Q5, run 2026-11-04-2024-sonnet-query

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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

✅ D1 sql run 1 graded by code · query session

You take the credit risk of E02, Northwind Holdings, rated A. I03 was issued by E04 and guaranteed by E02, and I03 is rated A (A11).

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

✅ D1 sql run 2 graded by code · query session

The guarantor, E02 (Northwind Holdings), is the risk. I03 is guaranteed by E02, and its latest rating is A (A11).

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

✅ D1 sql run 3 graded by code · query session

A holder takes the credit risk of E02, the guarantor of I03, which is currently rated A (A08, affirmed in A09).

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

✅ D2 sql+markdown run 1 graded by code · query session

E02 (Northwind Holdings), rated A. I03 is guaranteed by E02, and I03's rating (A38/A10, A11) is A.

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

✅ D2 sql+markdown run 2 graded by code · query session

The holder takes E02's credit risk (Northwind Holdings), because I03 is guaranteed by E02. I03 is rated A (A11), in line with E02's A.

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

✅ D2 sql+markdown run 3 graded by code · query session

A holder takes the credit risk of E02, rated A. I03 is guaranteed by E02, and its rating (A11) matches E02's A.

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

✅ D4 sparql run 1 graded by code · query session

Northwind Holdings (E02), rated A. I03 is issued by E04 but guaranteed by E02, and I03 is rated A (A10, A11).

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

✅ D4 sparql run 2 graded by code · query session

Northwind Holdings (E02), rated A. I03 is issued by E04 but guaranteed by E02.

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

✅ D4 sparql run 3 graded by code · query session

Northwind Holdings (E02), rated A. E04 issued I03, which E02 guarantees; I03 is rated A (A11) and E02's issuer rating is A.

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

✅ D5 sparql+ontology run 1 graded by code · query session

The holder takes E02's credit risk, since E02 guarantees I03. I03 is rated A (A11).

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

✅ D5 sparql+ontology run 2 graded by code · query session

The holder takes the risk of E02 (Northwind Holdings), the guarantor of I03. Its LTIDR (E02/E03) is A. The note itself is also rated A (A10/A11).

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

✅ D5 sparql+ontology run 3 graded by code · query session

The credit risk of Northwind Holdings (E02), at A. I03 is guaranteed by E02, and I03 is rated A (A10, affirmed by A11).

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

✅ D3 sql+executed run 1 graded by code · query session

The holder takes the risk of E02, the guarantor of I03, and the note is rated A (A11).

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

✅ D3 sql+executed run 2 graded by code · query session

E02, rated A. I03 is guaranteed by E02, and I03 itself is rated A (A11).

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

✅ D3 sql+executed run 3 graded by code · query session

E02 (Northwind Holdings) is the guarantor and the credit risk of I03. Its rating is A (A09).

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

✅ D6 sparql+axioms run 1 graded by code · query session

E02 (Northwind Holdings), rated A. I03 is guaranteed by E02, and A09 rates E02/E03 at A.

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

✅ D6 sparql+axioms run 2 graded by code · query session

E02 (Northwind Holdings, the guarantor), rated A. I03 is issued by E04, and E02/E03 hold A.

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

✅ D6 sparql+axioms run 3 graded by code · query session

E02, rated A. I03 is guaranteed by E02, and I03 (A11) and E02/E03 (A09) are all rated A.

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