Q5, run 2026-11-04-2022-sonnet

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Whose credit risk does a holder of the Northwind Finance 2030 notes take, and how is it rated?

Tests: Roles: issuer versus guarantor; a finance subsidiary's guaranteed debt carries the guarantor's risk.

Expected: risk_of = E02 rating = A

✅ R1 csv run 1 graded by code

The guarantor, Northwind Holdings (E02), rated A. I03 is issued by E04 and guaranteed by E02 (A08, A09).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R1 csv run 2 graded by code

The holder takes the risk of E02, the guarantor of I03 (issuer E04), which is rated A (A08, A09).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R1 csv run 3 graded by code

The holder takes E02 (Northwind Holdings) risk, rated A. I03 is issued by E04 and guaranteed by E02, whose latest action is A09 (A).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R1 csv run 4 graded by code

Guarantor E02 (Northwind Holdings), rated A. I03 is issued by E04 and guaranteed by E02, so the holder takes E02's risk (A08, A09).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R1 csv run 5 graded by code

The guarantor E02, rated A. I03 is issued by E04 and guaranteed by E02 (A08, A09).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R4 csv+markdown run 1 graded by code

The holder takes E02's (Northwind Holdings) credit risk, rated A. I03 is issued by E04 but guaranteed by E02, whose FC rating is A (A08, A09).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R4 csv+markdown run 2 graded by code

The holder takes E02's credit risk, rated A. I03 is guaranteed by E02, and A09 (on E03, the same entity) affirmed E02 at A.

JSON: {"risk_of": "E02", "rating": "A"}

✅ R4 csv+markdown run 3 graded by code

E02, rated A. I03 is guaranteed by E02 (A08, A09).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R4 csv+markdown run 4 graded by code

E02 (Northwind Holdings), rated A. I03 is guaranteed by E02, so the holder takes the guarantor's risk; E02/E03 are currently A (A08, A09).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R4 csv+markdown run 5 graded by code

E02 (Northwind Holdings), rated A. I03 is guaranteed by E02, so the holder takes the guarantor's risk, and E02's latest rating is A (A09 on E03).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R10 executed run 1 graded by code

E02 (Northwind Holdings plc), rated A. I03 is guaranteed by E02, so credit_risk_of is E02; both I03 and E02 are rated A.

JSON: {"risk_of": "E02", "rating": "A"}

✅ R10 executed run 2 graded by code

E02 (Northwind Holdings), the guarantor (I03), rated A. I03 itself is rated A (A11), and E02's LTIDR is A (A09).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R10 executed run 3 graded by code

The guarantor E02 (Northwind Holdings), not the issuer E04. I03 names E02 as `credit_risk_of`, and I03 is rated A (A11); E02's own rating is also A.

JSON: {"risk_of": "E02", "rating": "A"}

✅ R10 executed run 4 graded by code

The credit risk of E02 (Northwind Holdings), rated A. I03 is issued by E04 but guaranteed by E02, and credit_risk_of is E02; I03 is rated A (A11) and E02 is also A (A09).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R10 executed run 5 graded by code

E02, rated A. I03's credit_risk_of is the guarantor E02, and I03 is rated A (A11).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R8 csv+axioms run 1 graded by code

The guarantor, Northwind Holdings (E02), rated A. I03 is issued by E04 but guaranteed by E02, and E02's current rating is A (A09).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R8 csv+axioms run 2 graded by code

The holder takes the credit risk of E02, the guarantor of I03, rated A (A09, A08).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R8 csv+axioms run 3 graded by code

The guarantor, E02 (Northwind Holdings), whose current rating is A. I03 is issued by E04 but guaranteed by E02, and the latest action on E02/E03 is A09 (A).

JSON: {"risk_of": "E02", "rating": "A"}

✅ R8 csv+axioms run 4 graded by code

E02, rated A. I03 is issued by E04 and guaranteed by E02, and the guarantor's risk is what the holder takes. A09 affirmed E02/E03 at A.

JSON: {"risk_of": "E02", "rating": "A"}

✅ R8 csv+axioms run 5 graded by code

Northwind Holdings (E02), rated A. I03 is guaranteed by E02, and A09 is the rating in force.

JSON: {"risk_of": "E02", "rating": "A"}