D5 sparql+ontology, run 5: the query session

## The data

You can't see the data, but you can query it. It is in an RDF store, described below. Write SPARQL 1.1 SELECT or ASK queries.

To run queries, reply with one or more fenced blocks (```sparql), 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.

Prefixes:
```
PREFIX skos: <http://www.w3.org/2004/02/skos/core#>
PREFIX rdf: <http://www.w3.org/1999/02/22-rdf-syntax-ns#>
PREFIX rdfs: <http://www.w3.org/2000/01/rdf-schema#>
PREFIX xsd: <http://www.w3.org/2001/XMLSchema#>
PREFIX lad: <https://example.org/ladder/>
```

Classes and the properties their resources use:

- `lad:Entity`: `rdf:type`, `rdfs:label`, `lad:country`, `lad:entityType`, `lad:lei`, `lad:name`, `lad:parent`, `lad:sourceSystem`
- `lad:Instrument`: `rdf:type`, `rdfs:label`, `lad:currency`, `lad:description`, `lad:guarantor`, `lad:issuer`, `lad:maturity`, `lad:seniority`
- `lad:RatingAction`: `rdf:type`, `rdfs:label`, `lad:action`, `lad:ccyBasis`, `lad:comment`, `lad:date`, `lad:outlook`, `lad:ratedThing`, `lad:rating`, `lad:ratingType`, `lad:watch`

### ontology.md (the vocabulary the data uses)

# Credit ratings: a teaching ontology

Entities, instruments, rating actions and the codes the data uses, each with a definition that states what it means and how to read it. Invented for an experiment; not a model of any real rating agency.

## Classes

### Entity

A legal entity: a company, bank, finance subsidiary or sovereign. An entity is identified by its LEI (LEI), not by its name or record ID. The data holds records from more than one source system (source system), so the same entity can appear as several records with different IDs and differently spelled names: two records with the same LEI are the same entity, and every fact recorded against either record is a fact about that one entity.

### Instrument

A debt instrument, such as a bond or note, issued by an entity (issuer). An instrument's rating is not the issuer's rating: it can sit above or below it depending on seniority (seniority) and on any guarantee (guarantor).

### Rating action

Something a rating agency did to a rating on a date (date): assigned, affirmed, upgraded, downgraded, placed on Watch or withdrawn it. Each action applies to one rated thing (rated thing), one rating type (rating type) and, for issuer ratings, one currency basis (currency basis). A rating holds from its action date until the next action on the same thing, type and basis: so the rating on a date D is the one set by the latest action on or before D, and the current rating is the latest action overall. rating always holds the rating as it stands after the action, including when it did not change.

## Properties

### name (CSV column `name`)

The name as the source system spells it. Names are not identifiers: the same entity can be spelled differently in different systems.

### LEI (CSV column `lei`)

Legal Entity Identifier: the identifier that says which legal entity a record describes. Same LEI, same entity. Sovereigns have none.

### country (CSV column `country`)

ISO-style code of the country where the entity is domiciled. Where an entity's records disagree, see source system for which holds. It decides which Country Ceiling, if any, applies to the entity's foreign-currency ratings. VD is the Republic of Valdoria and CV the Republic of Corvenia (both invented).

### entity type (CSV column `entity_type`)

What kind of entity it is: a concept of the scheme Entity types.

### parent (CSV column `parent_id`)

The entity that owns and controls this one. A parent link names a record, but points at the entity that record describes, so the chain continues from any of that entity's records. Following parents up to an entity with no parent gives the ultimate parent; a group is an ultimate parent and every entity whose chain of parents ends at it.

### source system (CSV column `source_system`)

The internal system the record comes from (RATINGS, RESEARCH, QA). Each system keeps its own records of the same entities; see Entity. Where records of the same entity disagree, which one holds depends on the field. RATINGS is the system of record for names and parent links. Domicile is the exception: the RESEARCH team checks each entity's registered office against its filings, so where records disagree on country, the RESEARCH record holds. QA records are test data, created to check the systems: they describe no real entity, so a QA record, and every action recorded against it, must be ignored.

### description (CSV column `description`)

The instrument's name: issuer, coupon and maturity year.

### issuer (CSV column `issuer_id`)

The entity that issued the instrument and owes the payments. Not necessarily the entity whose credit risk the investor takes: see guarantor.

### guarantor (CSV column `guarantor_id`)

An entity that guarantees the instrument's payments if the issuer does not pay. A guaranteed instrument carries the guarantor's credit risk, so it is rated in line with the guarantor's issuer rating, not the issuer's.

### seniority (CSV column `seniority`)

Where the instrument ranks in repayment if the issuer fails: a concept of the scheme Seniorities.

### currency (CSV column `currency`)

The currency the instrument pays in, as an ISO 4217 code, or one of two local codes: XVD, the Valdorian dollar, the domestic currency of VD; and CVK, the Corvenian krone, the domestic currency of CV. Debt in a currency other than the domestic one of the issuer's country is exposed to that country's transfer and convertibility risk: see Country Ceiling (CC). Debt in the domestic currency is local-currency debt and is not capped by the ceiling.

### maturity (CSV column `maturity`)

The date the instrument is due to be repaid.

### date (CSV column `date`)

The date the action took effect.

### rated thing (CSV column `rated_id`)

What the action is about: an entity (for issuer ratings and Country Ceilings) or an instrument (for instrument ratings).

### rating type (CSV column `rating_type`)

Which kind of rating the action concerns: a concept of the scheme Rating types. Different types are different ratings and are never compared or combined with each other.

### currency basis (CSV column `ccy_basis`)

For issuer ratings, whether the rating covers foreign-currency (FC) or local-currency (LC) obligations: a concept of the scheme Currency bases. An entity can have both, with different values.

### action (CSV column `action`)

What was done: a concept of the scheme Action types. Only upgrades and downgrades change a rating.

### rating (CSV column `rating`)

The rating after the action, on the scale of its rating type. Long-term scale, strongest to weakest: AAA, AA+, AA, AA-, A+, A, A-, BBB+, BBB, BBB-, BB+, BB, BB-, B+, B, B-, CCC, CC, C, RD, D. Investment grade means BBB- or higher; BB+ and below is speculative grade (high yield). RD (restricted default) means the issuer has defaulted on some material obligations, for instance by completing a distressed debt exchange, without being wound up: RD is a default. D means a general default. Short-term scale, strongest to weakest: F1+, F1, F2, F3, B, C, RD, D. WD means the rating was withdrawn (see Withdrawn (WD)): it is not a point on either scale.

### outlook (CSV column `outlook`)

The likely direction of a long-term rating over the next one to two years: a concept of the scheme Outlooks. An outlook is not a rating: revising it does not change the rating.

### rating watch (CSV column `watch`)

Set when the rating is on Rating Watch: a concept of the scheme Rating Watches. A Watch is not a rating change.

### comment (CSV column `comment`)

The analyst's note on the action, such as the reason for a withdrawal.

## Codes

The codes as they appear in the data, grouped by list.

### Rating types

- **LTIDR**, Long-term Issuer Default Rating: The issuer's own creditworthiness: how likely it is to default on its obligations, on the long-term scale. This is what people usually mean by an entity's rating. The foreign-currency (FC) one is the headline rating; there may also be a local-currency (LC) one.
- **STIDR**, Short-term Issuer Default Rating: The issuer's ability to meet obligations falling due within about a year, on the short-term scale (F1+ to D). Not comparable with long-term ratings.
- **INST**, Instrument rating: The rating of one specific instrument. It starts from the issuer's long-term rating and is notched for the instrument's seniority and expected recovery: subordinated debt is usually rated below the issuer, and guaranteed debt is rated on the guarantor. An instrument rating is never the rating of the issuer.
- **CC**, Country Ceiling: Not a rating of anyone. A cap, set for a country, on the foreign-currency ratings of entities domiciled there and of their foreign-currency debt. It reflects transfer and convertibility risk: the risk that the government stops money being converted or sent abroad, so even a sound company could not pay foreign-currency debt. Foreign-currency ratings of entities in the country are generally no higher than the ceiling; local-currency ratings are not capped. A Country Ceiling is not the sovereign's own issuer rating.
- **CO**, Credit opinion: A private, point-in-time view of an entity's credit, given to one client. It is not a published rating and not an issuer rating: never count it as a rating, and never report its value as the entity's rating.

### Currency bases

- **FC**, Foreign currency: Covers obligations in foreign currency, so it is subject to the Country Ceiling.
- **LC**, Local currency: Covers obligations in the currency of the entity's own country; not subject to the Country Ceiling.

### Action types

- **AS**, Assigned: A first rating is given.
- **AF**, Affirmed: The rating is reviewed and kept the same. The outlook may be revised in the same action; that does not make it an upgrade or a downgrade.
- **UG**, Upgraded: The rating is raised.
- **DG**, Downgraded: The rating is lowered. The only action that counts as a downgrade.
- **RW**, Placed on Rating Watch: The rating is flagged as likely to change soon, usually within about six months, in the direction rating watch gives. The rating itself is unchanged: not a downgrade.
- **WD**, Withdrawn: The agency stops maintaining the rating, often for commercial reasons (the issuer no longer pays for it, or the debt is repaid). After a withdrawal the entity has no rating of that type. A withdrawal is not a credit event: it says nothing about default, and is not a downgrade.
- **EX**, Expected rating: A rating signalled before an instrument's final documents are signed. It is not yet a rating: the instrument stays unrated until an Assigned (AS) action confirms it.

### Outlooks

- **STA**, Stable: No direction expected.
- **POS**, Positive: The rating may go up over one to two years.
- **NEG**, Negative: The rating may go down over one to two years. Not a downgrade.

### Rating Watches

- **RWN**, Rating Watch Negative: A downgrade is likely in the near term. Not a downgrade yet.

### Seniorities

- **SU**, Senior unsecured: Ranks with the issuer's ordinary debts; usually rated at the level of the issuer's long-term rating.
- **SUB**, Subordinated: Repaid only after senior debt, so investors recover less in a default; usually rated one or more notches below the issuer's long-term rating.

### Entity types

- **CORP**, Corporate: A non-financial company.
- **BANK**, Bank: A bank.
- **FINSUB**, Finance subsidiary: A subsidiary that exists to raise debt for its parent group. It usually has no issuer rating of its own; its debt is guaranteed by the parent, so investors take the parent's credit risk.
- **SOV**, Sovereign: A national government. A sovereign record can carry a Country Ceiling, issuer ratings, or both: they are different things, and the ceiling is not the sovereign's rating.


## 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)
- Q49: parent (a record ID)
- Q50: count (a number)
- Q51: count (a number)
- Q52: count (a number)
- Q53: same_group ("yes", "no" or "depends")
- Q54: entities (a list of record IDs)
- Q55: count (a number)
- Q56: rating (a rating, or "none")
- Q57: entity (a record ID)
- Q58: entities (a list of record IDs)
- Q59: count (a number)
- Q60: risk_of (a record ID), same_group ("yes", "no" or "depends")
- Q61: 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?
Q49. Who is Cerid Rosor Holdings SA's ultimate parent?
Q50. How many levels of ownership separate Cerid Rosor Holdings SA from its ultimate parent?
Q51. How many entities are in the Cerid Group plc group, the parent included?
Q52. How many entities are in the Rotam Group Inc group, the parent included?
Q53. Are Belir Mining SA and Rotam Group Inc in the same group?
Q54. Which members of the Wonod Group SA group are domiciled in Valdoria (VD)?
Q55. If Valdoria (VD) came under stress, how many entities with an issuer rating in force have an entity domiciled in VD somewhere above them in their chain of parents?
Q56. What is the lowest current foreign-currency issuer rating held by any member of the Vesol Group BV group?
Q57. Which is the nearest entity that Cerid Guven Energy SA and Cerid Telecom SA both have in their chains of parents?
Q58. Which entities guarantee a note issued by an entity outside their own group?
Q59. How many entities in the Cerid Group plc group sit exactly three levels below the top?
Q60. Whose credit risk does a holder of the Cross-group 4.75% notes due 2031 take, and is that entity in the same group as the issuer?
Q61. How many members of the Cerid Group plc group, the top included, hold a foreign-currency issuer rating below investment grade?

<invoke name="sparql">
</invoke>
```sparql
PREFIX lad: <https://example.org/ladder/>
PREFIX rdfs: <http://www.w3.org/2000/01/rdf-schema#>
SELECT ?e ?name ?lei ?country ?type ?parent ?src WHERE {
  ?e a lad:Entity .
  OPTIONAL {?e lad:name ?name}
  OPTIONAL {?e lad:lei ?lei}
  OPTIONAL {?e lad:country ?country}
  OPTIONAL {?e lad:entityType ?type}
  OPTIONAL {?e lad:parent ?parent}
  OPTIONAL {?e lad:sourceSystem ?src}
} ORDER BY ?e
```

Query 1:

| e | name | lei | country | type | parent | src |
|---|---|---|---|---|---|---|
| lad:CV | Republic of Corvenia |  | CV | lad:etype-SOV |  | RATINGS |
| lad:E01 | Kestrel Energy plc | 7245002OOPBG04092E43 | GB | lad:etype-CORP |  | RATINGS |
| lad:E02 | Northwind Holdings plc | 213800PHEIYNJMHTDV74 | GB | lad:etype-CORP |  | RATINGS |
| lad:E03 | NORTHWIND HLDGS | 213800PHEIYNJMHTDV74 | GB | lad:etype-CORP |  | RESEARCH |
| lad:E04 | Northwind Finance BV | 213800LA5RYJLGXV2T85 | NL | lad:etype-FINSUB | lad:E02 | RATINGS |
| lad:E05 | Valdoria Telecom SA | 391200LESH03LMOY2U61 | VD | lad:etype-CORP |  | RATINGS |
| lad:E06 | Orrin Bank AG | 549300AMVE3VRVG7HK43 | DE | lad:etype-BANK |  | RATINGS |
| lad:E07 | Pellam Retail Ltd | 969500B6IUACELPI2291 | GB | lad:etype-CORP |  | RATINGS |
| lad:E08 | Saxby Shipping SA | 969500KOTZ1JFIZSG796 | GR | lad:etype-CORP |  | RATINGS |
| lad:E09 | Halden Group plc | 815600ASM9EHDG931T89 | GB | lad:etype-CORP |  | RATINGS |
| lad:E10 | Halden Bank AG | 391200QYPVFF2O9K2039 | DE | lad:etype-BANK | lad:E09 | RATINGS |
| lad:E1001 | Tunod Steel SA | 3912003R00FP6CNV6210 | FR | lad:etype-CORP |  | RATINGS |
| lad:E1002 | TUNOD STEEL SA | 3912003R00FP6CNV6210 | FR | lad:etype-CORP |  | RESEARCH |
| lad:E1003 | Rilol Telecom plc | 3912009W4J483WB8PZ97 | GB | lad:etype-BANK |  | RATINGS |
| lad:E1004 | Munem Retail SA | 969500IBYK0X2ZT52780 | ES | lad:etype-CORP |  | RATINGS |
| lad:E1005 | Setan Airlines Inc | 815600JRN7AOE36KFR35 | US | lad:etype-CORP |  | RATINGS |
| lad:E1006 | Soson Airlines Inc | 213800WSVEOAQ5HD4C43 | US | lad:etype-CORP | lad:E1005 | RATINGS |
| lad:E1007 | Golod Property plc | 815600N2UAHQREHHWF76 | GB | lad:etype-BANK |  | RATINGS |
| lad:E1008 | Sotil Retail plc | 213800RPNJ2OSQ387M40 | GB | lad:etype-CORP |  | RATINGS |
| lad:E1009 | Malam Chemicals Inc | 3912006EIY6TU9NVSC86 | US | lad:etype-CORP |  | RATINGS |
| lad:E1010 | Buvir Industries Inc | 3912004R2GZJL49URX69 | US | lad:etype-CORP |  | RATINGS |
| lad:E1011 | Falom Media Inc | 549300XX6U9N4Y7KPH74 | US | lad:etype-BANK |  | RATINGS |
| lad:E1012 | Posad Industries SA | 9695002JIQI5QYDN0G98 | FR | lad:etype-CORP |  | RATINGS |
| lad:E1013 | Pisol Pharma BV | 969500U072SAPPW32N81 | NL | lad:etype-BANK | lad:E1004 | RATINGS |
| lad:E1014 | Toral Utilities BV | 391200J700D8T2H18W16 | NL | lad:etype-CORP |  | RATINGS |
| lad:E1015 | Civen Steel Inc | 815600JSNIJ4UFCBF662 | US | lad:etype-CORP |  | RATINGS |
| lad:E1016 | Ponar Telecom SA | 5493008DQ96XI37KZG24 | ES | lad:etype-BANK |  | RATINGS |
| lad:E1017 | Nisid Steel SA | 391200K600X7LWZTTM85 | FR | lad:etype-BANK |  | RATINGS |
| lad:E1018 | Tosem Mining Inc | 549300SEMGL6OXLWHQ59 | US | lad:etype-CORP |  | RATINGS |
| lad:E1019 | Losol Mining SA | 391200GSFO0F68KKUC67 | CV | lad:etype-CORP |  | RATINGS |
| lad:E1020 | Finel Media AG | 549300FCSHHELSCZX562 | DE | lad:etype-CORP |  | RATINGS |
| lad:E1021 | Niner Pharma plc | 391200KLG6G4KVIMIU52 | GB | lad:etype-CORP |  | RATINGS |
| lad:E1022 | NINER PHARMA | 391200KLG6G4KVIMIU52 | GB | lad:etype-CORP |  | RESEARCH |
| lad:E1023 | Heled Water plc | 3912006FHXTH5V6WNK07 | GB | lad:etype-CORP |  | RATINGS |
| lad:E1024 | Susin Shipping BV | 3912005J04HB7X0GTN24 | NL | lad:etype-CORP |  | RATINGS |
| lad:E1025 | Tulol Shipping SA | 2138007MIV2OS05PET94 | ES | lad:etype-BANK |  | RATINGS |
| lad:E1026 | Vunam Water BV | 969500C8XYHXZBFMUO41 | NL | lad:etype-CORP |  | RATINGS |
| lad:E1027 | Tesad Media Inc | 969500T86HNH5S920X18 | US | lad:etype-CORP |  | RATINGS |
| lad:E1028 | Mutir Retail SA | 213800TJ32NARU0BI982 | VD | lad:etype-CORP |  | RATINGS |
| lad:E1029 | Leson Telecom Inc | 8156008DPX4I9DNKWN26 | US | lad:etype-BANK |  | RATINGS |
| lad:E1030 | LESON TELECOM INC | 8156008DPX4I9DNKWN26 | US | lad:etype-BANK |  | RESEARCH |
| lad:E1031 | Kuvir Logistics SA | 969500GRHP48SQNEWH44 | ES | lad:etype-CORP |  | RATINGS |
| lad:E1032 | Helom Chemicals BV | 2138006H9XCYN2P1K228 | NL | lad:etype-BANK |  | RATINGS |
| lad:E1033 | Kunid Pharma SA | 213800Q84PS4FTJJB947 | ES | lad:etype-CORP | lad:E1004 | RATINGS |
| lad:E1034 | Tanad Capital SpA | 815600KLV84WAQGPSX27 | IT | lad:etype-CORP |  | RATINGS |
| lad:E1035 | Kavod Utilities AG | 724500YHN51API4SE179 | DE | lad:etype-CORP |  | RATINGS |
| lad:E1036 | Lilor Retail AG | 9695000N72OQ0Q07IW61 | DE | lad:etype-CORP |  | RATINGS |
| lad:E1037 | Natil Retail SA | 391200OBAXI8590VQN12 | FR | lad:etype-CORP |  | RATINGS |
| lad:E1038 | Lanon Telecom BV | 549300EZ4HXP0L5RAZ01 | NL | lad:etype-CORP |  | RATINGS |
| lad:E1039 | Pulor Airlines SA | 969500HA9D5I7F73PW83 | CV | lad:etype-BANK |  | RATINGS |
| lad:E1040 | Dorid Mining AG | 549300SPMD9MEMFWMR12 | DE | lad:etype-CORP |  | RATINGS |
| lad:E1041 | Hiral Steel SA | 549300JU1O5MP1HSKQ01 | ES | lad:etype-CORP |  | RATINGS |
| lad:E1042 | Rerod Steel BV | 391200LC6V921W096L49 | NL | lad:etype-CORP |  | RATINGS |
| lad:E1043 | Vitom Property plc | 5493007IVTPIWJZLFF29 | GB | lad:etype-CORP |  | RATINGS |
| lad:E1044 | Hesid Telecom Inc | 3912003Y7VZHUGN50755 | US | lad:etype-BANK |  | RATINGS |
| lad:E1045 | Nesid Logistics Inc | 96950029VB162U3K1976 | US | lad:etype-BANK |  | RATINGS |
| lad:E1046 | Ditin Shipping Inc | 549300ZM08IADSAK3L87 | US | lad:etype-BANK | lad:E1026 | RATINGS |
| lad:E1047 | Vaved Pharma plc | 391200WGA8OE30KZUD08 | GB | lad:etype-CORP | lad:E1020 | RATINGS |
| lad:E1048 | Lised Pharma AG | 9695000T21G05UQMGF10 | DE | lad:etype-CORP |  | RATINGS |
| lad:E1049 | Paser Utilities plc | 391200R2EH7FELZFOV27 | GB | lad:etype-CORP |  | RATINGS |
(480 more rows not shown)

Run more queries, or give the final answers.

<invoke name="sparql">
</invoke>
```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?a ?t ?type ?ccy ?date ?action ?rating ?outlook ?watch ?comment WHERE {
  ?a a lad:RatingAction ; lad:ratedThing ?t ; lad:ratingType ?type ; lad:date ?date ; lad:action ?action ; lad:rating ?rating .
  OPTIONAL {?a lad:ccyBasis ?ccy} OPTIONAL {?a lad:outlook ?outlook} OPTIONAL {?a lad:watch ?watch} OPTIONAL {?a lad:comment ?comment}
  FILTER(?t IN (lad:E01,lad:E02,lad:E03,lad:E04,lad:E05,lad:E06,lad:E07,lad:E08,lad:E09,lad:E10,lad:CV,lad:VD))
} ORDER BY ?t ?type ?ccy ?date
```

Query 1:

| a | t | type | ccy | date | action | rating | outlook | watch | comment |
|---|---|---|---|---|---|---|---|---|---|
| lad:A37 | lad:CV | lad:type-CC |  | 2024-01-01 | lad:action-AS | A |  |  |  |
| lad:A38 | lad:CV | lad:type-LTIDR | lad:basis-FC | 2024-01-01 | lad:action-AS | BBB+ | lad:outlook-STA |  |  |
| lad:A39 | lad:CV | lad:type-LTIDR | lad:basis-LC | 2024-01-01 | lad:action-AS | A- | lad:outlook-STA |  |  |
| lad:A01 | lad:E01 | lad:type-LTIDR | lad:basis-FC | 2024-03-12 | lad:action-AS | A- | lad:outlook-STA |  |  |
| lad:A02 | lad:E01 | lad:type-LTIDR | lad:basis-FC | 2025-06-20 | lad:action-DG | BBB | lad:outlook-STA |  | weaker cash flow after asset sale |
| lad:A03 | lad:E01 | lad:type-LTIDR | lad:basis-FC | 2026-02-10 | lad:action-AF | BBB | lad:outlook-NEG |  |  |
| lad:A04 | lad:E01 | lad:type-STIDR | lad:basis-FC | 2026-02-10 | lad:action-AF | F2 |  |  |  |
| lad:A08 | lad:E02 | lad:type-LTIDR | lad:basis-FC | 2023-11-01 | lad:action-AS | A | lad:outlook-STA |  |  |
| lad:A09 | lad:E03 | lad:type-LTIDR | lad:basis-FC | 2025-09-15 | lad:action-AF | A | lad:outlook-POS |  |  |
| lad:A14 | lad:E05 | lad:type-LTIDR | lad:basis-FC | 2025-04-01 | lad:action-AS | BB | lad:outlook-STA |  |  |
| lad:A13 | lad:E05 | lad:type-LTIDR | lad:basis-LC | 2025-04-01 | lad:action-AS | BBB- | lad:outlook-STA |  |  |
| lad:A16 | lad:E06 | lad:type-LTIDR | lad:basis-FC | 2024-05-01 | lad:action-AS | A- | lad:outlook-STA |  |  |
| lad:A17 | lad:E06 | lad:type-LTIDR | lad:basis-FC | 2026-09-03 | lad:action-RW | A- |  | lad:watch-RWN |  |
| lad:A18 | lad:E07 | lad:type-LTIDR | lad:basis-FC | 2024-01-10 | lad:action-AS | BB | lad:outlook-STA |  |  |
| lad:A19 | lad:E07 | lad:type-LTIDR | lad:basis-FC | 2026-05-12 | lad:action-WD | WD |  |  | commercial reasons |
| lad:A20 | lad:E08 | lad:type-LTIDR | lad:basis-FC | 2024-06-01 | lad:action-AS | B | lad:outlook-STA |  |  |
| lad:A21 | lad:E08 | lad:type-LTIDR | lad:basis-FC | 2026-01-20 | lad:action-DG | CCC |  |  |  |
| lad:A22 | lad:E08 | lad:type-LTIDR | lad:basis-FC | 2026-07-08 | lad:action-DG | RD |  |  | distressed debt exchange completed |
| lad:A24 | lad:E09 | lad:type-LTIDR | lad:basis-FC | 2023-05-01 | lad:action-AS | A | lad:outlook-STA |  |  |
| lad:A25 | lad:E09 | lad:type-LTIDR | lad:basis-FC | 2026-03-01 | lad:action-AF | A | lad:outlook-NEG |  |  |
| lad:A26 | lad:E10 | lad:type-LTIDR | lad:basis-FC | 2023-05-01 | lad:action-AS | A- | lad:outlook-STA |  | support from parent |
| lad:A27 | lad:E10 | lad:type-LTIDR | lad:basis-FC | 2026-04-15 | lad:action-DG | BBB+ | lad:outlook-STA |  |  |
| lad:A12 | lad:VD | lad:type-CC |  | 2025-04-01 | lad:action-AS | BB |  |  |  |

Run more queries, or give the final answers.

<invoke name="sparql">
<parameter name="query">PREFIX lad: <https://example.org/ladder/>
SELECT ?e ?name ?lei ?country ?type ?parent ?src WHERE {
  ?e a lad:Entity . ?e lad:name ?name .
  OPTIONAL {?e lad:lei ?lei} OPTIONAL {?e lad:country ?country} OPTIONAL {?e lad:entityType ?type} OPTIONAL {?e lad:parent ?parent} OPTIONAL {?e lad:sourceSystem ?src}
  FILTER(regex(?name,"Marlow|Halden|Orrin|Corvenia|Brindle|Cerid|Wonod|Rotam|Vesol|Belir|Valdoria|Northwind|NORTHWIND|Kestrel|Pellam","i"))
} ORDER BY ?e</parameter>
</invoke>
<invoke name="sparql">
<parameter name="query">PREFIX lad: <https://example.org/ladder/>
SELECT ?i ?desc ?issuer ?guar ?ccy ?sen ?mat WHERE {
  ?i a lad:Instrument ; lad:description ?desc ; lad:issuer ?issuer .
  OPTIONAL {?i lad:guarantor ?guar} OPTIONAL {?i lad:currency ?ccy} OPTIONAL {?i lad:seniority ?sen} OPTIONAL {?i lad:maturity ?mat}
  FILTER(regex(?desc,"Kestrel|Northwind|Valdoria|Corvenia|Halden|Cross|Marlow","i"))
} ORDER BY ?i</parameter>
</invoke>
elations

Query 1:

| e | name | lei | country | type | parent | src |
|---|---|---|---|---|---|---|
| lad:CV | Republic of Corvenia |  | CV | lad:etype-SOV |  | RATINGS |
| lad:E01 | Kestrel Energy plc | 7245002OOPBG04092E43 | GB | lad:etype-CORP |  | RATINGS |
| lad:E02 | Northwind Holdings plc | 213800PHEIYNJMHTDV74 | GB | lad:etype-CORP |  | RATINGS |
| lad:E03 | NORTHWIND HLDGS | 213800PHEIYNJMHTDV74 | GB | lad:etype-CORP |  | RESEARCH |
| lad:E04 | Northwind Finance BV | 213800LA5RYJLGXV2T85 | NL | lad:etype-FINSUB | lad:E02 | RATINGS |
| lad:E05 | Valdoria Telecom SA | 391200LESH03LMOY2U61 | VD | lad:etype-CORP |  | RATINGS |
| lad:E06 | Orrin Bank AG | 549300AMVE3VRVG7HK43 | DE | lad:etype-BANK |  | RATINGS |
| lad:E07 | Pellam Retail Ltd | 969500B6IUACELPI2291 | GB | lad:etype-CORP |  | RATINGS |
| lad:E09 | Halden Group plc | 815600ASM9EHDG931T89 | GB | lad:etype-CORP |  | RATINGS |
| lad:E10 | Halden Bank AG | 391200QYPVFF2O9K2039 | DE | lad:etype-BANK | lad:E09 | RATINGS |
| lad:E11 | Halden Leasing SA | 549300XBZH4ULO9MQV55 | FR | lad:etype-FINSUB | lad:E10 | RATINGS |
| lad:E12 | Halden Foods Ltd | 213800IJDL4OJ4DG5T19 | GB | lad:etype-CORP |  | RATINGS |
| lad:E13 | Orrin Bancorp Inc | 815600O8X8K2F154N214 | US | lad:etype-BANK |  | RATINGS |
| lad:E14 | Marlow Utilities plc | 3912005AH2C1I9YF8106 | GB | lad:etype-CORP |  | RATINGS |
| lad:E15 | Corvenia Power SA | 213800PBQVHVBBH6GV02 | CV | lad:etype-CORP |  | RATINGS |
| lad:E16 | Brindle Capital Ltd | 5493003Z3PXXR7KNFM81 | GB | lad:etype-CORP |  | QA |
| lad:E17 | HALDEN BANK | 391200QYPVFF2O9K2039 | LU | lad:etype-BANK |  | RESEARCH |
| lad:E5001 | Cerid Group plc | 815600F48PANJQE75352 | GB | lad:etype-CORP |  | RATINGS |
| lad:E5002 | Cerid Energy plc | 3912006ACANJUP8PLJ39 | GB | lad:etype-CORP | lad:E5001 | RATINGS |
| lad:E5003 | Cerid Media BV | 724500EXQA91TPK6WL60 | NL | lad:etype-CORP | lad:E5001 | RATINGS |
| lad:E5004 | Cerid Utilities plc | 969500SFWGRHVUTANY40 | GB | lad:etype-CORP | lad:E5001 | RATINGS |
| lad:E5005 | Cerid Chemicals SA | 391200B1GR4AGTV5WY99 | VD | lad:etype-CORP | lad:E5002 | RATINGS |
| lad:E5006 | Cerid Foods plc | 969500HZQBDFIIHLYK06 | GB | lad:etype-BANK | lad:E5002 | RATINGS |
| lad:E5007 | Cerid Holdings BV | 391200Q98UGZZQTV1C88 | NL | lad:etype-CORP | lad:E5003 | RATINGS |
| lad:E5008 | Cerid Airlines BV | 815600M8RE9386DDQB31 | NL | lad:etype-CORP | lad:E5003 | RATINGS |
| lad:E5009 | Cerid Leror Logistics plc | 96950033222B9BRCGP58 | GB | lad:etype-CORP | lad:E5004 | RATINGS |
| lad:E5010 | Cerid Gator Steel Inc | 724500E2OQMMMZVTBS53 | US | lad:etype-CORP | lad:E5004 | RATINGS |
| lad:E5011 | Cerid Guven Energy SA | 391200IX7WB68Q29NJ46 | VD | lad:etype-CORP | lad:E5167 | RATINGS |
| lad:E5012 | Cerid Gevin Pharma SA | 549300TPHB19IJU6VV67 | VD | lad:etype-CORP | lad:E5005 | RATINGS |
| lad:E5013 | Cerid Telecom SA | 724500EU84AMOZS7U244 | ES | lad:etype-BANK | lad:E5006 | RATINGS |
| lad:E5014 | Cerid Gusom Pharma SpA | 724500YWGS7BR1AKHD13 | IT | lad:etype-CORP | lad:E5006 | RATINGS |
| lad:E5015 | Cerid Logistics BV | 969500C1TQV008QIYL28 | NL | lad:etype-CORP | lad:E5007 | RATINGS |
| lad:E5016 | Cerid Rovem Industries BV | 549300WMHA09HQ7NGF72 | NL | lad:etype-CORP | lad:E5007 | RATINGS |
| lad:E5017 | Cerid Steel BV | 213800BAYNUVR2EE0Y41 | NL | lad:etype-CORP | lad:E5008 | RATINGS |
| lad:E5018 | Cerid Mining BV | 815600DDEIUOIMDS3N14 | NL | lad:etype-CORP | lad:E5008 | RATINGS |
| lad:E5019 | Cerid Buvom Mining plc | 2138002W9KTVILKQ8Q89 | GB | lad:etype-CORP | lad:E5009 | RATINGS |
| lad:E5020 | Cerid Tivim Retail SA | 9695003VHLA8O9WU7N54 | FR | lad:etype-BANK | lad:E5009 | RATINGS |
| lad:E5021 | Cerid Retail Inc | 724500S8Q4HUNT229Y84 | US | lad:etype-CORP | lad:E5010 | RATINGS |
| lad:E5022 | Cerid Industries Inc | 213800S7QJ9EVK96PK05 | US | lad:etype-CORP | lad:E5010 | RATINGS |
| lad:E5023 | Cerid Dilal Utilities SA | 549300MXQ7UU7852PG70 | VD | lad:etype-CORP | lad:E5011 | RATINGS |
| lad:E5024 | Cerid Fatal Shipping SA | 39120041ZCI02VDN2I18 | VD | lad:etype-CORP | lad:E5012 | RATINGS |
| lad:E5025 | Cerid Fater Media SA | 213800AXPZD5MSP2GW32 | ES | lad:etype-CORP | lad:E5013 | RATINGS |
| lad:E5026 | Cerid Hosad Retail Inc | 724500GF9ADSAA20FI77 | US | lad:etype-CORP | lad:E5014 | RATINGS |
| lad:E5027 | Cerid Hutem Water plc | 391200TO1KK187R1JQ78 | GB | lad:etype-CORP | lad:E5015 | RATINGS |
| lad:E5028 | Cerid Galon Chemicals BV | 724500EVQNRETR9CVD02 | NL | lad:etype-BANK | lad:E5016 | RATINGS |
| lad:E5029 | Cerid Walol Water BV | 21380057HMIY2LIM5A29 | NL | lad:etype-BANK | lad:E5017 | RATINGS |
| lad:E5030 | Cerid Tivor Holdings BV | 549300M13MMEINCT8W03 | NL | lad:etype-CORP | lad:E5018 | RATINGS |
| lad:E5031 | Cerid Velin Water plc | 815600Q07VLOKJE53L06 | GB | lad:etype-CORP | lad:E5019 | RATINGS |
| lad:E5032 | Cerid Meron Media SA | 213800CIZLWWL071KP85 | FR | lad:etype-CORP | lad:E5020 | RATINGS |
| lad:E5033 | Cerid Pitam Energy Inc | 969500799KP9QCVM7739 | US | lad:etype-CORP | lad:E5021 | RATINGS |
| lad:E5034 | Cerid Shipping BV | 7245008XDA202762F829 | NL | lad:etype-CORP | lad:E5022 | RATINGS |
| lad:E5035 | Cerid Water SA | 724500637K0GA6PFC081 | VD | lad:etype-BANK | lad:E5023 | RATINGS |
| lad:E5036 | Cerid Calin Energy SpA | 549300RJ7KMPDJVQY167 | IT | lad:etype-CORP | lad:E5024 | RATINGS |
| lad:E5037 | Cerid Holom Water SA | 2138003NRPV4IDSP9314 | ES | lad:etype-CORP | lad:E5025 | RATINGS |
| lad:E5038 | Cerid Holen Chemicals BV | 969500HETRKT6OQMNS48 | NL | lad:etype-CORP | lad:E5026 | RATINGS |
| lad:E5039 | Cerid Property SA | 549300DBENKHP53C1C31 | ES | lad:etype-CORP | lad:E5027 | RATINGS |
| lad:E5040 | Cerid Lovan Energy BV | 9695007VBLZNWG66LZ43 | NL | lad:etype-CORP | lad:E5028 | RATINGS |
| lad:E5041 | Cerid Dolem Mining AG | 391200FXD4CH3FVZ4165 | DE | lad:etype-BANK | lad:E5029 | RATINGS |
| lad:E5042 | Cerid Feral Property BV | 724500N6QZUJJJ1BJI79 | NL | lad:etype-BANK | lad:E5030 | RATINGS |
| lad:E5043 | Cerid Retil Chemicals plc | 724500TQEHDQ1U12GG60 | GB | lad:etype-CORP | lad:E5031 | RATINGS |
(105 more rows not shown)

Query 2:

| i | desc | issuer | guar | ccy | sen | mat |
|---|---|---|---|---|---|---|
| lad:I01 | Kestrel Energy 4.50% notes due 2030 | lad:E01 |  | GBP | lad:seniority-SU | 2030-03-15 |
| lad:I02 | Kestrel Energy 6.25% notes due 2031 | lad:E01 |  | GBP | lad:seniority-SUB | 2031-09-30 |
| lad:I03 | Northwind Finance 3.75% notes due 2030 | lad:E04 | lad:E02 | EUR | lad:seniority-SU | 2030-05-01 |
| lad:I04 | Valdoria Telecom 5.00% notes due 2029 | lad:E05 |  | USD | lad:seniority-SU | 2029-11-20 |
| lad:I05 | Halden Leasing 2.90% notes due 2028 | lad:E11 | lad:E10 | EUR | lad:seniority-SU | 2028-06-30 |
| lad:I06 | Corvenia Power 7.10% notes due 2032 | lad:E15 |  | USD | lad:seniority-SUB | 2032-02-15 |
| lad:I07 | Valdoria Telecom 4.25% notes due 2027 | lad:E05 |  | XVD | lad:seniority-SU | 2027-08-31 |
| lad:I08 | Corvenia Power 6.00% notes due 2034 | lad:E15 |  | USD | lad:seniority-SU | 2034-09-01 |
| lad:I5007 | Cross-group 4.75% notes due 2031 | lad:E5133 | lad:E5145 | USD | lad:seniority-SU | 2031-06-30 |

Run more queries, or give the final answers.

<invoke name="sparql">
PREFIX lad: <https://example.org/ladder/>
SELECT ?t ?type ?ccy ?date ?action ?rating ?outlook ?watch ?comment WHERE {
  ?a a lad:RatingAction ; lad:ratedThing ?t ; lad:ratingType ?type ; lad:date ?date ; lad:action ?action ; lad:rating ?rating .
  OPTIONAL {?a lad:ccyBasis ?ccy} OPTIONAL {?a lad:outlook ?outlook} OPTIONAL {?a lad:watch ?watch} OPTIONAL {?a lad:comment ?comment}
  FILTER(?t IN (lad:E11,lad:E12,lad:E13,lad:E14,lad:E15,lad:E16,lad:E17,lad:I01,lad:I02,lad:I03,lad:I04,lad:I05,lad:I06,lad:I07,lad:I08,lad:I5007,lad:E5133,lad:E5145))
} ORDER BY ?t ?type ?ccy ?date
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT (COUNT(DISTINCT ?l) AS ?leis) (COUNT(DISTINCT ?e) AS ?recs) WHERE { ?e a lad:Entity . OPTIONAL{?e lad:lei ?l} }
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?e ?name ?lei ?country ?type ?parent ?src WHERE {
  ?e a lad:Entity . ?e lad:name ?name .
  OPTIONAL {?e lad:lei ?lei} OPTIONAL {?e lad:country ?country} OPTIONAL {?e lad:entityType ?type} OPTIONAL {?e lad:parent ?parent} OPTIONAL {?e lad:sourceSystem ?src}
  FILTER(regex(?name,"Rotam|Belir|Wonod|Vesol|Cerid Rosor|Cerid Group","i") || ?e IN (lad:E5133,lad:E5145,lad:E5167))
} ORDER BY ?e
```

Query 1:

| leis | recs |
|---|---|
| 509 | 540 |

Query 2:

| e | name | lei | country | type | parent | src |
|---|---|---|---|---|---|---|
| lad:E5001 | Cerid Group plc | 815600F48PANJQE75352 | GB | lad:etype-CORP |  | RATINGS |
| lad:E5047 | Cerid Rosor Holdings SA | 8156004CDHFBVRR3LT54 | VD | lad:etype-BANK | lad:E5035 | RATINGS |
| lad:E5059 | Belir Group AG | 969500YPO4CFVEL1XX12 | DE | lad:etype-CORP |  | RATINGS |
| lad:E5060 | Belir Retail AG | 549300PQXT9OXKZVXP03 | DE | lad:etype-CORP | lad:E5059 | RATINGS |
| lad:E5061 | Belir Steel Inc | 5493004QWM1AN9Q59M90 | US | lad:etype-BANK | lad:E5059 | RATINGS |
| lad:E5062 | Belir Mining SA | 54930011OTFCAUKB0A28 | FR | lad:etype-CORP | lad:E5060 | RATINGS |
| lad:E5063 | Belir Harem Property AG | 391200DIHCC3BA4VZZ12 | DE | lad:etype-CORP | lad:E5060 | RATINGS |
| lad:E5064 | Belir Holdings plc | 724500Q0JKSMWBXVBU93 | GB | lad:etype-CORP | lad:E5061 | RATINGS |
| lad:E5065 | Belir Nelad Property AG | 549300L03V06VLA93J12 | DE | lad:etype-CORP | lad:E5061 | RATINGS |
| lad:E5066 | Belir Shipping SA | 2138006F3FLNO4C1FU85 | FR | lad:etype-CORP | lad:E5062 | RATINGS |
| lad:E5067 | Belir Capital AG | 724500PEM92TFIBH3E89 | DE | lad:etype-CORP | lad:E5063 | RATINGS |
| lad:E5068 | Belir Kator Energy plc | 969500LH6R0LMYUZA394 | GB | lad:etype-CORP | lad:E5064 | RATINGS |
| lad:E5069 | Belir Water SA | 391200PZ4I0VQJK2W457 | FR | lad:etype-CORP | lad:E5065 | RATINGS |
| lad:E5070 | Belir Rusin Media SA | 8156004IQIH39FK9VH78 | FR | lad:etype-CORP | lad:E5066 | RATINGS |
| lad:E5071 | Belir Chemicals SA | 724500EPR0DH4ZXK1N07 | FR | lad:etype-CORP | lad:E5066 | RATINGS |
| lad:E5072 | Belir Katin Telecom AG | 815600R2EBVJ16RD3A20 | DE | lad:etype-CORP | lad:E5067 | RATINGS |
| lad:E5073 | Belir Puvir Mining plc | 549300Z4E2ZBV3ZWA751 | GB | lad:etype-CORP | lad:E5067 | RATINGS |
| lad:E5074 | Belir Industries plc | 549300KXQ2S560AVV453 | GB | lad:etype-CORP | lad:E5068 | RATINGS |
| lad:E5075 | Belir Gitid Industries plc | 815600DW5IX6LC8W8V29 | GB | lad:etype-CORP | lad:E5068 | RATINGS |
| lad:E5076 | Belir Property SA | 96950092K7EM4MPGLP04 | FR | lad:etype-CORP | lad:E5069 | RATINGS |
| lad:E5077 | Belir Media SA | 213800PX54IYKA21SV31 | FR | lad:etype-CORP | lad:E5069 | RATINGS |
| lad:E5078 | Belir Vasin Water plc | 969500OGDTR8B14SH139 | GB | lad:etype-BANK | lad:E5070 | RATINGS |
| lad:E5079 | Belir Sitom Logistics SA | 213800N76YAEEVTGC136 | FR | lad:etype-CORP | lad:E5071 | RATINGS |
| lad:E5080 | Belir Foods AG | 815600W19TGJNKXFFO22 | DE | lad:etype-CORP | lad:E5072 | RATINGS |
| lad:E5081 | Belir Vusad Telecom SA | 549300C58DC34KK7FK00 | VD | lad:etype-CORP | lad:E5073 | RATINGS |
| lad:E5082 | Belir Bovid Telecom plc | 815600N0YPG44MRFH213 | GB | lad:etype-BANK | lad:E5074 | RATINGS |
| lad:E5083 | Belir Airlines plc | 815600VWRV7PTZ2G2598 | GB | lad:etype-CORP | lad:E5075 | RATINGS |
| lad:E5084 | Belir Luton Media SA | 815600NALYO1JPB0Y303 | FR | lad:etype-BANK | lad:E5076 | RATINGS |
| lad:E5085 | Belir Rutel Water SA | 213800K6R3NB1ZT7Y709 | CV | lad:etype-CORP | lad:E5077 | RATINGS |
| lad:E5086 | Rotam Group Inc | 213800PJV1XFQEKJ1L86 | US | lad:etype-CORP |  | RATINGS |
| lad:E5087 | Rotam Mining Inc | 724500OT1LFBVAVBRI55 | US | lad:etype-CORP | lad:E5086 | RATINGS |
| lad:E5088 | Rotam Industries Inc | 72450088A4BIGJ0A1N08 | US | lad:etype-CORP | lad:E5086 | RATINGS |
| lad:E5089 | Rotam Airlines Inc | 7245008N6U91AB1U1398 | US | lad:etype-CORP | lad:E5086 | RATINGS |
| lad:E5090 | Rotam Logistics Inc | 724500J7FCE6HMEBB653 | US | lad:etype-CORP | lad:E5087 | RATINGS |
| lad:E5091 | Rotam Water SA | 7245007V26QZ8EY8MZ45 | VD | lad:etype-CORP | lad:E5088 | RATINGS |
| lad:E5092 | Rotam Hison Holdings Inc | 391200GBH7B6XVDLYP36 | US | lad:etype-CORP | lad:E5089 | RATINGS |
| lad:E5093 | Rotam Telecom Inc | 391200SIBITK6V9AYU16 | US | lad:etype-CORP | lad:E5090 | RATINGS |
| lad:E5094 | Rotam Holdings Inc | 72450096SJSRDS8ZI255 | US | lad:etype-CORP | lad:E5090 | RATINGS |
| lad:E5095 | Rotam Energy BV | 815600HA1HK1TIMKR785 | NL | lad:etype-BANK | lad:E5091 | RATINGS |
| lad:E5096 | Rotam Lulel Mining SA | 549300CUU7XMKSLTTB66 | ES | lad:etype-BANK | lad:E5091 | RATINGS |
| lad:E5097 | Rotam Chemicals Inc | 3912008BZ54JQ8UNFG51 | US | lad:etype-BANK | lad:E5092 | RATINGS |
| lad:E5098 | Rotam Pharma SA | 815600LW5B06S1CQW672 | CV | lad:etype-CORP | lad:E5092 | RATINGS |
| lad:E5099 | Rotam Fived Water Inc | 815600UU6JEHIIMLC927 | US | lad:etype-CORP | lad:E5093 | RATINGS |
| lad:E5100 | Rotam Property Inc | 724500GA08KIJSPLUI93 | US | lad:etype-BANK | lad:E5094 | RATINGS |
| lad:E5101 | Rotam Foods BV | 724500VSL9A06KR45I76 | NL | lad:etype-CORP | lad:E5095 | RATINGS |
| lad:E5102 | Rotam Utilities SA | 96950092DKV427KADB93 | ES | lad:etype-CORP | lad:E5096 | RATINGS |
| lad:E5103 | Rotam Goson Energy Inc | 724500LIPSS64F2BVY06 | US | lad:etype-CORP | lad:E5097 | RATINGS |
| lad:E5104 | Rotam Media SA | 724500JZITB0L2T1PH98 | CV | lad:etype-CORP | lad:E5098 | RATINGS |
| lad:E5105 | Wonod Group SA | 7245003GC3MAPLM74H56 | FR | lad:etype-CORP |  | RATINGS |
| lad:E5106 | Wonod Steel BV | 969500W1342GHBTOGH81 | NL | lad:etype-CORP | lad:E5105 | RATINGS |
| lad:E5107 | Wonod Retail BV | 21380092E5EHPJ4TFV08 | NL | lad:etype-CORP | lad:E5105 | RATINGS |
| lad:E5108 | Wonod Shipping BV | 969500GFVXV2N0QJJ192 | NL | lad:etype-CORP | lad:E5106 | RATINGS |
| lad:E5109 | Wonod Holdings SA | 815600AHGVOU0SPTG094 | FR | lad:etype-CORP | lad:E5106 | RATINGS |
| lad:E5110 | Wonod Capital BV | 9695006QN6F7HCKCUF24 | NL | lad:etype-CORP | lad:E5106 | RATINGS |
| lad:E5111 | Wonod Airlines SA | 8156007JSKV2AQVXO923 | CV | lad:etype-CORP | lad:E5107 | RATINGS |
| lad:E5112 | Wonod Telecom BV | 213800RG52C0JR6AJF65 | NL | lad:etype-CORP | lad:E5107 | RATINGS |
| lad:E5113 | Wonod Wetid Foods BV | 391200F077WCSDTMTP77 | NL | lad:etype-CORP | lad:E5107 | RATINGS |
| lad:E5114 | Wonod Pharma Inc | 7245005SRMAA70J2TD65 | US | lad:etype-CORP | lad:E5108 | RATINGS |
| lad:E5115 | Wonod Water SA | 969500R5VDDM7EGRNE68 | FR | lad:etype-CORP | lad:E5109 | RATINGS |
| lad:E5116 | Wonod Media SA | 724500I4E8HLVDTIKT27 | CV | lad:etype-CORP | lad:E5110 | RATINGS |
(32 more rows not shown)

Run more queries, or give the final answers.

<invoke name="sparql">
PREFIX lad: <https://example.org/ladder/>
SELECT ?t ?type ?ccy ?date ?action ?rating ?outlook ?watch ?comment WHERE {
  ?a a lad:RatingAction ; lad:ratedThing ?t ; lad:ratingType ?type ; lad:date ?date ; lad:action ?action ; lad:rating ?rating .
  OPTIONAL {?a lad:ccyBasis ?ccy} OPTIONAL {?a lad:outlook ?outlook} OPTIONAL {?a lad:watch ?watch} OPTIONAL {?a lad:comment ?comment}
  FILTER(?t IN (lad:E11,lad:E12,lad:E13,lad:E14,lad:E15,lad:E16,lad:E17,lad:I01,lad:I02,lad:I03,lad:I04,lad:I05,lad:I06,lad:I07,lad:I08,lad:I5007,lad:E5133,lad:E5145))
} ORDER BY ?t ?type ?ccy ?date
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?e ?name ?lei ?country ?type ?parent ?src WHERE {
  ?e a lad:Entity . OPTIONAL{?e lad:name ?name}
  OPTIONAL {?e lad:lei ?lei} OPTIONAL {?e lad:country ?country} OPTIONAL {?e lad:entityType ?type} OPTIONAL {?e lad:parent ?parent} OPTIONAL {?e lad:sourceSystem ?src}
  FILTER(?e IN (lad:E5133,lad:E5145,lad:E5167,lad:E5130,lad:E5140) || regex(str(?e),"E51[0-9][0-9]$") && ?e > lad:E5116)
} ORDER BY ?e
```

Query 1:

| e | name | lei | country | type | parent | src |
|---|---|---|---|---|---|---|
| lad:E5130 | Wonod Huror Retail SA | 391200WLN00ZH5R20305 | VD | lad:etype-CORP | lad:E5124 | RATINGS |
| lad:E5133 | Vesol Foods plc | 969500J32JMVAGT5XX78 | GB | lad:etype-BANK | lad:E5132 | RATINGS |
| lad:E5140 | Vesol Utilities BV | 96950007MJPNSV9ARG39 | NL | lad:etype-CORP | lad:E5136 | RATINGS |
| lad:E5145 | Geren Group SA | 8156002XDJU2OFI9JC47 | VD | lad:etype-CORP |  | RATINGS |
| lad:E5167 | CERID CHEMICALS SA | 391200B1GR4AGTV5WY99 | VD | lad:etype-CORP |  | RESEARCH |

Run more queries, or give the final answers.

<invoke name="sparql">
PREFIX lad: <https://example.org/ladder/>
SELECT ?t ?type ?ccy ?date ?action ?rating ?outlook ?watch ?comment WHERE {
  ?a a lad:RatingAction ; lad:ratedThing ?t ; lad:ratingType ?type ; lad:date ?date ; lad:action ?action ; lad:rating ?rating .
  OPTIONAL {?a lad:ccyBasis ?ccy} OPTIONAL {?a lad:outlook ?outlook} OPTIONAL {?a lad:watch ?watch} OPTIONAL {?a lad:comment ?comment}
  FILTER(?t IN (lad:E11,lad:E12,lad:E13,lad:E14,lad:E15,lad:E16,lad:E17,lad:I01,lad:I02,lad:I03,lad:I04,lad:I05,lad:I06,lad:I07,lad:I08,lad:I5007,lad:E5133,lad:E5145))
} ORDER BY ?t ?type ?ccy ?date
```

The runner found no ```sparql block and no ```json block in your reply. Put each query in its own ```sparql fenced block, or give the final answers.

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?t ?type ?ccy ?date ?action ?rating ?outlook ?watch ?comment WHERE {
  ?a a lad:RatingAction ; lad:ratedThing ?t ; lad:ratingType ?type ; lad:date ?date ; lad:action ?action ; lad:rating ?rating .
  OPTIONAL {?a lad:ccyBasis ?ccy} OPTIONAL {?a lad:outlook ?outlook} OPTIONAL {?a lad:watch ?watch} OPTIONAL {?a lad:comment ?comment}
  FILTER(?t IN (lad:E11,lad:E12,lad:E13,lad:E14,lad:E15,lad:E16,lad:E17,lad:I01,lad:I02,lad:I03,lad:I04,lad:I05,lad:I06,lad:I07,lad:I08,lad:I5007,lad:E5133,lad:E5145))
} ORDER BY ?t ?type ?ccy ?date
```

Query 1:

| t | type | ccy | date | action | rating | outlook | watch | comment |
|---|---|---|---|---|---|---|---|---|
| lad:E11 | lad:type-CO |  | 2025-02-01 | lad:action-AS | BBB |  |  |  |
| lad:E12 | lad:type-LTIDR | lad:basis-FC | 2024-02-01 | lad:action-AS | BB- | lad:outlook-STA |  |  |
| lad:E12 | lad:type-LTIDR | lad:basis-FC | 2025-08-01 | lad:action-UG | BB | lad:outlook-STA |  |  |
| lad:E13 | lad:type-LTIDR | lad:basis-FC | 2024-07-01 | lad:action-AS | BBB | lad:outlook-STA |  |  |
| lad:E14 | lad:type-LTIDR | lad:basis-FC | 2023-01-15 | lad:action-AS | A- | lad:outlook-STA |  |  |
| lad:E14 | lad:type-LTIDR | lad:basis-FC | 2024-09-30 | lad:action-DG | BBB+ | lad:outlook-STA |  |  |
| lad:E14 | lad:type-LTIDR | lad:basis-FC | 2025-11-20 | lad:action-RW | BBB+ |  | lad:watch-RWN |  |
| lad:E14 | lad:type-LTIDR | lad:basis-FC | 2026-05-01 | lad:action-AF | BBB+ | lad:outlook-STA |  |  |
| lad:E15 | lad:type-LTIDR | lad:basis-FC | 2024-03-01 | lad:action-AS | A | lad:outlook-STA |  |  |
| lad:E15 | lad:type-LTIDR | lad:basis-LC | 2024-03-01 | lad:action-AS | A+ | lad:outlook-STA |  |  |
| lad:E16 | lad:type-LTIDR | lad:basis-FC | 2024-04-01 | lad:action-AS | BBB- | lad:outlook-STA |  |  |
| lad:E16 | lad:type-LTIDR | lad:basis-FC | 2026-06-01 | lad:action-DG | BB+ | lad:outlook-STA |  |  |
| lad:E5133 | lad:type-LTIDR | lad:basis-FC | 2022-01-15 | lad:action-AS | BBB- | lad:outlook-STA |  |  |
| lad:I01 | lad:type-INST |  | 2024-03-12 | lad:action-AS | A- |  |  |  |
| lad:I01 | lad:type-INST |  | 2025-06-20 | lad:action-DG | BBB |  |  |  |
| lad:I02 | lad:type-INST |  | 2024-03-12 | lad:action-AS | BBB |  |  |  |
| lad:I02 | lad:type-INST |  | 2025-06-20 | lad:action-DG | BB+ |  |  |  |
| lad:I03 | lad:type-INST |  | 2023-11-01 | lad:action-AS | A |  |  |  |
| lad:I03 | lad:type-INST |  | 2025-09-15 | lad:action-AF | A |  |  |  |
| lad:I04 | lad:type-INST |  | 2025-04-01 | lad:action-AS | BB |  |  |  |
| lad:I05 | lad:type-INST |  | 2023-06-01 | lad:action-AS | A- |  |  |  |
| lad:I05 | lad:type-INST |  | 2026-04-15 | lad:action-DG | BBB+ |  |  |  |
| lad:I06 | lad:type-INST |  | 2024-03-01 | lad:action-AS | A- |  |  |  |
| lad:I07 | lad:type-INST |  | 2025-04-01 | lad:action-AS | BBB- |  |  |  |
| lad:I08 | lad:type-INST |  | 2026-09-01 | lad:action-EX | A |  |  |  |
| lad:I5007 | lad:type-INST |  | 2025-02-14 | lad:action-AS | BBB |  |  |  |

Run more queries, or give the final answers.

```sparql
PREFIX lad: <https://example.org/ladder/>
PREFIX xsd: <http://www.w3.org/2001/XMLSchema#>
SELECT (COUNT(DISTINCT ?k) AS ?n) WHERE {
 ?a lad:ratedThing ?t; lad:ratingType lad:type-LTIDR; lad:ccyBasis ?b; lad:date ?d; lad:rating ?r.
 FILTER(?d <= "2026-10-01"^^xsd:date && STR(?r)!="WD")
 OPTIONAL{?t lad:lei ?l} BIND(COALESCE(?l,STR(?t)) AS ?k)
 FILTER NOT EXISTS {?t lad:sourceSystem ?s FILTER(STR(?s)="QA")}
 FILTER NOT EXISTS {?a2 lad:ratedThing ?t2; lad:ratingType lad:type-LTIDR; lad:ccyBasis ?b; lad:date ?d2. FILTER(?d2>?d && ?d2<="2026-10-01"^^xsd:date) FILTER(?t2=?t || EXISTS{?t lad:lei ?l3. ?t2 lad:lei ?l3})}
}
```

```sparql
PREFIX lad: <https://example.org/ladder/>
PREFIX xsd: <http://www.w3.org/2001/XMLSchema#>
SELECT ?t ?b ?r ?o ?w ?cty WHERE {
 ?a lad:ratedThing ?t; lad:ratingType lad:type-LTIDR; lad:ccyBasis ?b; lad:date ?d; lad:rating ?r.
 OPTIONAL{?a lad:outlook ?o} OPTIONAL{?a lad:watch ?w} OPTIONAL{?t lad:country ?cty}
 FILTER(?d <= "2026-10-01"^^xsd:date)
 FILTER(STR(?r)!="WD" && (BOUND(?w) || ?o = lad:outlook-NEG))
 FILTER NOT EXISTS {?t lad:sourceSystem ?s FILTER(STR(?s)="QA")}
 FILTER NOT EXISTS {?a2 lad:ratedThing ?t2; lad:ratingType lad:type-LTIDR; lad:ccyBasis ?b; lad:date ?d2. FILTER(?d2>?d && ?d2<="2026-10-01"^^xsd:date) FILTER(?t2=?t || EXISTS{?t lad:lei ?l3. ?t2 lad:lei ?l3})}
}
```

```sparql
PREFIX lad: <https://example.org/ladder/>
PREFIX xsd: <http://www.w3.org/2001/XMLSchema#>
SELECT ?t ?type ?b ?d ?act ?r WHERE {
 ?a lad:ratedThing ?t; lad:ratingType ?type; lad:date ?d; lad:action ?act; lad:rating ?r.
 OPTIONAL{?a lad:ccyBasis ?b}
 FILTER( (?act=lad:action-DG && ?d>="2026-01-01"^^xsd:date && ?type=lad:type-LTIDR) || STR(?r) IN ("RD","D") || (STR(?r)="WD" && ?type=lad:type-LTIDR))
 FILTER NOT EXISTS {?t lad:sourceSystem ?s FILTER(STR(?s)="QA")}
} ORDER BY ?t ?d
```

```sparql
PREFIX lad: <https://example.org/ladder/>
PREFIX xsd: <http://www.w3.org/2001/XMLSchema#>
SELECT (COUNT(DISTINCT ?i) AS ?rated) (COUNT(DISTINCT ?ig) AS ?investmentGrade) WHERE {
 ?a lad:ratedThing ?i; lad:ratingType lad:type-INST; lad:date ?d; lad:action ?act; lad:rating ?r.
 FILTER(?act!=lad:action-EX && ?d<="2026-10-01"^^xsd:date && STR(?r)!="WD")
 FILTER NOT EXISTS {?a2 lad:ratedThing ?i; lad:ratingType lad:type-INST; lad:date ?d2; lad:action ?act2. FILTER(?act2!=lad:action-EX && ?d2>?d && ?d2<="2026-10-01"^^xsd:date)}
 BIND(IF(STR(?r) IN ("AAA","AA+","AA","AA-","A+","A","A-","BBB+","BBB","BBB-"),?i,?unb) AS ?ig)
}
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?top ?kind (COUNT(DISTINCT ?ml) AS ?n) WHERE {
 VALUES (?top ?kind) {("815600F48PANJQE75352" "cerid") ("213800PJV1XFQEKJ1L86" "rotam")}
 ?m lad:lei ?ml.
 ?m ((lad:lei/^lad:lei)/lad:parent)* ?anc. ?anc lad:lei ?top.
} GROUP BY ?top ?kind
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT (COUNT(DISTINCT ?ml) AS ?n) WHERE {
 ?m lad:lei ?ml.
 ?m ((lad:lei/^lad:lei)/lad:parent)/((lad:lei/^lad:lei)/lad:parent)/((lad:lei/^lad:lei)/lad:parent) ?top. ?top lad:lei "815600F48PANJQE75352".
}
```

```sparql
PREFIX lad: <https://example.org/ladder/>
PREFIX xsd: <http://www.w3.org/2001/XMLSchema#>
SELECT (COUNT(DISTINCT ?ml) AS ?n) WHERE {
 ?m lad:lei ?ml.
 ?m ((lad:lei/^lad:lei)/lad:parent)* ?anc. ?anc lad:lei "815600F48PANJQE75352".
 ?a lad:ratedThing ?t; lad:ratingType lad:type-LTIDR; lad:ccyBasis lad:basis-FC; lad:date ?d; lad:rating ?r.
 ?t lad:lei ?ml.
 FILTER(STR(?r) IN ("BB+","BB","BB-","B+","B","B-","CCC","CC","C","RD","D"))
 FILTER NOT EXISTS {?a2 lad:ratedThing ?t2; lad:ratingType lad:type-LTIDR; lad:ccyBasis lad:basis-FC; lad:date ?d2. ?t2 lad:lei ?ml. FILTER(?d2>?d)}
}
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?m ?name ?cty ?src ?r ?d WHERE {
 ?top lad:name ?tn. FILTER(REGEX(?tn,"^(Vesol Group|Wonod Group)"))
 ?m ((lad:lei/^lad:lei)/lad:parent)* ?top.
 OPTIONAL{?m lad:name ?name} OPTIONAL{?m lad:country ?cty} OPTIONAL{?m lad:sourceSystem ?src}
 OPTIONAL{?a lad:ratedThing ?m; lad:ratingType lad:type-LTIDR; lad:ccyBasis lad:basis-FC; lad:date ?d; lad:rating ?r.
   FILTER NOT EXISTS {?a2 lad:ratedThing ?m; lad:ratingType lad:type-LTIDR; lad:ccyBasis lad:basis-FC; lad:date ?d2. FILTER(?d2>?d)}}
 FILTER(REGEX(?name,"Vesol") || ?cty="VD" || BOUND(?src) && STR(?src)="RESEARCH")
} ORDER BY ?name
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?e ?name ?c ?src ?other ?oc WHERE {
 ?e lad:sourceSystem ?s; lad:lei ?l; lad:country ?c. FILTER(STR(?s)="RESEARCH")
 OPTIONAL{?o lad:lei ?l; lad:country ?oc; lad:sourceSystem ?s2. FILTER(STR(?s2)!="RESEARCH")}
 OPTIONAL{?e lad:name ?name} BIND(?s AS ?src) BIND(?o AS ?other)
 FILTER(!BOUND(?oc) || ?oc!=?c || ?c="LU" || ?oc="LU")
}
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?e ?l ?c ?s WHERE { ?e lad:country ?c; lad:sourceSystem ?s. OPTIONAL{?e lad:lei ?l} FILTER(?c="LU" || STR(?s)="QA") }
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?i ?iss ?g ?topI ?topG WHERE {
 ?i lad:issuer ?iss; lad:guarantor ?g.
 ?iss ((lad:lei/^lad:lei)/lad:parent)* ?topI. FILTER NOT EXISTS{?topI lad:lei ?l. ?z lad:lei ?l; lad:parent ?pp}
 ?g ((lad:lei/^lad:lei)/lad:parent)* ?topG. FILTER NOT EXISTS{?topG lad:lei ?l2. ?z2 lad:lei ?l2; lad:parent ?pp2}
}
```

```sparql
PREFIX lad: <https://example.org/ladder/>
PREFIX xsd: <http://www.w3.org/2001/XMLSchema#>
SELECT (COUNT(DISTINCT ?k) AS ?n) WHERE {
 ?a lad:ratedThing ?t; lad:ratingType lad:type-LTIDR; lad:ccyBasis ?b; lad:date ?d; lad:rating ?r.
 FILTER(STR(?r)!="WD")
 ?t lad:lei ?k.
 FILTER NOT EXISTS {?a2 lad:ratedThing ?t2; lad:ratingType lad:type-LTIDR; lad:ccyBasis ?b; lad:date ?d2. ?t2 lad:lei ?k. FILTER(?d2>?d)}
 ?t ((lad:lei/^lad:lei)/lad:parent)+ ?anc. ?anc lad:lei ?al.
 FILTER( EXISTS{?z lad:lei ?al; lad:sourceSystem ?s; lad:country "VD" FILTER(STR(?s)="RESEARCH")} || (NOT EXISTS{?z3 lad:lei ?al; lad:sourceSystem ?s3 FILTER(STR(?s3)="RESEARCH")} && EXISTS{?z2 lad:lei ?al; lad:country "VD"}) )
}
```

```sparql
PREFIX lad: <https://example.org/ladder/>
PREFIX xsd: <http://www.w3.org/2001/XMLSchema#>
SELECT ?t ?r ?cty ?cc WHERE {
 ?a lad:ratedThing ?t; lad:ratingType lad:type-LTIDR; lad:ccyBasis lad:basis-FC; lad:date ?d; lad:rating ?r. ?t lad:country ?cty.
 FILTER(?cty IN ("VD","CV") && ?d<="2026-10-01"^^xsd:date && STR(?r)!="WD")
 FILTER NOT EXISTS {?t lad:sourceSystem ?s FILTER(STR(?s)="QA")}
 FILTER NOT EXISTS {?a2 lad:ratedThing ?t2; lad:ratingType lad:type-LTIDR; lad:ccyBasis lad:basis-FC; lad:date ?d2. FILTER(?d2>?d && ?d2<="2026-10-01"^^xsd:date) FILTER(?t2=?t || EXISTS{?t lad:lei ?l3. ?t2 lad:lei ?l3})}
 BIND(IF(?cty="VD","BB","A") AS ?cc)
}
```

Query 1:

| n |
|---|
| 377 |

Query 2:

| t | b | r | o | w | cty |
|---|---|---|---|---|---|
| lad:E01 | lad:basis-FC | BBB | lad:outlook-NEG |  | GB |
| lad:E1005 | lad:basis-FC | BB | lad:outlook-NEG |  | US |
| lad:E1006 | lad:basis-FC | AA |  | lad:watch-RWN | US |
| lad:E1013 | lad:basis-FC | BB- |  | lad:watch-RWN | NL |
| lad:E1019 | lad:basis-LC | BBB- |  | lad:watch-RWN | CV |
| lad:E1029 | lad:basis-FC | A- | lad:outlook-NEG |  | US |
| lad:E1034 | lad:basis-FC | BBB+ | lad:outlook-NEG |  | IT |
| lad:E1037 | lad:basis-FC | A |  | lad:watch-RWN | FR |
| lad:E1039 | lad:basis-FC | A |  | lad:watch-RWN | CV |
| lad:E1046 | lad:basis-FC | AA- | lad:outlook-NEG |  | US |
| lad:E1055 | lad:basis-FC | BBB- | lad:outlook-NEG |  | GB |
| lad:E1056 | lad:basis-FC | A+ | lad:outlook-NEG |  | IT |
| lad:E1060 | lad:basis-FC | BB- | lad:outlook-NEG |  | CV |
| lad:E1059 | lad:basis-LC | BB- |  | lad:watch-RWN | CV |
| lad:E1061 | lad:basis-FC | A |  | lad:watch-RWN | DE |
| lad:E1064 | lad:basis-FC | A- | lad:outlook-NEG |  | NL |
| lad:E1066 | lad:basis-FC | A- |  | lad:watch-RWN | ES |
| lad:E1072 | lad:basis-FC | BB- | lad:outlook-NEG |  | GB |
| lad:E1079 | lad:basis-FC | BB+ | lad:outlook-NEG |  | GB |
| lad:E1080 | lad:basis-FC | A- | lad:outlook-NEG |  | US |
| lad:E1088 | lad:basis-FC | B+ |  | lad:watch-RWN | FR |
| lad:E1098 | lad:basis-FC | BBB- |  | lad:watch-RWN | US |
| lad:E1099 | lad:basis-FC | BB+ |  | lad:watch-RWN | FR |
| lad:E1105 | lad:basis-FC | A+ | lad:outlook-NEG |  | GR |
| lad:E1109 | lad:basis-FC | A+ |  | lad:watch-RWN | NL |
| lad:E1118 | lad:basis-FC | BB+ | lad:outlook-NEG |  | DE |
| lad:E1126 | lad:basis-FC | BB |  | lad:watch-RWN | VD |
| lad:E1132 | lad:basis-FC | B+ |  | lad:watch-RWN | US |
| lad:E1133 | lad:basis-FC | B+ |  | lad:watch-RWN | US |
| lad:E1146 | lad:basis-FC | BB |  | lad:watch-RWN | US |
| lad:E1158 | lad:basis-FC | BBB | lad:outlook-NEG |  | ES |
| lad:E1161 | lad:basis-FC | B | lad:outlook-NEG |  | FR |
| lad:E1168 | lad:basis-FC | BBB- |  | lad:watch-RWN | US |
| lad:E1181 | lad:basis-FC | A- |  | lad:watch-RWN | IT |
| lad:E1188 | lad:basis-FC | BB- | lad:outlook-NEG |  | GR |
| lad:E1190 | lad:basis-FC | BBB | lad:outlook-NEG |  | GB |
| lad:E1194 | lad:basis-FC | A |  | lad:watch-RWN | CV |
| lad:E1203 | lad:basis-FC | BBB+ |  | lad:watch-RWN | DE |
| lad:E1210 | lad:basis-FC | BB |  | lad:watch-RWN | DE |
| lad:E1211 | lad:basis-FC | BBB- | lad:outlook-NEG |  | GB |
| lad:E1228 | lad:basis-FC | BB+ | lad:outlook-NEG |  | GB |
| lad:E1238 | lad:basis-FC | AA- |  | lad:watch-RWN | GR |
| lad:E1242 | lad:basis-FC | BBB |  | lad:watch-RWN | IT |
| lad:E1248 | lad:basis-FC | A- | lad:outlook-NEG |  | US |
| lad:E1260 | lad:basis-FC | BBB- |  | lad:watch-RWN | US |
| lad:E1262 | lad:basis-FC | B+ | lad:outlook-NEG |  | ES |
| lad:E1263 | lad:basis-FC | BBB- | lad:outlook-NEG |  | US |
| lad:E1264 | lad:basis-FC | B+ |  | lad:watch-RWN | GB |
| lad:E1266 | lad:basis-FC | BBB |  | lad:watch-RWN | NL |
| lad:E1267 | lad:basis-FC | A- |  | lad:watch-RWN | FR |
| lad:E1271 | lad:basis-FC | A- | lad:outlook-NEG |  | DE |
| lad:E1282 | lad:basis-FC | BB+ | lad:outlook-NEG |  | US |
| lad:E1294 | lad:basis-FC | A+ | lad:outlook-NEG |  | IT |
| lad:E1297 | lad:basis-FC | BBB |  | lad:watch-RWN | IT |
| lad:E1300 | lad:basis-FC | BBB | lad:outlook-NEG |  | GB |
| lad:E1314 | lad:basis-FC | BBB |  | lad:watch-RWN | GB |
| lad:E1317 | lad:basis-FC | BB |  | lad:watch-RWN | DE |
| lad:E1323 | lad:basis-FC | AA- |  | lad:watch-RWN | GR |
| lad:E06 | lad:basis-FC | A- |  | lad:watch-RWN | DE |
| lad:E09 | lad:basis-FC | A | lad:outlook-NEG |  | GB |
(19 more rows not shown)

Query 3:

| t | type | b | d | act | r |
|---|---|---|---|---|---|
| lad:E07 | lad:type-LTIDR | lad:basis-FC | 2026-05-12 | lad:action-WD | WD |
| lad:E08 | lad:type-LTIDR | lad:basis-FC | 2026-01-20 | lad:action-DG | CCC |
| lad:E08 | lad:type-LTIDR | lad:basis-FC | 2026-07-08 | lad:action-DG | RD |
| lad:E10 | lad:type-LTIDR | lad:basis-FC | 2026-04-15 | lad:action-DG | BBB+ |
| lad:E1002 | lad:type-LTIDR | lad:basis-FC | 2025-07-20 | lad:action-WD | WD |
| lad:E1007 | lad:type-LTIDR | lad:basis-FC | 2026-06-27 | lad:action-WD | WD |
| lad:E1021 | lad:type-LTIDR | lad:basis-FC | 2025-11-08 | lad:action-WD | WD |
| lad:E1032 | lad:type-LTIDR | lad:basis-FC | 2026-09-15 | lad:action-WD | WD |
| lad:E1034 | lad:type-LTIDR | lad:basis-FC | 2026-05-02 | lad:action-DG | BBB+ |
| lad:E1041 | lad:type-LTIDR | lad:basis-FC | 2024-04-09 | lad:action-WD | WD |
| lad:E1048 | lad:type-LTIDR | lad:basis-FC | 2023-04-15 | lad:action-WD | WD |
| lad:E1051 | lad:type-LTIDR | lad:basis-FC | 2026-04-05 | lad:action-DG | A+ |
| lad:E1051 | lad:type-LTIDR | lad:basis-FC | 2026-06-01 | lad:action-DG | A+ |
| lad:E1053 | lad:type-LTIDR | lad:basis-FC | 2026-03-20 | lad:action-DG | BB |
| lad:E1057 | lad:type-LTIDR | lad:basis-FC | 2026-06-25 | lad:action-DG | BB |
| lad:E1057 | lad:type-LTIDR | lad:basis-FC | 2026-09-19 | lad:action-WD | WD |
| lad:E1058 | lad:type-LTIDR | lad:basis-FC | 2026-07-14 | lad:action-DG | BBB- |
| lad:E1062 | lad:type-LTIDR | lad:basis-FC | 2025-03-28 | lad:action-WD | WD |
| lad:E1063 | lad:type-LTIDR | lad:basis-FC | 2025-01-12 | lad:action-WD | WD |
| lad:E1064 | lad:type-LTIDR | lad:basis-FC | 2026-03-04 | lad:action-DG | BBB+ |
| lad:E1076 | lad:type-LTIDR | lad:basis-FC | 2024-04-28 | lad:action-WD | WD |
| lad:E1080 | lad:type-LTIDR | lad:basis-FC | 2026-02-14 | lad:action-DG | A- |
| lad:E1084 | lad:type-LTIDR | lad:basis-FC | 2025-08-02 | lad:action-WD | WD |
| lad:E1093 | lad:type-LTIDR | lad:basis-FC | 2026-07-25 | lad:action-DG | B |
| lad:E1106 | lad:type-LTIDR | lad:basis-LC | 2025-08-10 | lad:action-WD | WD |
| lad:E1107 | lad:type-LTIDR | lad:basis-FC | 2024-10-16 | lad:action-WD | WD |
| lad:E1112 | lad:type-LTIDR | lad:basis-FC | 2026-02-20 | lad:action-DG | BBB |
| lad:E1115 | lad:type-LTIDR | lad:basis-FC | 2025-06-28 | lad:action-WD | WD |
| lad:E1121 | lad:type-LTIDR | lad:basis-FC | 2024-10-23 | lad:action-WD | WD |
| lad:E1124 | lad:type-LTIDR | lad:basis-FC | 2024-06-15 | lad:action-WD | WD |
| lad:E1138 | lad:type-LTIDR | lad:basis-FC | 2024-12-26 | lad:action-WD | WD |
| lad:E1140 | lad:type-LTIDR | lad:basis-FC | 2025-09-15 | lad:action-WD | WD |
| lad:E1144 | lad:type-LTIDR | lad:basis-FC | 2026-06-06 | lad:action-DG | B+ |
| lad:E1151 | lad:type-LTIDR | lad:basis-FC | 2026-01-26 | lad:action-DG | BBB |
| lad:E1155 | lad:type-LTIDR | lad:basis-FC | 2026-03-22 | lad:action-WD | WD |
| lad:E1158 | lad:type-LTIDR | lad:basis-FC | 2026-02-27 | lad:action-WD | WD |
| lad:E1159 | lad:type-LTIDR | lad:basis-FC | 2026-06-16 | lad:action-DG | BBB+ |
| lad:E1159 | lad:type-LTIDR | lad:basis-FC | 2026-09-22 | lad:action-WD | WD |
| lad:E1161 | lad:type-LTIDR | lad:basis-FC | 2026-07-28 | lad:action-DG | B |
| lad:E1163 | lad:type-LTIDR | lad:basis-FC | 2026-03-19 | lad:action-DG | BB+ |
| lad:E1166 | lad:type-LTIDR | lad:basis-FC | 2023-07-26 | lad:action-WD | WD |
| lad:E1167 | lad:type-LTIDR | lad:basis-FC | 2026-09-07 | lad:action-DG | BB |
| lad:E1170 | lad:type-LTIDR | lad:basis-FC | 2026-08-16 | lad:action-DG | BB- |
| lad:E1172 | lad:type-LTIDR | lad:basis-FC | 2026-03-12 | lad:action-WD | WD |
| lad:E1186 | lad:type-LTIDR | lad:basis-FC | 2026-01-04 | lad:action-DG | BBB+ |
| lad:E1200 | lad:type-LTIDR | lad:basis-FC | 2023-11-03 | lad:action-WD | WD |
| lad:E1205 | lad:type-LTIDR | lad:basis-FC | 2025-11-16 | lad:action-WD | WD |
| lad:E1206 | lad:type-LTIDR | lad:basis-FC | 2025-11-20 | lad:action-WD | WD |
| lad:E1213 | lad:type-LTIDR | lad:basis-FC | 2026-02-13 | lad:action-DG | A- |
| lad:E1213 | lad:type-LTIDR | lad:basis-FC | 2026-06-16 | lad:action-DG | BBB+ |
| lad:E1218 | lad:type-LTIDR | lad:basis-FC | 2026-05-22 | lad:action-WD | WD |
| lad:E1219 | lad:type-LTIDR | lad:basis-FC | 2026-04-11 | lad:action-WD | WD |
| lad:E1225 | lad:type-LTIDR | lad:basis-FC | 2025-06-12 | lad:action-WD | WD |
| lad:E1228 | lad:type-LTIDR | lad:basis-FC | 2026-06-28 | lad:action-DG | BB+ |
| lad:E1229 | lad:type-LTIDR | lad:basis-FC | 2026-05-06 | lad:action-DG | BB |
| lad:E1229 | lad:type-LTIDR | lad:basis-FC | 2026-06-02 | lad:action-DG | BB+ |
| lad:E1233 | lad:type-LTIDR | lad:basis-FC | 2025-01-24 | lad:action-WD | WD |
| lad:E1234 | lad:type-LTIDR | lad:basis-FC | 2026-09-22 | lad:action-WD | WD |
| lad:E1243 | lad:type-LTIDR | lad:basis-FC | 2026-01-13 | lad:action-DG | BB |
| lad:E1244 | lad:type-LTIDR | lad:basis-FC | 2024-04-18 | lad:action-WD | WD |
(24 more rows not shown)

Query 4:

| rated | investmentGrade |
|---|---|
| 113 | 72 |

Query 5:

| top | kind | n |
|---|---|---|
| 815600F48PANJQE75352 | cerid | 59 |
| 213800PJV1XFQEKJ1L86 | rotam | 25 |

Query 6:

| n |
|---|
| 12 |

Query 7 failed: stopped after 60 seconds

Query 8:

| m | name | cty | src | r | d |
|---|---|---|---|---|---|
| lad:E5139 | Vesol Culol Energy Inc | US | RATINGS |  |  |
| lad:E5144 | Vesol Fatel Utilities BV | NL | RATINGS | BB- | 2023-11-05 |
| lad:E5133 | Vesol Foods plc | GB | RATINGS | BBB- | 2022-01-15 |
| lad:E5143 | Vesol Foter Logistics AG | DE | RATINGS | A | 2025-11-02 |
| lad:E5132 | Vesol Group BV | NL | RATINGS | BB+ | 2023-12-02 |
| lad:E5138 | Vesol Industries Inc | US | RATINGS |  |  |
| lad:E5136 | Vesol Media BV | NL | RATINGS | BBB- | 2024-04-07 |
| lad:E5137 | Vesol Mining plc | GB | RATINGS |  |  |
| lad:E5141 | Vesol Ruvil Media SA | FR | RATINGS | BB | 2024-08-13 |
| lad:E5134 | Vesol Steel BV | NL | RATINGS |  |  |
| lad:E5140 | Vesol Utilities BV | NL | RATINGS | A+ | 2022-04-03 |
| lad:E5142 | Vesol Virar Telecom Inc | US | RATINGS |  |  |
| lad:E5135 | Vesol Water plc | GB | RATINGS |  |  |
| lad:E5169 | WONOD STEEL BV | VD | RESEARCH |  |  |
| lad:E5130 | Wonod Huror Retail SA | VD | RATINGS | B- | 2025-10-01 |
| lad:E5124 | Wonod Kinon Holdings SA | VD | RATINGS | BB | 2024-11-20 |

Query 9:

| e | name | c | src | other | oc |
|---|---|---|---|---|---|
| lad:E1246 | GATER HOLDINGS SA | FR | RESEARCH | lad:E1245 | CV |
| lad:E1157 | RUVEN AIRLINES | US | RESEARCH | lad:E1156 | DE |
| lad:E1214 | WINIM MINING SA | NL | RESEARCH | lad:E1213 | FR |
| lad:E1180 | COTAN FOODS SA | IT | RESEARCH | lad:E1179 | ES |
| lad:E17 | HALDEN BANK | LU | RESEARCH | lad:E10 | DE |
| lad:E1210 | MALID MINING SPA | DE | RESEARCH | lad:E1209 | IT |
| lad:E5169 | WONOD STEEL BV | VD | RESEARCH | lad:E5106 | NL |

Query 10:

| e | l | c | s |
|---|---|---|---|
| lad:E1341 | 549300IFOJRHYHEP5N72 | FR | QA |
| lad:E1349 | 724500PGN9P0AMIWNV47 | FR | QA |
| lad:E1340 | 213800CSTQH7UO0A8E29 | GB | QA |
| lad:E1343 | 969500F1DAQZF8FNJS41 | GB | QA |
| lad:E1344 | 724500N069ZCQGY1UI76 | GB | QA |
| lad:E1345 | 391200T3GEO5X4SJMO02 | GB | QA |
| lad:E1347 | 724500649FYULZG25F44 | GB | QA |
| lad:E1350 | 213800GZMC02BI2WJX12 | GB | QA |
| lad:E1351 | 969500MERFFSB2CHQE09 | GB | QA |
| lad:E16 | 5493003Z3PXXR7KNFM81 | GB | QA |
| lad:E17 | 391200QYPVFF2O9K2039 | LU | RESEARCH |
| lad:E1342 | 7245000RRKYSQSJ2DB31 | DE | QA |
| lad:E1346 | 391200MMTFNAN4NBM054 | DE | QA |
| lad:E1348 | 724500JEL6C1PJZEDM26 | DE | QA |
| lad:E5170 | 8156005EHMOKQENUED17 | VD | QA |

Query 11:

| i | iss | g | topI | topG |
|---|---|---|---|---|
| lad:I1093 | lad:E1325 | lad:E1084 | lad:E1084 | lad:E1084 |
| lad:I1094 | lad:E1326 | lad:E1052 | lad:E1052 | lad:E1052 |
| lad:I1095 | lad:E1327 | lad:E1119 | lad:E1119 | lad:E1119 |
| lad:I1096 | lad:E1328 | lad:E1244 | lad:E1244 | lad:E1244 |
| lad:I1097 | lad:E1329 | lad:E1069 | lad:E1069 | lad:E1069 |
| lad:I1098 | lad:E1330 | lad:E1021 | lad:E1021 | lad:E1021 |
| lad:I1099 | lad:E1331 | lad:E1025 | lad:E1025 | lad:E1025 |
| lad:I1100 | lad:E1332 | lad:E1068 | lad:E1068 | lad:E1068 |
| lad:I1101 | lad:E1333 | lad:E1082 | lad:E1082 | lad:E1082 |
| lad:I1102 | lad:E1334 | lad:E1260 | lad:E1260 | lad:E1260 |
| lad:I1103 | lad:E1335 | lad:E1234 | lad:E1234 | lad:E1234 |
| lad:I1104 | lad:E1336 | lad:E1176 | lad:E1176 | lad:E1176 |
| lad:I1105 | lad:E1337 | lad:E1038 | lad:E1038 | lad:E1038 |
| lad:I1106 | lad:E1338 | lad:E1073 | lad:E1073 | lad:E1073 |
| lad:I1107 | lad:E1339 | lad:E1241 | lad:E1241 | lad:E1241 |
| lad:I5001 | lad:E5005 | lad:E5001 | lad:E5001 | lad:E5001 |
| lad:I5002 | lad:E5062 | lad:E5059 | lad:E5086 | lad:E5059 |
| lad:I5002 | lad:E5062 | lad:E5059 | lad:E5059 | lad:E5059 |
| lad:I5003 | lad:E5090 | lad:E5086 | lad:E5086 | lad:E5086 |
| lad:I5004 | lad:E5108 | lad:E5105 | lad:E5105 | lad:E5105 |
| lad:I5005 | lad:E5135 | lad:E5132 | lad:E5132 | lad:E5132 |
| lad:I5006 | lad:E5149 | lad:E5145 | lad:E5145 | lad:E5145 |
| lad:I5007 | lad:E5133 | lad:E5145 | lad:E5132 | lad:E5145 |
| lad:I03 | lad:E04 | lad:E02 | lad:E02 | lad:E02 |
| lad:I05 | lad:E11 | lad:E10 | lad:E09 | lad:E09 |

Query 12:

| n |
|---|
| 31 |

Query 13:

| t | r | cty | cc |
|---|---|---|---|
| lad:E1019 | BB+ | CV | A |
| lad:E1028 | BB | VD | BB |
| lad:E1039 | A | CV | A |
| lad:E1060 | BB- | CV | A |
| lad:E1071 | B+ | CV | A |
| lad:E1096 | BBB | CV | A |
| lad:E1101 | BB | VD | BB |
| lad:E1106 | B+ | VD | BB |
| lad:E1126 | BB | VD | BB |
| lad:E1136 | A- | CV | A |
| lad:E1144 | B+ | CV | A |
| lad:E1185 | BB+ | CV | A |
| lad:E05 | BB | VD | BB |
| lad:E1194 | A | CV | A |
| lad:E1217 | BB- | CV | A |
| lad:E1223 | BB+ | CV | A |
| lad:E1229 | BB+ | CV | A |
| lad:E1236 | BB | VD | BB |
| lad:E1243 | BB | CV | A |
| lad:E1245 | B+ | CV | A |
| lad:E1283 | BB | CV | A |
| lad:E1304 | BB | CV | A |
| lad:E1307 | BB- | VD | BB |
| lad:E1313 | BB- | VD | BB |
| lad:CV | BBB+ | CV | A |
| lad:E15 | A | CV | A |
| lad:E5012 | BB | VD | BB |
| lad:E5023 | B- | VD | BB |
| lad:E5024 | B- | VD | BB |
| lad:E5047 | BB | VD | BB |
| lad:E5091 | BB | VD | BB |
| lad:E5098 | B- | CV | A |
| lad:E5104 | BB | CV | A |
| lad:E5116 | A | CV | A |
| lad:E5117 | BB | CV | A |
| lad:E5124 | BB | VD | BB |
| lad:E5127 | B | CV | A |
| lad:E5130 | B- | VD | BB |

This was the last round: give the final answers now, with no more queries.

**Q1.** A-. E01's last action on or before 2025-01-01 was A01 (A-, 2024-03-12); the downgrade to BBB came later, on 2025-06-20.

**Q2.** No. E01's only 2026 action, A03 (2026-02-10), is an affirmation (BBB, outlook Negative), which is not a downgrade.

**Q3.** No. The 2031 note (I02, subordinated) was downgraded to BB+ on 2025-06-20, which is speculative grade.

**Q4.** Positive. E02 and E03 share an LEI, so they are one entity. The latest action is A09 (2025-09-15, A, POS).

**Q5.** The holder takes the credit risk of E02, the guarantor of I03. I03 is rated A.

**Q6.** The Valdoria Country Ceiling is BB (A12). It caps the foreign-currency rating (BB, A14) but not the local-currency rating (BBB-, A13).

**Q7.** Incomplete: the output was truncated, so this is only the visible part. It lists entities with a long-term downgrade in 2026, starting with E08 (A21, A22) and E10 (A27).

**Q8.** E08, rated RD since 2026-07-08 (A22). The output was truncated, so this may be incomplete.

**Q9.** 377 distinct issuers, counted by LEI, excluding QA records and withdrawn ratings.

**Q10.** Depends. Its foreign-currency rating is BB (speculative grade) and its local-currency rating is BBB- (investment grade).

**Q11.** BBB+. A DG on 2024-09-30 set BBB+, and the next action was 2025-11-20.

**Q12.** A-. This was set on 2023-01-15 (E14).

**Q13.** 1. The only downgrade is 2024-09-30 (E14); the Rating Watch and the affirmation are not downgrades.

**Q14.** None. E12's first rating was assigned on 2024-02-01.

**Q15.** A-. E10 held A- (A26) until the 2026-04-15 downgrade. E17 has the same LEI and no actions.

**Q16.** No. It was BBB+ on 2025-01-01 and is BBB+ now; the Watch and affirmation did not change it.

**Q17.** No. E06 only had a Rating Watch (A17). Orrin Bancorp (E13) is a different entity with a different LEI.

**Q18.** Incomplete: the output was truncated, so these are only the visible entities on Rating Watch Negative, including E06.

**Q19.** Incomplete: the output was truncated, so these are only the visible entities with a Negative outlook, including E01 and E09. I left out E1158 because a later withdrawal conflicts with its outlook row.

**Q20.** No. E07 had its rating withdrawn for commercial reasons (A19), which is not a default.

**Q21.** Incomplete: the output was truncated, so these are only the visible entities whose last long-term action is a withdrawal. I left out entities with only a local-currency withdrawal, such as E1106, which may still hold a foreign-currency rating.

**Q22.** E08, which reached RD on 2026-07-08 (A22). The output was truncated, so there may be more.

**Q23.** F2 (A04).

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

**Q25.** 72 instruments held an investment-grade rating on 1 October 2026. Expected ratings (EX) were excluded.

**Q26.** A+.

**Q27.** A-. I06 was assigned A- on 2024-03-01.

**Q28.** BBB+ (A38).

**Q29.** None. VD only carries a Country Ceiling of BB (A12), which is not an issuer rating.

**Q30.** Entities at the ceiling: BB for VD entities and A for CV entities. This relies on the country on each entity's own record.

**Q31.** No. None of the foreign-currency ratings I checked for VD or CV entities was above its ceiling.

**Q32.** E09. The chain is E11 to E10 to E09.

**Q33.** The holder takes the risk of E10, the guarantor of I05. I05 is rated BBB+ (downgraded 2026-04-15).

**Q34.** No. E12 has no parent, while E10 sits under E09.

**Q35.** 3: E09, E10 and E11. E17 is E10's RESEARCH record, not a separate entity.

**Q36.** 2: E02 (same entity as E03) and E04.

**Q37.** About 497. The data has 509 distinct LEIs; I removed 14 QA LEIs and added the sovereigns (CV, VD), which have no LEI. This is approximate.

**Q38.** No. They have different LEIs.

**Q39.** A (A08, A09).

**Q40.** Not determined. I did not complete that query.

**Q41.** None. E16 is a QA record and must be ignored.

**Q42.** LU. RESEARCH holds on domicile, and E17 (HALDEN BANK) says LU.

**Q43.** 1, the Halden Bank entity (E17 and E10 share an LEI).

**Q44.** Yes. I07 is denominated in XVD, the domestic currency of VD.

**Q45.** Yes. I07 is rated BBB- while the VD ceiling is BB, though local-currency debt is not capped by the ceiling.

**Q46.** No. E11 only has a Credit opinion (BBB), which is not a rating.

**Q47.** None. I08 only has an Expected rating (EX), so it is not yet rated.

**Q48.** 113 instruments.

**Q49.** E5001. The chain is E5047, E5035, E5023, E5011, E5167 (same LEI as E5005), E5002, E5001.

**Q50.** 6 levels.

**Q51.** 59.

**Q52.** 25.

**Q53.** No. E5062 goes up through E5060 to E5059, which has no parent in RATINGS, the system of record for parent links. A stray record linking E5059 to Rotam is overridden by that.

**Q54.** E5106, E5124 and E5130. E5106 is VD per the RESEARCH record E5169.

**Q55.** 31.

**Q56.** BB-, held by E5144.

**Q57.** E5002. E5011 reaches it via E5167 (same entity as E5005), and E5013 reaches it via E5006.

**Q58.** E5145, the guarantor of I5007 (issuer E5133, in the Vesol group).

**Q59.** 12.

**Q60.** The holder takes the risk of E5145 (Geren Group), the guarantor of I5007 (BBB). It is not in the same group as the issuer E5133, which is in the Vesol group.

**Q61.** At least 4, but this is a lower bound. The full query timed out; I counted E5012, E5023, E5024 and E5047 from the ceiling list.

```json
{
"Q1":{"rating":"A-"},
"Q2":{"downgraded":"no"},
"Q3":{"investment_grade":"no","rating":"BB+"},
"Q4":{"outlook":"POS"},
"Q5":{"risk_of":"E02","rating":"A"},
"Q7":{"issuers":["E08","E10","E1034","E1051","E1053","E1057","E1058","E1064","E1080","E1093","E1112","E1144","E1151","E1159","E1161","E1163","E1167","E1170","E1186","E1213","E1228","E1229","E1243"]},
"Q8":{"entities":["E08"]},
"Q9":{"count":377},
"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","E1210","E1238","E1242","E1260","E1264","E1266","E1267","E1297","E1314","E1317","E1323"]},
"Q19":{"issuers":["E01","E09","E1005","E1029","E1034","E1046","E1055","E1056","E1060","E1064","E1072","E1079","E1080","E1105","E1118","E1161","E1188","E1190","E1211","E1228","E1248","E1262","E1263","E1271","E1282","E1294","E1300"]},
"Q20":{"in_default":"no"},
"Q21":{"entities":["E07","E1002","E1007","E1021","E1032","E1041","E1048","E1057","E1062","E1063","E1076","E1084","E1107","E1115","E1121","E1124","E1138","E1140","E1155","E1158","E1159","E1166","E1172","E1200","E1205","E1206","E1218","E1219","E1225","E1233","E1234","E1244"]},
"Q22":{"entities":["E08"]},
"Q23":{"rating":"F2"},
"Q24":{"investment_grade":"yes","rating":"BBB"},
"Q25":{"count":72},
"Q26":{"rating":"A+"},
"Q27":{"rating":"A-"},
"Q28":{"rating":"BBB+"},
"Q29":{"rating":"none"},
"Q30":{"entities":["E05","E1028","E1101","E1126","E1236","E5012","E5047","E5091","E5124","E1039","E1194","E15","E5116"]},
"Q31":{"any":"no"},
"Q32":{"parent":"E09"},
"Q33":{"risk_of":"E10","rating":"BBB+"},
"Q34":{"same_group":"no"},
"Q35":{"count":3},
"Q36":{"count":2},
"Q37":{"count":497},
"Q38":{"same":"no"},
"Q39":{"rating":"A"},
"Q40":{"count":null},
"Q41":{"rating":"none"},
"Q42":{"country":"LU"},
"Q43":{"count":1},
"Q44":{"local_currency":"yes"},
"Q45":{"above_ceiling":"yes"},
"Q46":{"issuer_rating":"no"},
"Q47":{"rating":"none"},
"Q48":{"count":113},
"Q49":{"parent":"E5001"},
"Q50":{"count":6},
"Q51":{"count":59},
"Q52":{"count":25},
"Q53":{"same_group":"no"},
"Q54":{"entities":["E5106","E5124","E5130"]},
"Q55":{"count":31},
"Q56":{"rating":"BB-"},
"Q57":{"entity":"E5002"},
"Q58":{"entities":["E5145"]},
"Q59":{"count":12},
"Q60":{"risk_of":"E5145","same_group":"no"},
"Q61":{"count":4}
}
```