74 |
| ceil | CV/CV/FC/BBB+, CV/CV/LC/A-, E05/VD/FC/BB, E05/VD/LC/BBB-, E1019/CV/LC/BBB-, E1019/CV/FC/BB+, E1028/VD/LC/BBB, E1028/VD/FC/BB, E1039/CV/FC/A, E1039/CV/LC/AA-, E1059/CV/LC/BB-, E1060/CV/FC/BB-, E1071/CV/FC/B+, E1096/CV/LC/BBB+, E1096/CV/FC/BBB, E1101/VD/FC/BB, E1101/VD/LC/BB+, E1106/VD/FC/B+, E1126/VD/LC/BBB-, E1126/VD/FC/BB, E1136/CV/FC/A-, E1144/CV/FC/B+, E1144/CV/LC/BB-, E1185/CV/FC/BB+, E1194/CV/LC/A, E1194/CV/FC/A, E1217/CV/FC/BB-, E1223/CV/FC/BB+, E1229/CV/LC/BBB-, E1229/CV/FC/BB+, E1236/VD/FC/BB, E1243/CV/LC/BBB+, E1243/CV/FC/BB, E1245/CV/LC/B, E1245/CV/FC/B+, E1279/VD/LC/BB, E1283/CV/LC/B+, E1283/CV/FC/BB, E1304/CV/FC/BB, E1307/VD/FC/BB-, E1313/VD/LC/BBB-, E1313/VD/FC/BB-, E15/CV/FC/A, E15/CV/LC/A+ |
| wd | E07/969500B6IUACELPI2291, E1218/9695003B8HVZN6WVB082, E1308/549300IGMPC8HEIKND87, E1316/2138005XQUSYXQWKHP15, E1041/549300JU1O5MP1HSKQ01, E1107/39120035C3L494GPV335, E1254/969500QXEZ0NSV6EIW69, E1007/815600N2UAHQREHHWF76, E1084/391200MB5QFXCD5X8I15, E1234/815600HZK0IK4Q5GF769, E1002/3912003R00FP6CNV6210, E1021/391200KLG6G4KVIMIU52, E1048/9695000T21G05UQMGF10, E1076/724500R7NQF1BMLIW829, E1225/724500AXGCJXTB1DVL94, E1244/969500SQSSYT8HOYOP58, E1124/815600NAKDQJ2L7WWJ01, E1155/391200428FS1WJP3AG75, E1166/8156008Z86BWAKVE7I73, E1121/815600MZAUY1OCZWJF49, E1063/9695003FBHLB9KIKNT76, E1057/2138009BPHEDKSZHFF68, E1206/815600IJD373PYH08A24, E1233/3912001DEUC7UPZYE471, E1172/549300F5R74KW6K96H13, E1032/2138006H9XCYN2P1K228, E1138/724500BSV4X2J7KUR535, E1219/815600YLA1GXMHYMXP16, E1205/391200H4MC1UG4HGZY09, E1320/549300P8CEPUO96H4Y59, E1062/549300QT2LSIX31F9O17, E1200/724500L96DLBJOLSDZ06, E1140/391200IBY0WQGAT3R586, E1159/213800VMJXKPLM9ZIL74, E1277/391200922SWGGGCXM514 |

Query 2:

| action_id | date | rated_id | rating_type | ccy_basis | action | rating | outlook | watch | comment |
|---|---|---|---|---|---|---|---|---|---|
| A43 | 2024-04-01 | E16 | LTIDR | FC | AS | BBB- | STA |  |  |
| A44 | 2026-06-01 | E16 | LTIDR | FC | DG | BB+ | STA |  |  |

Run more queries, or give the final answers.
The model 
<invoke name="sql">
</invoke>
```sql
SELECT lei, string_agg(entity_id||'/'||source_system, ', ' ORDER BY entity_id) ids FROM entities WHERE lei IN (SELECT lei FROM entities WHERE lei IS NOT NULL GROUP BY lei HAVING count(*)>1) GROUP BY lei ORDER BY 2;
```
Query results 
Query 1:

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

Run more queries, or give the final answers.
The model 
```sql
WITH r AS (SELECT *, row_number() OVER (PARTITION BY rated_id, rating_type, coalesce(ccy_basis,'') ORDER BY date DESC, action_id DESC) rn FROM rating_actions WHERE date<='2026-10-01' AND rating_type='LTIDR'), l AS (SELECT r.*, coalesce(e.lei,e.entity_id) k, e.source_system FROM r JOIN entities e ON e.entity_id=r.rated_id WHERE rn=1)
SELECT k, string_agg(DISTINCT rated_id||'/'||source_system, ',') ids FROM l GROUP BY k HAVING count(*) FILTER (WHERE rating<>'WD')=0 ORDER BY 2;
```
Query results 
Query 1:

| k | ids |
|---|---|
| 969500B6IUACELPI2291 | E07/RATINGS |
| 3912003R00FP6CNV6210 | E1002/RESEARCH |
| 815600N2UAHQREHHWF76 | E1007/RATINGS |
| 391200KLG6G4KVIMIU52 | E1021/RATINGS |
| 2138006H9XCYN2P1K228 | E1032/RATINGS |
| 549300JU1O5MP1HSKQ01 | E1041/RATINGS |
| 9695000T21G05UQMGF10 | E1048/RATINGS |
| 2138009BPHEDKSZHFF68 | E1057/RATINGS |
| 549300QT2LSIX31F9O17 | E1062/RATINGS |
| 9695003FBHLB9KIKNT76 | E1063/RATINGS |
| 724500R7NQF1BMLIW829 | E1076/RATINGS |
| 391200MB5QFXCD5X8I15 | E1084/RATINGS |
| 39120035C3L494GPV335 | E1107/RATINGS |
| 815600MZAUY1OCZWJF49 | E1121/RATINGS |
| 815600NAKDQJ2L7WWJ01 | E1124/RATINGS |
| 724500BSV4X2J7KUR535 | E1138/RATINGS |
| 391200IBY0WQGAT3R586 | E1140/RATINGS |
| 391200428FS1WJP3AG75 | E1155/RATINGS |
| 213800VMJXKPLM9ZIL74 | E1159/RATINGS |
| 8156008Z86BWAKVE7I73 | E1166/RATINGS |
| 549300F5R74KW6K96H13 | E1172/RATINGS |
| 724500L96DLBJOLSDZ06 | E1200/RATINGS |
| 391200H4MC1UG4HGZY09 | E1205/RATINGS |
| 815600IJD373PYH08A24 | E1206/RATINGS |
| 9695003B8HVZN6WVB082 | E1218/RATINGS |
| 815600YLA1GXMHYMXP16 | E1219/RATINGS |
| 724500AXGCJXTB1DVL94 | E1225/RATINGS |
| 3912001DEUC7UPZYE471 | E1233/RATINGS |
| 815600HZK0IK4Q5GF769 | E1234/RATINGS |
| 969500SQSSYT8HOYOP58 | E1244/RATINGS |
| 969500QXEZ0NSV6EIW69 | E1254/RESEARCH |
| 391200922SWGGGCXM514 | E1277/RATINGS |
| 549300IGMPC8HEIKND87 | E1308/RATINGS |
| 2138005XQUSYXQWKHP15 | E1316/RATINGS |
| 549300P8CEPUO96H4Y59 | E1320/RATINGS |

Run more queries, or give the final answers.
The model 
**Q1.** A-. A01 assigned A- on 2024-03-12, and the next change was the downgrade A02 on 2025-06-20.

**Q2.** No. The only 2026 action is A03 (2026-02-10), an affirmation at BBB with the outlook moved to Negative.

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

**Q4.** Positive. E03 is the research duplicate of E02 (same LEI), and its latest action is A09 (2025-09-15), A with a Positive outlook.

**Q5.** The holder takes the credit risk of Northwind Holdings (E02), the guarantor of I03, rated A. I03 itself was affirmed at A by A11.

**Q6.** The data does not state a reason. Valdoria's Country Ceiling is BB (A12), which matches E05's foreign-currency rating of BB (A14), while the local-currency rating is BBB- (A13).

**Q7.** 44 issuers have a long-term issuer rating (LTIDR) downgrade dated 2026, after mapping research duplicates to their rated entities. I excluded A1720 (E1341), dated 2026-11-09, which is after today.

**Q8.** E08. A22 (2026-07-08) moved it to RD, and there are no later actions.

**Q9.** 291. This counts distinct LEIs with a non-withdrawn LTIDR as of 2026-10-01, so duplicates collapse.

**Q10.** Depends. Valdoria Telecom (E05) is BB in foreign currency (A14, not investment grade) but BBB- in local currency (A13, investment grade).

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

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

**Q13.** 1. Only A36 is a downgrade; A35 is a watch and A33 an affirmation.

**Q14.** None. Halden Foods' first rating is A30 on 2024-02-01.

**Q15.** A-. Halden Bank (E10) was not downgraded to BBB+ until A27 on 2026-04-15.

**Q16.** No. It was BBB+ on 2025-01-01 and is still BBB+ after A33.

**Q17.** No. Orrin Bank (E06) only has a Rating Watch Negative (A17), with the rating still A-.

**Q18.** 30 issuers, based on foreign-currency ratings only. I did not check hidden local-currency-only watches, such as the E1019 and E1059 local-currency watches.

**Q19.** 37 issuers, after mapping research duplicates onto their rated entities.

**Q20.** No. E07's rating was withdrawn for commercial reasons (A19) at BB, with no default rating.

**Q21.** 35 entities had a rating that was later withdrawn. Duplicate research records are mapped to their rated entity.

**Q22.** E08 only. It is the only entity ever rated RD or D (A22).

**Q23.** F2, from A04.

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

**Q25.** 66. This counts the latest instrument rating at or before 2026-10-01 that is BBB- or higher, excluding expired ratings.

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

**Q27.** A-, from A42 on I06.

**Q28.** BBB+, from A38.

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

**Q30.** 8 entities. Corvenia's ceiling is A and Valdoria's is BB, and these entities sit exactly at it.

**Q31.** No. No foreign-currency issuer rating in either country exceeds its ceiling.

**Q32.** E09. Halden Leasing (E11) has parent E10, whose parent is E09.

**Q33.** The holder takes the credit risk of Halden Bank (E10), the guarantor of I05, rated BBB+. A29 downgraded I05 to BBB+.

**Q34.** No. Halden Foods (E12) has no parent link to E09 or E10.

**Q35.** 3. The group is E09, E10 and E11; E17 is a duplicate of E10.

**Q36.** 2. The group is E02 and E04; E03 is a duplicate of E02.

**Q37.** 344. This counts distinct LEIs, plus the sovereigns that have no LEI.

**Q38.** No. They have different LEIs (E06 versus E13).

**Q39.** A, from A09 (E03, the duplicate of E02).

**Q40.** 74. This counts distinct LEIs among GB issuers with a non-withdrawn issuer rating.

**Q41.** BB+. A44 downgraded E16 on 2026-06-01.

**Q42.** DE. E17 shows LU but is a research duplicate of E10, which is DE.

**Q43.** 0. The only LU record is E17, a duplicate of the German E10.

**Q44.** Yes. I07 is denominated in XVD, which I take to be Valdoria's currency; the data does not define it.

**Q45.** No. The ceiling applies to foreign-currency obligations, and this is a local-currency note rated BBB- (A45).

**Q46.** No. E11 has only a CO rating (A46), not an LTIDR.

**Q47.** None. A47 shows the rating on I08 as EX (expired) on 2026-09-01.

**Q48.** 106. This counts instruments whose latest rating at 2026-10-01 is 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","E1298","E1307","E1213","E1080","E1285","E1112","E1263","E1064","E1347","E1348","E1344","E1163","E1053","E1051","E1300","E10","E1034","E1229","E16","E1144","E1159","E1057","E1340","E1228","E1294","E1058","E1342","E1093","E1160","E1343","E1290","E1169","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": ["E06","E1006","E1013","E1037","E1039","E1061","E1066","E1088","E1098","E1099","E1109","E1126","E1132","E1133","E1146","E1168","E1181","E1194","E1203","E1209","E1238","E1242","E1260","E1264","E1266","E1267","E1297","E1314","E1317","E1323"]},
"Q19": {"issuers": ["E01","E09","E1005","E1029","E1034","E1046","E1055","E1056","E1059","E1064","E1072","E1079","E1080","E1105","E1118","E1158","E1160","E1188","E1190","E1211","E1228","E1248","E1261","E1263","E1271","E1282","E1294","E1300","E1340","E1342","E1343","E1344","E1345","E1347","E1348","E1350","E1351"]},
"Q20": {"in_default": "no"},
"Q21": {"entities": ["E07","E1001","E1007","E1021","E1032","E1041","E1048","E1057","E1062","E1063","E1076","E1084","E1107","E1121","E1124","E1138","E1140","E1155","E1159","E1166","E1172","E1200","E1205","E1206","E1218","E1219","E1225","E1233","E1234","E1244","E1253","E1277","E1308","E1316","E1320"]},
"Q22": {"entities": ["E08"]},
"Q23": {"rating": "F2"},
"Q24": {"investment_grade": "yes"},
"Q25": {"count": 66},
"Q26": {"rating": "A+"},
"Q27": {"rating": "A-"},
"Q28": {"rating": "BBB+"},
"Q29": {"rating": "none"},
"Q30": {"entities": ["E1039","E1194","E15","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": 74},
"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}
}
```