D1 sql, run 1: the query session
18 queries0 failed7 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` (540 rows): entity_id, name, lei, country, entity_type, parent_id, source_system
- `instruments` (122 rows): instrument_id, description, issuer_id, guarantor_id, seniority, currency, maturity
- `rating_actions` (914 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)
- 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?The model
I'll start by exploring the data.
```sql
SELECT * FROM entities LIMIT 40;
```
```sql
SELECT rating_type, ccy_basis, action, watch, outlook, count(*) FROM rating_actions GROUP BY ALL ORDER BY ALL;
```
```sql
SELECT * FROM instruments LIMIT 30;
```Query results
Query 1:
| entity_id | name | lei | country | entity_type | parent_id | source_system |
|---|---|---|---|---|---|---|
| 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 |
| VD | Republic of Valdoria | | VD | SOV | | 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 |
| CV | Republic of Corvenia | | CV | SOV | | RATINGS |
| E15 | Corvenia Power SA | 213800PBQVHVBBH6GV02 | CV | CORP | | RATINGS |
| E16 | Brindle Capital Ltd | 5493003Z3PXXR7KNFM81 | GB | CORP | | QA |
| E17 | HALDEN BANK | 391200QYPVFF2O9K2039 | LU | BANK | | RESEARCH |
| 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 |
Query 2:
| rating_type | ccy_basis | action | watch | outlook | count_star() |
|---|---|---|---|---|---|
| CC | | AS | | | 2 |
| CO | | AS | | | 7 |
| INST | | AF | | | 1 |
| INST | | AS | | | 113 |
| INST | | DG | | | 3 |
| INST | | EX | | | 9 |
| LTIDR | FC | AF | | NEG | 22 |
| LTIDR | FC | AF | | POS | 15 |
| LTIDR | FC | AF | | STA | 44 |
| LTIDR | FC | AS | | NEG | 1 |
| LTIDR | FC | AS | | STA | 425 |
| LTIDR | FC | DG | | NEG | 47 |
| 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 |
Query 3:
| 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 |
Run more queries, or give the final answers.The model
<invoke name="sql">
SELECT * FROM rating_actions WHERE rated_id IN ('E01','E02','E03','E04','E05','VD','CV','E15','I01','I02','I03','I04','I05','I06','I07','I08') ORDER BY rated_id, date;
</invoke>
id
```sql
SELECT * FROM rating_actions WHERE rated_id IN ('E06','E07','E08','E09','E10','E11','E12','E13','E14','E16','E17') ORDER BY rated_id, date;
```Query results
Query 1:
| action_id | date | rated_id | rating_type | ccy_basis | action | rating | outlook | watch | comment |
|---|---|---|---|---|---|---|---|---|---|
| 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 | | |
| A43 | 2024-04-01 | E16 | LTIDR | FC | AS | BBB- | STA | | |
| A44 | 2026-06-01 | E16 | LTIDR | FC | DG | BB+ | STA | | |
Query 2:
| action_id | date | rated_id | rating_type | ccy_basis | action | rating | outlook | watch | comment |
|---|---|---|---|---|---|---|---|---|---|
| A39 | 2024-01-01 | CV | LTIDR | LC | AS | A- | STA | | |
| A38 | 2024-01-01 | CV | LTIDR | FC | AS | BBB+ | STA | | |
| A37 | 2024-01-01 | CV | CC | | AS | A | | | |
| A01 | 2024-03-12 | E01 | LTIDR | FC | AS | A- | STA | | |
| A02 | 2025-06-20 | E01 | LTIDR | FC | DG | BBB | STA | | weaker cash flow after asset sale |
| A03 | 2026-02-10 | E01 | LTIDR | FC | AF | BBB | NEG | | |
| A04 | 2026-02-10 | E01 | STIDR | FC | AF | F2 | | | |
| A08 | 2023-11-01 | E02 | LTIDR | FC | AS | A | STA | | |
| A09 | 2025-09-15 | E03 | LTIDR | FC | AF | A | POS | | |
| A14 | 2025-04-01 | E05 | LTIDR | FC | AS | BB | STA | | |
| A13 | 2025-04-01 | E05 | LTIDR | LC | AS | 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 | | | |
Run more queries, or give the final answers.The model
```sql
SELECT * FROM entities WHERE entity_id NOT LIKE 'E1%' OR name ILIKE '%cerid%' OR name ILIKE '%rotam%' OR name ILIKE '%wonod%' OR name ILIKE '%vesol%' OR name ILIKE '%belir%' OR parent_id IS NOT NULL AND parent_id<>'' ORDER BY entity_id;
```
```sql
SELECT * FROM instruments WHERE guarantor_id<>'' OR instrument_id NOT LIKE 'I1%' OR description ILIKE '%cross%';
```
```sql
SELECT * FROM rating_actions WHERE comment<>'' OR rating_type IN ('CC','CO','STIDR') OR (ccy_basis='LC') ORDER BY date;
```
```sql
SELECT country, entity_type, count(*) FROM entities 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 |
| E1006 | Soson Airlines Inc | 213800WSVEOAQ5HD4C43 | US | CORP | E1005 | RATINGS |
| E1013 | Pisol Pharma BV | 969500U072SAPPW32N81 | NL | BANK | E1004 | RATINGS |
| E1033 | Kunid Pharma SA | 213800Q84PS4FTJJB947 | ES | CORP | E1004 | RATINGS |
| E1046 | Ditin Shipping Inc | 549300ZM08IADSAK3L87 | US | BANK | E1026 | RATINGS |
| E1047 | Vaved Pharma plc | 391200WGA8OE30KZUD08 | GB | CORP | E1020 | RATINGS |
| E1059 | Kelim Media SA | 549300CRXZL5I1OT6L14 | CV | CORP | E1015 | RATINGS |
| E1066 | Lolil Industries SA | 213800VQSNQ2434DKS91 | ES | CORP | E1004 | RATINGS |
| E1075 | Nilim Industries Inc | 815600GT8SEYXSQI7W78 | US | CORP | E1071 | RATINGS |
| E1089 | Hanir Airlines SA | 969500WJX7JXMZXN4L42 | GR | CORP | E1078 | RATINGS |
| E1095 | Hunel Foods Inc | 549300YCPCEYTT7UCP57 | US | CORP | E1027 | RATINGS |
| E1098 | Wirim Water Inc | 724500HD5AQ2MDSXXU69 | US | CORP | E1006 | RATINGS |
| E11 | Halden Leasing SA | 549300XBZH4ULO9MQV55 | FR | FINSUB | E10 | RATINGS |
| E1101 | Doror Telecom SA | 815600YUVYKAXDN9LE93 | VD | CORP | E1083 | RATINGS |
| E1110 | Rinar Industries SA | 815600DZBIB9VS57NE44 | ES | CORP | E1007 | RATINGS |
| E1114 | Verod Logistics plc | 213800VNSK3FDUWI9Q67 | GB | CORP | E1063 | RATINGS |
| E1149 | Honel Shipping BV | 969500DV6LOBOACJKE42 | NL | CORP | E1013 | RATINGS |
| E1174 | Fivel Retail SpA | 724500P05MC40B0POA10 | IT | BANK | E1073 | RATINGS |
| E1177 | Kiver Capital AG | 213800J4ER8QI0XDZ847 | DE | BANK | E1010 | RATINGS |
| E1179 | Cotan Foods SA | 391200USHZVHBK9FHP01 | ES | CORP | E1162 | RATINGS |
| E1183 | Danad Pharma plc | 96950015W720OD9VIA28 | GB | CORP | E1025 | RATINGS |
| E1191 | Boler Steel SA | 815600G5CMC2QEQUCG23 | FR | CORP | E1177 | RATINGS |
| E1197 | Kaval Property plc | 8156000IN4HMEEM2ON82 | GB | CORP | E1066 | RATINGS |
| E1215 | Penen Retail Inc | 8156003V8NY694JQQA11 | US | BANK | E1063 | RATINGS |
| E1228 | Cevad Chemicals plc | 724500JFK718P3DNW233 | GB | CORP | E1023 | RATINGS |
| E1233 | Kavid Industries AG | 3912001DEUC7UPZYE471 | DE | CORP | E1198 | RATINGS |
| E1248 | Hivod Mining Inc | 213800XN4WOS9M0UP985 | US | CORP | E1107 | RATINGS |
| E1271 | Rarid Logistics AG | 213800M91M3NKSWT8K97 | DE | CORP | E1071 | RATINGS |
| E1273 | Furer Property SA | 724500Y582IZ7KJ6AG72 | ES | CORP | E1074 | RATINGS |
| E1275 | Fusin Steel Inc | 815600G1ZFK3SU6EZU96 | US | CORP | E1189 | RATINGS |
| E1276 | Nevil Holdings SpA | 2138005AK9MHXT35J172 | IT | CORP | E1074 | RATINGS |
| E1292 | Bavon Industries plc | 549300RN36RWXRZPV988 | GB | CORP | E1061 | RATINGS |
| E1293 | Datod Airlines plc | 391200BREGDXY5M1LW07 | GB | CORP | E1166 | RATINGS |
| E1315 | Wetid Shipping AG | 391200G0CPKPNGKWC253 | DE | CORP | E1278 | RATINGS |
| E1325 | Poval Chemicals Finance SA | 9695001YLTVXK1L24J01 | FR | FINSUB | E1084 | RATINGS |
| E1326 | Witad Steel Finance BV | 969500WJEQ7O6V8P8X79 | FR | FINSUB | E1052 | RATINGS |
| E1327 | Nuner Holdings Finance plc | 391200SWQKZG1IRLG226 | GB | FINSUB | E1119 | RATINGS |
| E1328 | Palad Mining Finance BV | 969500NW5R0G6TCAZA92 | GB | FINSUB | E1244 | RATINGS |
| E1329 | Ganen Shipping Finance plc | 549300ZZB6Z4QUIPZW48 | FR | FINSUB | E1069 | RATINGS |
| E1330 | Niner Pharma Finance SA | 969500PPIIF0MLO97E32 | NL | FINSUB | E1021 | RATINGS |
| E1331 | Tulol Shipping Finance BV | 391200D59Z1B4XWDGA48 | FR | FINSUB | E1025 | RATINGS |
| E1332 | Sanin Mining Finance SA | 21380077GIA72K258C76 | FR | FINSUB | E1068 | RATINGS |
| E1333 | Gilen Capital Finance plc | 213800HVPSP99Z2KCJ88 | NL | FINSUB | E1082 | RATINGS |
| E1334 | Votim Industries Finance BV | 3912005LQY8PFMP9D487 | FR | FINSUB | E1260 | RATINGS |
| E1335 | Belor Telecom Finance plc | 9695001Q1J0GREF1Y798 | NL | FINSUB | E1234 | RATINGS |
| E1336 | Navor Holdings Finance SA | 391200G55M6O27UJS152 | GB | FINSUB | E1176 | RATINGS |
| E1337 | Lanon Telecom Finance plc | 391200EERFGANN46Y270 | GB | FINSUB | E1038 | RATINGS |
| E1338 | Hivor Industries Finance BV | 724500WX98LDWMIZLF21 | GB | FINSUB | E1073 | RATINGS |
| E1339 | Wivin Airlines Finance SA | 724500Y59GQFHLXXCT69 | NL | FINSUB | E1241 | RATINGS |
| E5001 | Cerid Group plc | 815600F48PANJQE75352 | GB | CORP | | RATINGS |
(170 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 |
| I1093 | Poval Chemicals Finance 2.50% notes due 2034 | E1325 | E1084 | SU | EUR | 2027-03-31 |
| I1094 | Witad Steel Finance 6.50% notes due 2027 | E1326 | E1052 | SU | EUR | 2033-03-31 |
| I1095 | Nuner Holdings Finance 4.50% notes due 2032 | E1327 | E1119 | SU | EUR | 2030-03-31 |
| I1096 | Palad Mining Finance 6.50% notes due 2030 | E1328 | E1244 | SU | EUR | 2028-03-31 |
| I1097 | Ganen Shipping Finance 5.50% notes due 2030 | E1329 | E1069 | SU | EUR | 2029-03-31 |
| I1098 | Niner Pharma Finance 3.50% notes due 2030 | E1330 | E1021 | SU | EUR | 2032-03-31 |
| I1099 | Tulol Shipping Finance 3.50% notes due 2034 | E1331 | E1025 | SU | EUR | 2032-03-31 |
| I1100 | Sanin Mining Finance 2.50% notes due 2032 | E1332 | E1068 | SU | EUR | 2028-03-31 |
| I1101 | Gilen Capital Finance 3.50% notes due 2031 | E1333 | E1082 | SU | EUR | 2034-03-31 |
| I1102 | Votim Industries Finance 3.50% notes due 2027 | E1334 | E1260 | SU | EUR | 2031-03-31 |
| I1103 | Belor Telecom Finance 2.50% notes due 2027 | E1335 | E1234 | SU | EUR | 2030-03-31 |
| I1104 | Navor Holdings Finance 2.50% notes due 2029 | E1336 | E1176 | SU | EUR | 2033-03-31 |
| I1105 | Lanon Telecom Finance 5.50% notes due 2028 | E1337 | E1038 | SU | EUR | 2034-03-31 |
| I1106 | Hivor Industries Finance 6.50% notes due 2027 | E1338 | E1073 | SU | EUR | 2033-03-31 |
| I1107 | Wivin Airlines Finance 2.50% notes due 2031 | E1339 | E1241 | SU | EUR | 2030-03-31 |
| I5001 | Cerid Funding 4.25% notes due 2033 | E5005 | E5001 | SU | EUR | 2030-12-31 |
| I5002 | Belir Funding 5.25% notes due 2035 | E5062 | E5059 | SU | EUR | 2029-12-31 |
| I5003 | Rotam Funding 3.25% notes due 2032 | E5090 | E5086 | SU | EUR | 2033-12-31 |
| I5004 | Wonod Funding 4.25% notes due 2032 | E5108 | E5105 | SU | EUR | 2032-12-31 |
| I5005 | Vesol Funding 7.25% notes due 2033 | E5135 | E5132 | SU | EUR | 2030-12-31 |
| I5006 | Geren Funding 7.25% notes due 2030 | E5149 | E5145 | SU | EUR | 2032-12-31 |
| I5007 | Cross-group 4.75% notes due 2031 | E5133 | E5145 | SU | USD | 2031-06-30 |
Query 3:
| action_id | date | rated_id | rating_type | ccy_basis | action | rating | outlook | watch | comment |
|---|---|---|---|---|---|---|---|---|---|
| A1518 | 2022-01-25 | E1243 | LTIDR | LC | AS | BBB | STA | | |
| A1595 | 2022-04-23 | E1279 | LTIDR | LC | AS | BB | STA | | |
| A1220 | 2022-10-26 | E1101 | LTIDR | LC | AS | BB+ | STA | | |
| A1040 | 2022-12-11 | E1019 | LTIDR | LC | AS | BBB- | STA | | |
| A1095 | 2023-04-15 | E1048 | LTIDR | FC | WD | WD | | | commercial reasons |
| A26 | 2023-05-01 | E10 | LTIDR | FC | AS | A- | STA | | support from parent |
| A1519 | 2023-05-10 | E1243 | LTIDR | LC | UG | BBB+ | STA | | |
| A1356 | 2023-07-26 | E1166 | LTIDR | FC | WD | WD | | | commercial reasons |
| A1685 | 2023-10-15 | E1320 | LTIDR | FC | WD | WD | | | commercial reasons |
| A1422 | 2023-11-03 | E1200 | LTIDR | FC | WD | WD | | | commercial reasons |
| A1603 | 2023-11-15 | E1283 | LTIDR | LC | AS | BB- | STA | | |
| A1596 | 2023-12-16 | E1279 | LTIDR | LC | AF | BB | STA | | |
| A37 | 2024-01-01 | CV | CC | | AS | A | | | |
| A39 | 2024-01-01 | CV | LTIDR | LC | AS | A- | STA | | |
| A1130 | 2024-01-13 | E1059 | LTIDR | LC | AS | BB | STA | | |
| A1673 | 2024-01-24 | E1313 | LTIDR | LC | AS | BBB- | STA | | |
| A1526 | 2024-02-01 | E1245 | LTIDR | LC | AS | B+ | STA | | |
| A1041 | 2024-02-08 | E1019 | LTIDR | LC | RW | BBB- | | RWN | |
| A40 | 2024-03-01 | E15 | LTIDR | LC | AS | A+ | STA | | |
| A1042 | 2024-03-20 | E1019 | LTIDR | LC | RW | BBB- | | RWN | |
| A1411 | 2024-03-23 | E1194 | LTIDR | LC | AS | A | STA | | |
| A1311 | 2024-03-25 | E1144 | LTIDR | LC | AS | B+ | STA | | |
| A1208 | 2024-04-04 | E1096 | LTIDR | LC | AS | BBB+ | STA | | |
| A1085 | 2024-04-09 | E1041 | LTIDR | FC | WD | WD | | | commercial reasons |
| A1273 | 2024-04-11 | E1126 | LTIDR | LC | AS | BBB- | STA | | |
| A1522 | 2024-04-18 | E1244 | LTIDR | FC | WD | WD | | | commercial reasons |
| A1161 | 2024-04-28 | E1076 | LTIDR | FC | WD | WD | | | commercial reasons |
| A1268 | 2024-06-15 | E1124 | LTIDR | FC | WD | WD | | | commercial reasons |
| A1604 | 2024-06-19 | E1283 | LTIDR | LC | DG | B+ | STA | | |
| A1680 | 2024-07-07 | E1316 | LTIDR | FC | WD | WD | | | commercial reasons |
| A1312 | 2024-07-19 | E1144 | LTIDR | LC | UG | BB- | POS | | |
| A1708 | 2024-08-17 | E1333 | CO | | AS | BBB+ | | | |
| A1233 | 2024-10-16 | E1107 | LTIDR | FC | WD | WD | | | commercial reasons |
| A1263 | 2024-10-23 | E1121 | LTIDR | FC | WD | WD | | | commercial reasons |
| A1229 | 2024-10-26 | E1106 | LTIDR | LC | AS | BB | STA | | |
| A1483 | 2024-11-03 | E1229 | LTIDR | LC | AS | BBB- | STA | | |
| A1594 | 2024-11-17 | E1279 | LTIDR | FC | WD | WD | | | commercial reasons |
| A1296 | 2024-12-26 | E1138 | LTIDR | FC | WD | WD | | | commercial reasons |
| A1138 | 2025-01-12 | E1063 | LTIDR | FC | WD | WD | | | commercial reasons |
| A1496 | 2025-01-24 | E1233 | LTIDR | FC | WD | WD | | | commercial reasons |
| A46 | 2025-02-01 | E11 | CO | | AS | BBB | | | |
| A1209 | 2025-02-17 | E1096 | LTIDR | LC | AF | BBB+ | POS | | |
| A1136 | 2025-03-28 | E1062 | LTIDR | FC | WD | WD | | | commercial reasons |
| A12 | 2025-04-01 | VD | CC | | AS | BB | | | |
| A13 | 2025-04-01 | E05 | LTIDR | LC | AS | BBB- | STA | | |
| A1485 | 2025-05-17 | E1229 | LTIDR | LC | DG | BB+ | NEG | | |
| A1473 | 2025-06-12 | E1225 | LTIDR | FC | WD | WD | | | commercial reasons |
| A1700 | 2025-06-13 | E1327 | CO | | AS | BBB- | | | |
| A1664 | 2025-06-19 | E1308 | LTIDR | FC | WD | WD | | | commercial reasons |
| A02 | 2025-06-20 | E01 | LTIDR | FC | DG | BBB | STA | | weaker cash flow after asset sale |
| A1704 | 2025-06-27 | E1330 | CO | | AS | BB+ | | | |
| A1251 | 2025-06-28 | E1115 | LTIDR | FC | WD | WD | | | commercial reasons |
| A1131 | 2025-07-07 | E1059 | LTIDR | LC | DG | BB- | STA | | |
| A1002 | 2025-07-20 | E1002 | LTIDR | FC | WD | WD | | | commercial reasons |
| A1180 | 2025-08-02 | E1084 | LTIDR | FC | WD | WD | | | commercial reasons |
| A1230 | 2025-08-10 | E1106 | LTIDR | LC | WD | WD | | | commercial reasons |
| A1540 | 2025-08-13 | E1254 | LTIDR | FC | WD | WD | | | commercial reasons |
| A1059 | 2025-09-08 | E1028 | LTIDR | LC | AS | BBB- | STA | | |
| A1298 | 2025-09-15 | E1140 | LTIDR | FC | WD | WD | | | commercial reasons |
| A1484 | 2025-09-16 | E1229 | LTIDR | LC | AF | BBB- | STA | | |
(26 more rows not shown)
Query 4:
| country | entity_type | count_star() |
|---|---|---|
| CV | BANK | 3 |
| CV | CORP | 26 |
| CV | SOV | 1 |
| DE | BANK | 13 |
| DE | CORP | 48 |
| ES | BANK | 11 |
| ES | CORP | 33 |
| FR | BANK | 9 |
| FR | CORP | 61 |
| FR | FINSUB | 7 |
| GB | BANK | 14 |
| GB | CORP | 99 |
| GB | FINSUB | 5 |
| GR | BANK | 1 |
| GR | CORP | 16 |
| IT | BANK | 6 |
| IT | CORP | 17 |
| LU | BANK | 1 |
| NL | BANK | 12 |
| NL | CORP | 43 |
| NL | FINSUB | 5 |
| US | BANK | 14 |
| US | CORP | 67 |
| VD | BANK | 6 |
| VD | CORP | 21 |
| VD | SOV | 1 |
Run more queries, or give the final answers.The model
```sql
SELECT action, rating, count(*) FROM rating_actions WHERE rating_type IN ('LTIDR','INST') AND (rating IN ('RD','D','C','WD','NR') OR action IN ('EX')) GROUP BY ALL ORDER BY ALL;
```
```sql
SELECT * FROM rating_actions WHERE rated_id IN ('E5001','E5005','E5133','E5145') OR rated_id LIKE 'I50%' OR rated_id IN ('E1005','E1006','E1098') ORDER BY rated_id,date;
```
```sql
SELECT * FROM rating_actions WHERE rating IN ('RD','D','C') OR date>='2026-01-01' AND action IN ('DG') ORDER BY rated_id,date;
```
```sql
WITH ra 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')
SELECT 'watchRWN' k, string_agg(DISTINCT rated_id,',') v FROM ra WHERE rn=1 AND rating_type='LTIDR' AND watch='RWN'
UNION ALL SELECT 'neg', string_agg(DISTINCT rated_id,',') FROM ra WHERE rn=1 AND rating_type='LTIDR' AND outlook='NEG'
UNION ALL SELECT 'issuers_rated', count(DISTINCT rated_id)::varchar FROM ra WHERE rn=1 AND rating_type='LTIDR' AND action<>'WD'
UNION ALL SELECT 'inst_rated', count(DISTINCT rated_id)::varchar FROM ra WHERE rn=1 AND rating_type='INST' AND action<>'EX'
UNION ALL SELECT 'inst_ig', count(DISTINCT rated_id)::varchar FROM ra WHERE rn=1 AND rating_type='INST' AND action<>'EX' AND rating IN ('AAA','AA+','AA','AA-','A+','A','A-','BBB+','BBB','BBB-')
UNION ALL SELECT 'lost', string_agg(DISTINCT rated_id,',') FROM ra WHERE rn=1 AND rating_type='LTIDR' AND action='WD'
UNION ALL SELECT 'GB issuers', count(DISTINCT e.entity_id)::varchar FROM ra JOIN entities e ON e.entity_id=ra.rated_id WHERE rn=1 AND rating_type='LTIDR' AND action<>'WD' AND country='GB'
UNION ALL SELECT 'LU', count(*)::varchar FROM entities WHERE country='LU'
UNION ALL SELECT 'distinct leis', (count(DISTINCT lei) + sum(CASE WHEN lei IS NULL OR lei='' THEN 1 ELSE 0 END))::varchar FROM entities;
```Query results
Query 1:
| action | rating | count_star() |
|---|---|---|
| DG | RD | 1 |
| EX | A | 1 |
| EX | A+ | 1 |
| EX | A- | 1 |
| EX | AA- | 2 |
| EX | B+ | 3 |
| EX | BB- | 1 |
| WD | WD | 40 |
Query 2:
| action_id | date | rated_id | rating_type | ccy_basis | action | rating | outlook | watch | comment |
|---|---|---|---|---|---|---|---|---|---|
| A1005 | 2022-05-02 | E1005 | LTIDR | FC | AS | BBB- | STA | | |
| A1006 | 2023-03-19 | E1005 | LTIDR | FC | DG | BB+ | POS | | |
| A1007 | 2025-08-02 | E1005 | LTIDR | FC | DG | BB | NEG | | |
| A1008 | 2025-08-26 | E1006 | LTIDR | FC | AS | AA- | STA | | |
| A1009 | 2026-04-15 | E1006 | LTIDR | FC | UG | AA | STA | | |
| A1010 | 2026-06-17 | E1006 | LTIDR | FC | RW | AA | | RWN | |
| A1210 | 2025-02-13 | E1098 | LTIDR | FC | AS | BBB- | STA | | |
| A1212 | 2026-03-05 | E1098 | LTIDR | FC | RW | BBB- | | RWN | |
| A1211 | 2026-04-28 | E1098 | LTIDR | FC | RW | BBB- | | RWN | |
| A5102 | 2022-01-15 | E5133 | LTIDR | FC | AS | BBB- | STA | | |
| A5043 | 2024-09-10 | I5001 | INST | | AS | BBB+ | | | |
| A5062 | 2023-01-12 | I5002 | INST | | AS | A | | | |
| A5076 | 2024-09-24 | I5003 | INST | | AS | A | | | |
| A5100 | 2023-12-14 | I5004 | INST | | AS | A | | | |
| A5109 | 2024-10-09 | I5005 | INST | | AS | BBB- | | | |
| A5125 | 2024-06-26 | I5006 | INST | | AS | BB+ | | | |
| A5126 | 2025-02-14 | I5007 | INST | | AS | BBB | | | |
Query 3:
| action_id | date | rated_id | rating_type | ccy_basis | action | rating | outlook | watch | comment |
|---|---|---|---|---|---|---|---|---|---|
| A21 | 2026-01-20 | E08 | LTIDR | FC | DG | CCC | | | |
| A22 | 2026-07-08 | E08 | LTIDR | FC | DG | RD | | | distressed debt exchange completed |
| A27 | 2026-04-15 | E10 | LTIDR | FC | DG | BBB+ | STA | | |
| A1070 | 2026-05-02 | E1034 | LTIDR | FC | DG | BBB+ | NEG | | |
| A1102 | 2026-04-05 | E1051 | LTIDR | FC | DG | A+ | NEG | | |
| A1104 | 2026-06-01 | E1051 | LTIDR | FC | DG | A+ | POS | | |
| A1109 | 2026-03-20 | E1053 | LTIDR | FC | DG | BB | NEG | | |
| A1122 | 2026-06-25 | E1057 | LTIDR | FC | DG | BB | STA | | |
| A1127 | 2026-07-14 | E1058 | LTIDR | FC | DG | BBB- | POS | | |
| A1140 | 2026-03-04 | E1064 | LTIDR | FC | DG | BBB+ | STA | | |
| A1174 | 2026-02-14 | E1080 | LTIDR | FC | DG | A- | NEG | | |
| A1202 | 2026-07-25 | E1093 | LTIDR | FC | DG | B | STA | | |
| A1244 | 2026-02-20 | E1112 | LTIDR | FC | DG | BBB | POS | | |
| A1310 | 2026-06-06 | E1144 | LTIDR | FC | DG | B+ | POS | | |
| A1326 | 2026-01-26 | E1151 | LTIDR | FC | DG | BBB | POS | | |
| A1341 | 2026-06-16 | E1159 | LTIDR | FC | DG | BBB+ | POS | | |
| A1344 | 2026-07-28 | E1161 | LTIDR | FC | DG | B | NEG | | |
| A1350 | 2026-03-19 | E1163 | LTIDR | FC | DG | BB+ | POS | | |
| A1360 | 2026-09-07 | E1167 | LTIDR | FC | DG | BB | STA | | |
| A1366 | 2026-08-16 | E1170 | LTIDR | FC | DG | BB- | STA | | |
| A1395 | 2026-01-04 | E1186 | LTIDR | FC | DG | BBB+ | STA | | |
| A1450 | 2026-02-13 | E1213 | LTIDR | FC | DG | A- | STA | | |
| A1451 | 2026-06-16 | E1213 | LTIDR | FC | DG | BBB+ | POS | | |
| A1479 | 2026-06-28 | E1228 | LTIDR | FC | DG | BB+ | NEG | | |
| A1482 | 2026-05-06 | E1229 | LTIDR | FC | DG | BB | STA | | |
| A1481 | 2026-06-02 | E1229 | LTIDR | FC | DG | BB+ | STA | | |
| A1516 | 2026-01-13 | E1243 | LTIDR | FC | DG | BB | STA | | |
| A1545 | 2026-01-19 | E1255 | LTIDR | FC | DG | BBB+ | STA | | |
| A1561 | 2026-03-03 | E1263 | LTIDR | FC | DG | BBB | STA | | |
| A1562 | 2026-06-16 | E1263 | LTIDR | FC | DG | BBB- | NEG | | |
| A1608 | 2026-02-17 | E1285 | LTIDR | FC | DG | A | POS | | |
| A1620 | 2026-08-16 | E1290 | LTIDR | FC | DG | B | POS | | |
| A1627 | 2026-07-11 | E1294 | LTIDR | FC | DG | A+ | NEG | | |
| A1636 | 2026-02-06 | E1299 | LTIDR | FC | DG | BBB | POS | | |
| A1639 | 2026-04-09 | E1300 | LTIDR | FC | DG | BBB+ | STA | | |
| A1640 | 2026-05-06 | E1300 | LTIDR | FC | DG | BBB | NEG | | |
| A1660 | 2026-02-08 | E1307 | LTIDR | FC | DG | BB- | POS | | |
| A1718 | 2026-06-26 | E1340 | LTIDR | FC | DG | BBB+ | NEG | | |
| A1720 | 2026-11-09 | E1341 | LTIDR | FC | DG | BBB+ | NEG | | |
| A1722 | 2026-07-17 | E1342 | LTIDR | FC | DG | BBB+ | NEG | | |
| A1724 | 2026-08-08 | E1343 | LTIDR | FC | DG | BBB+ | NEG | | |
| A1726 | 2026-03-18 | E1344 | LTIDR | FC | DG | A- | NEG | | |
| A1728 | 2026-09-22 | E1345 | LTIDR | FC | DG | BB- | NEG | | |
| A1730 | 2026-10-15 | E1346 | LTIDR | FC | DG | BBB+ | NEG | | |
| A1732 | 2026-03-10 | E1347 | LTIDR | FC | DG | BBB- | NEG | | |
| A1734 | 2026-03-18 | E1348 | LTIDR | FC | DG | BBB- | NEG | | |
| A1736 | 2026-10-14 | E1349 | LTIDR | FC | DG | A- | NEG | | |
| A1738 | 2026-09-03 | E1350 | LTIDR | FC | DG | BB | NEG | | |
| A1740 | 2026-09-27 | E1351 | LTIDR | FC | DG | A- | NEG | | |
| A44 | 2026-06-01 | E16 | LTIDR | FC | DG | BB+ | STA | | |
| A5012 | 2026-03-19 | E5019 | LTIDR | FC | DG | BBB+ | NEG | | |
| A5028 | 2026-11-06 | E5033 | LTIDR | FC | DG | A | NEG | | |
| A5045 | 2026-05-25 | E5059 | LTIDR | FC | DG | BB+ | NEG | | |
| A5068 | 2026-08-16 | E5097 | LTIDR | FC | DG | B- | NEG | | |
| A5084 | 2026-06-21 | E5113 | LTIDR | FC | DG | BB- | NEG | | |
| A5088 | 2026-05-16 | E5116 | LTIDR | FC | DG | A | NEG | | |
| A5116 | 2026-02-16 | E5156 | LTIDR | FC | DG | B- | NEG | | |
| A29 | 2026-04-15 | I05 | INST | | DG | BBB+ | | | |
Query 4:
| k | v |
|---|---|
| watchRWN | E1264,E1006,E1019,E1099,E1260,E1132,E1061,E1238,E1013,E1297,E1181,E1210,E1133,E06,E1126,E1098,E1109,E1168,E1194,E1088,E1266,E1059,E1039,E1267,E1242,E1317,E1037,E1066,E1314,E1146,E1323,E1203 |
| neg | E1060,E5019,E1211,E09,E5113,E1262,E5131,E5073,E1263,E1228,E1345,E5099,E5050,E1188,E1034,E5057,E1248,E1079,E01,E1118,E1343,E1064,E1055,E5141,E1294,E5119,E1350,E1340,E5013,E5023,E5062,E1056,E1282,E5156,E1072,E1190,E5039,E1347,E1271,E5102,E5097,E1300,E5116,E1080,E1005,E1046,E1348,E1342,E5059,E1029,E5170,E1161,E1351,E5020,E1158,E1105,E1344 |
| issuers_rated | 393 |
| inst_rated | 113 |
| inst_ig | 72 |
| lost | E1007,E1057,E1308,E1155,E1159,E1032,E1076,E1084,E1048,E1166,E07,E1021,E1279,E1254,E1121,E1106,E1205,E1277,E1234,E1200,E1225,E1233,E1206,E1219,E1320,E1002,E1124,E1172,E1218,E1244,E1316,E1062,E1138,E1041,E1107,E1140,E1063 |
| GB issuers | 88 |
| LU | 1 |
| distinct leis | 511 |
Run more queries, or give the final answers.The model
<invoke name="sql">
WITH RECURSIVE h(entity_id, root, depth, path) AS (
SELECT entity_id, entity_id, 0, entity_id FROM entities WHERE coalesce(parent_id,'')=''
UNION ALL SELECT e.entity_id, h.root, h.depth+1, h.path||'>'||e.entity_id FROM entities e JOIN h ON e.parent_id=h.entity_id),
rk(r,n) AS (VALUES ('AAA',1),('AA+',2),('AA',3),('AA-',4),('A+',5),('A',6),('A-',7),('BBB+',8),('BBB',9),('BBB-',10),('BB+',11),('BB',12),('BB-',13),('B+',14),('B',15),('B-',16),('CCC',18),('CC',20),('C',21),('RD',22),('D',23)),
cur AS (SELECT * FROM (SELECT *, row_number() OVER (PARTITION BY rated_id ORDER BY date DESC, action_id DESC) rn FROM rating_actions WHERE rating_type='LTIDR' AND ccy_basis='FC' AND date<='2026-11-05') WHERE rn=1 AND action<>'WD')
SELECT 'path:'||e.name k, h.path v FROM entities e JOIN h USING(entity_id) WHERE e.name ILIKE 'Cerid Rosor%' OR e.name ILIKE 'Cerid Guven%' OR e.name ILIKE 'Cerid Telecom%' OR e.name ILIKE 'Belir Mining%' OR e.name ILIKE 'Rotam Group%' OR e.name ILIKE 'Wonod Group%' OR e.name ILIKE 'Vesol Group%' OR e.name ILIKE 'Cerid Group%'
UNION ALL SELECT 'size:'||r.name||' '||r.entity_id, count(*)::varchar FROM h JOIN entities r ON r.entity_id=h.root WHERE r.entity_id IN ('E5001','E09','E02') OR r.name ILIKE 'Rotam Group%' OR r.name ILIKE 'Wonod Group%' OR r.name ILIKE 'Vesol Group%' GROUP BY r.name, r.entity_id
UNION ALL SELECT 'wonodVD', string_agg(e.entity_id,',') FROM h JOIN entities e USING(entity_id) JOIN entities r ON r.entity_id=h.root WHERE r.name ILIKE 'Wonod Group%' AND e.country='VD'
UNION ALL SELECT 'q55', count(DISTINCT c.rated_id)::varchar FROM cur c JOIN h ON h.entity_id=c.rated_id WHERE EXISTS (SELECT 1 FROM entities a WHERE a.country='VD' AND a.entity_id<>c.rated_id AND h.path LIKE '%'||a.entity_id||'>%')
UNION ALL SELECT 'q56 vesol', string_agg(c.rated_id||':'||c.rating, ',' ORDER BY k.n DESC) FROM cur c JOIN h ON h.entity_id=c.rated_id JOIN entities r ON r.entity_id=h.root JOIN rk k ON k.r=c.rating WHERE r.name ILIKE 'Vesol Group%'
UNION ALL SELECT 'q58', string_agg(i.instrument_id||' g='||i.guarantor_id||' iss='||i.issuer_id,'; ') FROM instruments i JOIN h gi ON gi.entity_id=i.guarantor_id JOIN h ii ON ii.entity_id=i.issuer_id WHERE gi.root<>ii.root
UNION ALL SELECT 'q59', count(*)::varchar FROM h WHERE root='E5001' AND depth=3
UNION ALL SELECT 'q60', c.rated_id||' '||c.rating||' root='||h.root||' issroot='||(SELECT root FROM h WHERE entity_id='E5133') FROM cur c JOIN h ON h.entity_id=c.rated_id WHERE c.rated_id='E5145'
UNION ALL SELECT 'q61', string_agg(c.rated_id||':'||c.rating,',') FROM cur c JOIN h ON h.entity_id=c.rated_id JOIN rk k ON k.r=c.rating WHERE h.root='E5001' AND k.n>10;
</invoke>
```sql
SELECT 'q7' k, string_agg(DISTINCT rated_id,',') v FROM rating_actions WHERE rating_type='LTIDR' AND action='DG' AND date BETWEEN '2026-01-01' AND '2026-11-05'
UNION ALL SELECT 'ceil', string_agg(DISTINCT rated_id||':'||rating,',') FROM (SELECT *, row_number() OVER (PARTITION BY rated_id ORDER BY date DESC, action_id DESC) rn FROM rating_actions WHERE rating_type='LTIDR' AND ccy_basis='FC' AND date<='2026-10-01') x JOIN entities e ON e.entity_id=x.rated_id WHERE rn=1 AND action<>'WD' AND ((e.country='CV' AND rating IN ('A','A+','AA-','AA','AAA')) OR (e.country='VD' AND rating IN ('BB','BB+','BBB-','BBB','BBB+','A-','A','A+','AA-','AA','AAA')));
```Query results
Query 1:
| k | v |
|---|---|
| q7 | E16,E1340,E1346,E1167,E1058,E08,E1348,E1186,E1112,E1350,E1294,E1151,E5156,E1170,E1034,E1299,E1053,E1144,E5019,E1159,E1057,E1243,E5113,E1064,E1343,E1093,E1080,E5116,E1307,E1345,E1229,E1263,E1255,E1228,E1349,E5097,E1163,E1213,E1300,E1051,E1347,E1344,E1290,E1285,E10,E5059,E1161,E1351,E1342 |
| ceil | E5047:BB,E1028:BB,E5124:BB,E5012:BB,E1101:BB,E1126:BB,E1039:A,E1236:BB,E1194:A,E5116:A,E5091:BB,E05:BB,E15:A |
Query 2:
| k | v |
|---|---|
| path:Cerid Group plc | E5001 |
| path:Rotam Group Inc | E5086 |
| path:Wonod Group SA | E5105 |
| path:Vesol Group BV | E5132 |
| path:Cerid Guven Energy SA | E5167>E5011 |
| path:BELIR MINING SA | E5086>E5168 |
| path:Belir Mining SA | E5059>E5060>E5062 |
| path:Cerid Telecom SA | E5001>E5002>E5006>E5013 |
| path:Cerid Rosor Holdings SA | E5167>E5011>E5023>E5035>E5047 |
| size:Northwind Holdings plc E02 | 2 |
| size:Wonod Group SA E5105 | 27 |
| size:Rotam Group Inc E5086 | 20 |
| size:Vesol Group BV E5132 | 13 |
| size:Halden Group plc E09 | 3 |
| size:Cerid Group plc E5001 | 55 |
| wonodVD | E5124,E5130 |
| q55 | 23 |
| q56 vesol | E5144:BB-,E5141:BB,E5132:BB+,E5133:BBB-,E5136:BBB-,E5143:A,E5140:A+ |
| q58 | I5007 g=E5145 iss=E5133 |
| q59 | 11 |
| q61 | E5170:B-,E5007:B,E5010:BB-,E5012:BB,E5013:B-,E5016:BB,E5021:B,E5022:BB-,E5024:B-,E5025:BB,E5028:B-,E5029:BB+,E5030:B,E5037:B+,E5039:BB-,E5041:B-,E5042:BB,E5048:B- |
Run more queries, or give the final answers.The model
<invoke name="sql">
SELECT 'ent' k, entity_id||'|'||name||'|'||country||'|'||coalesce(parent_id,'')||'|'||source_system||'|'||coalesce(lei,'') v FROM entities WHERE entity_id IN ('E5167','E5168','E5062','E5059','E5060','E5011','E5001','E5013')
UNION ALL
SELECT 'dups', string_agg(entity_id||'/'||source_system||'/'||country||'/'||coalesce(parent_id,''), ' ; ') FROM entities WHERE lei IN (SELECT lei FROM entities WHERE lei IS NOT NULL AND lei<>'' GROUP BY lei HAVING count(*)>1) AND (entity_id LIKE 'E5%' OR entity_id LIKE 'E0%' OR entity_id LIKE 'E1_' )
UNION ALL
SELECT 'nolei', string_agg(entity_id,',') FROM entities WHERE lei IS NULL OR lei=''
UNION ALL
SELECT 'ndups', count(*)::varchar||' rows in '||count(DISTINCT lei) FROM entities WHERE lei IN (SELECT lei FROM entities WHERE lei<>'' GROUP BY lei HAVING count(*)>1)
UNION ALL
SELECT 'dup_rated_GB_active', string_agg(DISTINCT e.entity_id,',') FROM entities e WHERE e.lei IN (SELECT lei FROM entities WHERE lei<>'' GROUP BY lei HAVING count(*)>1) AND e.source_system<>'RATINGS';
</invoke>
```sql
SELECT 'ent' k, entity_id||'|'||name||'|'||country||'|'||coalesce(parent_id,'')||'|'||source_system||'|'||coalesce(lei,'') v FROM entities WHERE entity_id IN ('E5167','E5168','E5062','E5059','E5060','E5011','E5001','E5013')
UNION ALL
SELECT 'dups', string_agg(entity_id||'/'||source_system||'/'||country||'/'||coalesce(parent_id,''), ' ; ') FROM entities WHERE lei IN (SELECT lei FROM entities WHERE lei IS NOT NULL AND lei<>'' GROUP BY lei HAVING count(*)>1)
UNION ALL
SELECT 'nolei', string_agg(entity_id,',') FROM entities WHERE lei IS NULL OR lei=''
UNION ALL
SELECT 'ndups', count(*)::varchar||' rows in '||count(DISTINCT lei) FROM entities WHERE lei IN (SELECT lei FROM entities WHERE lei<>'' GROUP BY lei HAVING count(*)>1)
UNION ALL
SELECT 'nonrat_rated', string_agg(DISTINCT e.entity_id,',') FROM entities e JOIN rating_actions r ON r.rated_id=e.entity_id WHERE e.source_system<>'RATINGS';
```Query results
Query 1:
| k | v |
|---|---|
| ent | E5001|Cerid Group plc|GB||RATINGS|815600F48PANJQE75352 |
| ent | E5011|Cerid Guven Energy SA|VD|E5167|RATINGS|391200IX7WB68Q29NJ46 |
| ent | E5013|Cerid Telecom SA|ES|E5006|RATINGS|724500EU84AMOZS7U244 |
| ent | E5059|Belir Group AG|DE||RATINGS|969500YPO4CFVEL1XX12 |
| ent | E5060|Belir Retail AG|DE|E5059|RATINGS|549300PQXT9OXKZVXP03 |
| ent | E5062|Belir Mining SA|FR|E5060|RATINGS|54930011OTFCAUKB0A28 |
| ent | E5167|CERID CHEMICALS SA|VD||RESEARCH|391200B1GR4AGTV5WY99 |
| ent | E5168|BELIR MINING SA|FR|E5086|RESEARCH|54930011OTFCAUKB0A28 |
| dups | E02/RATINGS/GB/ ; E03/RESEARCH/GB/ ; E10/RATINGS/DE/E09 ; E17/RESEARCH/LU/ ; E1001/RATINGS/FR/ ; E1002/RESEARCH/FR/ ; E1021/RATINGS/GB/ ; E1022/RESEARCH/GB/ ; E1029/RATINGS/US/ ; E1030/RESEARCH/US/ ; E1059/RATINGS/CV/E1015 ; E1060/RESEARCH/CV/ ; E1096/RATINGS/CV/ ; E1097/RESEARCH/CV/ ; E1103/RATINGS/US/ ; E1104/RESEARCH/US/ ; E1116/RATINGS/GB/ ; E1117/RESEARCH/GB/ ; E1138/RATINGS/NL/ ; E1139/RESEARCH/NL/ ; E1147/RATINGS/FR/ ; E1148/RESEARCH/FR/ ; E1152/RATINGS/GB/ ; E1153/RESEARCH/GB/ ; E1156/RATINGS/DE/ ; E1157/RESEARCH/US/ ; E1160/RATINGS/FR/ ; E1161/RESEARCH/FR/ ; E1169/RATINGS/GB/ ; E1170/RESEARCH/GB/ ; E1179/RATINGS/ES/E1162 ; E1180/RESEARCH/IT/ ; E1209/RATINGS/IT/ ; E1210/RESEARCH/DE/ ; E1213/RATINGS/FR/ ; E1214/RESEARCH/NL/ ; E1238/RATINGS/GR/ ; E1239/RESEARCH/GR/ ; E1245/RATINGS/CV/ ; E1246/RESEARCH/FR/ ; E1253/RATINGS/ES/ ; E1254/RESEARCH/ES/ ; E1258/RATINGS/FR/ ; E1259/RESEARCH/FR/ ; E1261/RATINGS/ES/ ; E1262/RESEARCH/ES/ ; E1298/RATINGS/ES/ ; E1299/RESEARCH/ES/ ; E1310/RATINGS/IT/ ; E1311/RESEARCH/IT/ ; E1318/RATINGS/GB/ ; E1319/RESEARCH/GB/ ; E5005/RATINGS/VD/E5002 ; E5062/RATINGS/FR/E5060 ; E5106/RATINGS/NL/E5105 ; E5167/RESEARCH/VD/ ; E5168/RESEARCH/FR/E5086 ; E5169/RESEARCH/VD/ |
| nolei | VD,CV |
| ndups | 58 rows in 29 |
| nonrat_rated | E16,E1346,E1340,E03,E1117,E1254,E1060,E1299,E1262,E1345,E1319,E1349,E1350,E1170,E1343,E1148,E1104,E1210,E1347,E1341,E1348,E1153,E1002,E1351,E5170,E1161,E1342,E1344 |
Query 2:
| k | v |
|---|---|
| ent | E5001|Cerid Group plc|GB||RATINGS|815600F48PANJQE75352 |
| ent | E5011|Cerid Guven Energy SA|VD|E5167|RATINGS|391200IX7WB68Q29NJ46 |
| ent | E5013|Cerid Telecom SA|ES|E5006|RATINGS|724500EU84AMOZS7U244 |
| ent | E5059|Belir Group AG|DE||RATINGS|969500YPO4CFVEL1XX12 |
| ent | E5060|Belir Retail AG|DE|E5059|RATINGS|549300PQXT9OXKZVXP03 |
| ent | E5062|Belir Mining SA|FR|E5060|RATINGS|54930011OTFCAUKB0A28 |
| ent | E5167|CERID CHEMICALS SA|VD||RESEARCH|391200B1GR4AGTV5WY99 |
| ent | E5168|BELIR MINING SA|FR|E5086|RESEARCH|54930011OTFCAUKB0A28 |
| dups | E02/RATINGS/GB/ ; E03/RESEARCH/GB/ ; E10/RATINGS/DE/E09 ; E17/RESEARCH/LU/ ; E5005/RATINGS/VD/E5002 ; E5062/RATINGS/FR/E5060 ; E5106/RATINGS/NL/E5105 ; E5167/RESEARCH/VD/ ; E5168/RESEARCH/FR/E5086 ; E5169/RESEARCH/VD/ |
| nolei | VD,CV |
| ndups | 58 rows in 29 |
| dup_rated_GB_active | E03,E1117,E1246,E1259,E1022,E1030,E1104,E1148,E5167,E5169,E1319,E17,E1139,E5168,E1210,E1214,E1170,E1254,E1060,E1157,E1262,E1299,E1161,E1180,E1239,E1097,E1002,E1153,E1311 |
Run more queries, or give the final answers.The model
<invoke name="sql">
SELECT e.entity_id, e.name, e.country, e.parent_id, e.source_system, e.lei FROM entities e WHERE e.lei IN (SELECT lei FROM entities WHERE entity_id IN ('E5005','E5106','E5167','E5169','E5062','E5168')) ORDER BY lei, entity_id;
```
```sql
WITH ra 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'),
cur AS (SELECT * FROM ra WHERE rn=1 AND rating_type='LTIDR' AND action<>'WD'),
fcur AS (SELECT DISTINCT rated_id FROM cur)
SELECT 'q9_lei' k, count(DISTINCT e.lei)::varchar v FROM fcur f JOIN entities e ON e.entity_id=f.rated_id
UNION ALL SELECT 'q40_gb_lei', count(DISTINCT e.lei)::varchar FROM fcur f JOIN entities e ON e.entity_id=f.rated_id WHERE e.country='GB'
UNION ALL SELECT 'q8', string_agg(DISTINCT rated_id,',') FROM ra WHERE rn=1 AND rating_type='LTIDR' AND rating IN ('RD','D')
UNION ALL SELECT 'q21', string_agg(DISTINCT a.rated_id,',') FROM rating_actions a WHERE a.rating_type='LTIDR' AND a.action<>'WD' AND a.date<='2026-10-01' AND a.rated_id NOT IN (SELECT rated_id FROM fcur)
UNION ALL SELECT 'q48 insts', count(*)::varchar FROM ra WHERE rn=1 AND rating_type='INST' AND action<>'EX'
UNION ALL SELECT 'future', string_agg(action_id||':'||date,',') FROM rating_actions WHERE date>'2026-10-01' AND date<='2026-11-05' AND rating_type='LTIDR';
```Query results
Query 1:
| k | v |
|---|---|
| q9_lei | 390 |
| q40_gb_lei | 87 |
| q8 | E08 |
| q21 | E1062,E1219,E1320,E1206,E1155,E1032,E1308,E1057,E1159,E1007,E1041,E1138,E1107,E1140,E1063,E07,E1021,E1166,E1277,E1048,E1084,E1218,E1316,E1244,E1200,E1234,E1233,E1225,E1121,E1205,E1254,E1172,E1124,E1076,E1002 |
| q48 insts | 113 |
| future | A1730:2026-10-15,A1736:2026-10-14 |
Run more queries, or give the final answers.The model
**Q1.** A-. E01's rating was A- from A01 (2024-03-12) until the downgrade to BBB in A02 (2025-06-20).
**Q2.** No. The only 2026 action on E01 is A03, an affirmation at BBB with a Negative outlook.
**Q3.** No, it is BB+. I02 (Kestrel 6.25% 2031, subordinated) was downgraded to BB+ in A07, which is below investment grade.
**Q4.** Positive. E03 is the same legal entity as E02 (same LEI), and its latest action A09 (2025-09-15) carries a Positive outlook, newer than E02's A08 (Stable).
**Q5.** Northwind Holdings (E02), the guarantor of I03, whose rating is A. I03 is issued by E04 and guaranteed by E02, and I03 is rated A (A11).
**Q6.** The data does not state a reason. It shows E05's foreign-currency rating at BB (A14) against a local-currency rating of BBB- (A13), and the Valdoria Country Ceiling (VD, A12) is BB, which equals the foreign-currency rating.
**Q7.** 49 issuers had a downgrade (DG) action in 2026 up to 2026-11-05 (list in JSON). Duplicate research records E1170, E1161 and E1299 are mapped to E1169, E1160 and E1298. Some DG actions are listed with an unchanged rating (e.g. E1051), so I kept them as recorded.
**Q8.** E08. A22 moved it to RD on 2026-07-08, and no later action changes that.
**Q9.** 390. By LEI there are 390 distinct entities with a current issuer rating on 2026-10-01, against 393 rated IDs, so 3 IDs are duplicates.
**Q10.** Depends. E05 is BB on foreign currency (A14), which is sub-investment grade, and BBB- on local currency (A13), which is investment grade.
**Q11.** BBB+. E14 was downgraded in A36 (2024-09-30).
**Q12.** A-. This is E14's initial rating A34.
**Q13.** 1. Only A36 is a downgrade for E14.
**Q14.** None. E12's first rating, A30, is dated 2024-02-01.
**Q15.** A-. E10's rating was A- (A26) until the 2026-04-15 downgrade (A27).
**Q16.** No. E14 stayed at BBB+ after A36; the later actions A35 (Rating Watch Negative) and A33 (affirmation) did not change it.
**Q17.** No. The only 2026 action on E06 is A17, a Rating Watch Negative at A-.
**Q18.** 32 issuers were on Rating Watch Negative on 2026-10-01 (list in JSON). The duplicate research record E1210 is mapped to E1209.
**Q19.** 57 issuers had a Negative outlook on 2026-10-01 (list in JSON). The duplicates E1060, E1262 and E1161 are mapped to E1059, E1261 and E1160.
**Q20.** No. E07 was withdrawn for commercial reasons (A19), and the only default-level rating (RD) in the data belongs to E08.
**Q21.** 33 entities (list in JSON). The research duplicates E1002 and E1254 are excluded, because their rated twins E1001 and E1253 appear not to have lost their ratings.
**Q22.** E08 only. It is the only entity with an RD rating (A22).
**Q23.** F2 (A04).
**Q24.** Yes. E01's BBB is investment grade.
**Q25.** 72. I count the latest rating per instrument, excluding expired ones such as I08.
**Q26.** A+ (A40).
**Q27.** A-. This is I06's rating A42.
**Q28.** BBB+ (A38).
**Q29.** None. VD has only a Country Ceiling (A12, BB), not an issuer rating.
**Q30.** 13 entities (list in JSON) have a foreign-currency issuer rating exactly at their country's ceiling. Ceilings are A for CV (A37) and BB for VD (A12).
**Q31.** No. None of the CV or VD issuers is rated above its ceiling.
**Q32.** E09. E11's parent is E10, whose parent is E09.
**Q33.** Halden Bank (E10), the guarantor of I05, whose rating is BBB+. I05 itself was downgraded to BBB+ in A29.
**Q34.** No. E12 has no parent and is not linked to E09 or E10.
**Q35.** 3: E09, E10 and E11.
**Q36.** 2: E02 and E04. E03 is a duplicate record of E02, not a subsidiary.
**Q37.** 511. This is the count of distinct LEIs, treating the 2 entities with no LEI (VD, CV) as separate, which collapses the duplicate records.
**Q38.** No. They have different LEIs (E06 and E13).
**Q39.** A. E02 is rated A (A08), and E03's A (A09, Positive outlook) is the same entity.
**Q40.** 87. This counts distinct LEIs among GB entities with a current issuer rating.
**Q41.** BB+ (A44, downgraded 2026-06-01).
**Q42.** DE. E10 is DE; the LU record E17 is a research duplicate with the same LEI.
**Q43.** 0. The only LU record is E17, a duplicate of the DE entity E10.
**Q44.** Yes. I07 is denominated in XVD, which I take to be Valdoria's local currency (inferred from the code, not stated in the data).
**Q45.** No. The ceiling caps foreign-currency ratings and I07 is a local-currency note; its BBB- (A45) is above the BB ceiling but the ceiling does not apply to it.
**Q46.** No. E11 has only a Credit Opinion (BBB, A46) and no long-term issuer rating.
**Q47.** None. I08's rating was marked expired (EX, A47, 2026-09-01).
**Q48.** 113. This counts instruments with a current rating, excluding expired ones.
**Q49.** E5167 (Cerid Chemicals SA). The chain is E5167>E5011>E5023>E5035>E5047, although E5167 is a RESEARCH-source record.
**Q50.** 4. E5047 sits four levels below E5167.
**Q51.** 55.
**Q52.** 19. The raw count is 20, but E5168 is a research duplicate of Belir Mining (E5062), which the ratings record places under Belir Group (E5059).
**Q53.** No. E5062 sits under E5059 (Belir Group AG) and E5086 is a separate root.
**Q54.** E5124 and E5130.
**Q55.** 23. This counts entities with a current issuer rating that have a VD-domiciled entity above them in their chain of parents.
**Q56.** BB-, held by E5144.
**Q57.** None can be given. E5011 sits under the root E5167 and E5013 under the root E5001, so the data shows no shared parent.
**Q58.** E5145. It guarantees I5007, issued by E5133, which is in the Vesol group.
**Q59.** 11.
**Q60.** E5145, which is not in the same group as the issuer E5133. I5007 is issued by E5133 and guaranteed by E5145.
**Q61.** 18, counting members rated BB+ or lower.
```json
{
"Q1":{"rating":"A-"},
"Q2":{"downgraded":"no"},
"Q3":{"investment_grade":"no","rating":"BB+"},
"Q4":{"outlook":"POS"},
"Q5":{"risk_of":"E02","rating":"A"},
"Q7":{"issuers":["E16","E1340","E1346","E1167","E1058","E08","E1348","E1186","E1112","E1350","E1294","E1151","E5156","E1169","E1034","E1298","E1053","E1144","E5019","E1159","E1057","E1243","E5113","E1064","E1343","E1093","E1080","E5116","E1307","E1345","E1229","E1263","E1255","E1228","E1349","E5097","E1163","E1213","E1300","E1051","E1347","E1344","E1290","E1285","E10","E5059","E1160","E1351","E1342"]},
"Q8":{"entities":["E08"]},
"Q9":{"count":390},
"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":["E1264","E1006","E1019","E1099","E1260","E1132","E1061","E1238","E1013","E1297","E1181","E1209","E1133","E06","E1126","E1098","E1109","E1168","E1194","E1088","E1266","E1059","E1039","E1267","E1242","E1317","E1037","E1066","E1314","E1146","E1323","E1203"]},
"Q19":{"issuers":["E1059","E5019","E1211","E09","E5113","E1261","E5131","E5073","E1263","E1228","E1345","E5099","E5050","E1188","E1034","E5057","E1248","E1079","E01","E1118","E1343","E1064","E1055","E5141","E1294","E5119","E1350","E1340","E5013","E5023","E5062","E1056","E1282","E5156","E1072","E1190","E5039","E1347","E1271","E5102","E5097","E1300","E5116","E1080","E1005","E1046","E1348","E1342","E5059","E1029","E5170","E1160","E1351","E5020","E1158","E1105","E1344"]},
"Q20":{"in_default":"no"},
"Q21":{"entities":["E1062","E1219","E1320","E1206","E1155","E1032","E1308","E1057","E1159","E1007","E1041","E1138","E1107","E1140","E1063","E07","E1021","E1166","E1277","E1048","E1084","E1218","E1316","E1244","E1200","E1234","E1233","E1225","E1121","E1205","E1172","E1124","E1076"]},
"Q22":{"entities":["E08"]},
"Q23":{"rating":"F2"},
"Q24":{"investment_grade":"yes"},
"Q25":{"count":72},
"Q26":{"rating":"A+"},
"Q27":{"rating":"A-"},
"Q28":{"rating":"BBB+"},
"Q29":{"rating":"none"},
"Q30":{"entities":["E5047","E1028","E5124","E5012","E1101","E1126","E1039","E1236","E1194","E5116","E5091","E05","E15"]},
"Q31":{"any":"no"},
"Q32":{"parent":"E09"},
"Q33":{"risk_of":"E10","rating":"BBB+"},
"Q34":{"same_group":"no"},
"Q35":{"count":3},
"Q36":{"count":2},
"Q37":{"count":511},
"Q38":{"same":"no"},
"Q39":{"rating":"A"},
"Q40":{"count":87},
"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":113},
"Q49":{"parent":"E5167"},
"Q50":{"count":4},
"Q51":{"count":55},
"Q52":{"count":19},
"Q53":{"same_group":"no"},
"Q54":{"entities":["E5124","E5130"]},
"Q55":{"count":23},
"Q56":{"rating":"BB-"},
"Q57":{"entity":"none"},
"Q58":{"entities":["E5145"]},
"Q59":{"count":11},
"Q60":{"risk_of":"E5145","same_group":"no"},
"Q61":{"count":18}
}
```