D5 sparql+ontology, run 4: 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a rating agency did to a rating on a date (date): assigned, affirmed, upgraded, downgraded, placed on Watch or withdrawn it.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">
```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
```
```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?i ?d ?iss ?g ?s ?c ?m WHERE {
  ?i a lad:Instrument .
  OPTIONAL{?i lad:description ?d} OPTIONAL{?i lad:issuer ?iss} OPTIONAL{?i lad:guarantor ?g}
  OPTIONAL{?i lad:seniority ?s} OPTIONAL{?i lad:currency ?c} OPTIONAL{?i lad:maturity ?m}
} ORDER BY ?i
```

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)

Query 2:

| i | d | iss | g | s | c | m |
|---|---|---|---|---|---|---|
| lad:I01 | Kestrel Energy 4.50% notes due 2030 | lad:E01 |  | lad:seniority-SU | GBP | 2030-03-15 |
| lad:I02 | Kestrel Energy 6.25% notes due 2031 | lad:E01 |  | lad:seniority-SUB | GBP | 2031-09-30 |
| lad:I03 | Northwind Finance 3.75% notes due 2030 | lad:E04 | lad:E02 | lad:seniority-SU | EUR | 2030-05-01 |
| lad:I04 | Valdoria Telecom 5.00% notes due 2029 | lad:E05 |  | lad:seniority-SU | USD | 2029-11-20 |
| lad:I05 | Halden Leasing 2.90% notes due 2028 | lad:E11 | lad:E10 | lad:seniority-SU | EUR | 2028-06-30 |
| lad:I06 | Corvenia Power 7.10% notes due 2032 | lad:E15 |  | lad:seniority-SUB | USD | 2032-02-15 |
| lad:I07 | Valdoria Telecom 4.25% notes due 2027 | lad:E05 |  | lad:seniority-SU | XVD | 2027-08-31 |
| lad:I08 | Corvenia Power 6.00% notes due 2034 | lad:E15 |  | lad:seniority-SU | USD | 2034-09-01 |
| lad:I1001 | Soson Airlines 5.50% notes due 2031 | lad:E1006 |  | lad:seniority-SUB | USD | 2035-06-30 |
| lad:I1002 | Golod Property 8.75% notes due 2031 | lad:E1007 |  | lad:seniority-SU | USD | 2033-06-30 |
| lad:I1003 | Sotil Retail 3.00% notes due 2031 | lad:E1008 |  | lad:seniority-SU | GBP | 2034-06-30 |
| lad:I1004 | Malam Chemicals 2.25% notes due 2035 | lad:E1009 |  | lad:seniority-SU | USD | 2028-06-30 |
| lad:I1005 | Posad Industries 4.00% notes due 2033 | lad:E1012 |  | lad:seniority-SU | EUR | 2031-06-30 |
| lad:I1006 | Pisol Pharma 4.75% notes due 2030 | lad:E1013 |  | lad:seniority-SUB | USD | 2030-06-30 |
| lad:I1007 | Toral Utilities 7.75% notes due 2028 | lad:E1014 |  | lad:seniority-SU | EUR | 2033-06-30 |
| lad:I1008 | Ponar Telecom 4.75% notes due 2035 | lad:E1016 |  | lad:seniority-SU | EUR | 2033-06-30 |
| lad:I1009 | Tosem Mining 2.75% notes due 2031 | lad:E1018 |  | lad:seniority-SUB | USD | 2036-06-30 |
| lad:I1010 | Finel Media 6.50% notes due 2035 | lad:E1020 |  | lad:seniority-SU | EUR | 2036-06-30 |
| lad:I1011 | Niner Pharma 3.25% notes due 2029 | lad:E1021 |  | lad:seniority-SU | USD | 2035-06-30 |
| lad:I1012 | Heled Water 6.25% notes due 2030 | lad:E1023 |  | lad:seniority-SU | GBP | 2031-06-30 |
| lad:I1013 | Kuvir Logistics 2.00% notes due 2027 | lad:E1031 |  | lad:seniority-SU | EUR | 2027-06-30 |
| lad:I1014 | Kavod Utilities 2.50% notes due 2032 | lad:E1035 |  | lad:seniority-SU | USD | 2036-06-30 |
| lad:I1015 | Lanon Telecom 4.75% notes due 2033 | lad:E1038 |  | lad:seniority-SUB | EUR | 2032-06-30 |
| lad:I1016 | Hiral Steel 6.00% notes due 2035 | lad:E1041 |  | lad:seniority-SU | USD | 2034-06-30 |
| lad:I1017 | Lised Pharma 4.50% notes due 2036 | lad:E1048 |  | lad:seniority-SU | EUR | 2029-06-30 |
| lad:I1018 | Paser Utilities 3.75% notes due 2027 | lad:E1049 |  | lad:seniority-SUB | GBP | 2034-06-30 |
| lad:I1019 | Sunar Holdings 8.50% notes due 2036 | lad:E1050 |  | lad:seniority-SUB | USD | 2034-06-30 |
| lad:I1020 | Witad Steel 5.00% notes due 2033 | lad:E1052 |  | lad:seniority-SU | EUR | 2027-06-30 |
| lad:I1021 | Duver Shipping 8.50% notes due 2032 | lad:E1056 |  | lad:seniority-SU | EUR | 2030-06-30 |
| lad:I1022 | Levem Foods 6.50% notes due 2035 | lad:E1067 |  | lad:seniority-SUB | EUR | 2030-06-30 |
| lad:I1023 | Mored Utilities 4.25% notes due 2032 | lad:E1071 |  | lad:seniority-SUB | USD | 2033-06-30 |
| lad:I1024 | Ganed Holdings 5.75% notes due 2035 | lad:E1077 |  | lad:seniority-SU | EUR | 2032-06-30 |
| lad:I1025 | Menir Shipping 7.50% notes due 2028 | lad:E1078 |  | lad:seniority-SUB | EUR | 2034-06-30 |
| lad:I1026 | Nevar Property 6.75% notes due 2036 | lad:E1079 |  | lad:seniority-SU | GBP | 2028-06-30 |
| lad:I1027 | Gilen Capital 2.00% notes due 2031 | lad:E1082 |  | lad:seniority-SUB | USD | 2034-06-30 |
| lad:I1028 | Givim Mining 5.75% notes due 2036 | lad:E1085 |  | lad:seniority-SU | EUR | 2034-06-30 |
| lad:I1029 | Gorar Steel 7.25% notes due 2033 | lad:E1086 |  | lad:seniority-SUB | USD | 2035-06-30 |
| lad:I1030 | Vitid Holdings 5.75% notes due 2032 | lad:E1087 |  | lad:seniority-SU | EUR | 2034-06-30 |
| lad:I1031 | Koved Holdings 2.50% notes due 2032 | lad:E1088 |  | lad:seniority-SUB | EUR | 2033-06-30 |
| lad:I1032 | Getel Utilities 7.25% notes due 2033 | lad:E1090 |  | lad:seniority-SU | USD | 2032-06-30 |
| lad:I1033 | Vavam Pharma 8.75% notes due 2032 | lad:E1103 |  | lad:seniority-SUB | USD | 2032-06-30 |
| lad:I1034 | Kisil Logistics 8.50% notes due 2031 | lad:E1108 |  | lad:seniority-SU | EUR | 2033-06-30 |
| lad:I1035 | Verod Logistics 3.00% notes due 2035 | lad:E1114 |  | lad:seniority-SU | GBP | 2029-06-30 |
| lad:I1036 | Piren Foods 2.50% notes due 2030 | lad:E1115 |  | lad:seniority-SU | USD | 2033-06-30 |
| lad:I1037 | Reter Shipping 8.00% notes due 2028 | lad:E1118 |  | lad:seniority-SU | EUR | 2027-06-30 |
| lad:I1038 | Conan Capital 4.75% notes due 2033 | lad:E1131 |  | lad:seniority-SU | EUR | 2031-06-30 |
| lad:I1039 | Larid Steel 8.50% notes due 2028 | lad:E1141 |  | lad:seniority-SU | GBP | 2033-06-30 |
| lad:I1040 | Woner Media 5.75% notes due 2027 | lad:E1143 |  | lad:seniority-SUB | EUR | 2027-06-30 |
| lad:I1041 | Kanim Pharma 3.25% notes due 2033 | lad:E1145 |  | lad:seniority-SUB | EUR | 2036-06-30 |
| lad:I1042 | Daren Mining 5.75% notes due 2030 | lad:E1147 |  | lad:seniority-SU | EUR | 2035-06-30 |
| lad:I1043 | Honel Shipping 4.50% notes due 2028 | lad:E1149 |  | lad:seniority-SUB | EUR | 2029-06-30 |
| lad:I1044 | Wavad Foods 6.75% notes due 2035 | lad:E1155 |  | lad:seniority-SU | USD | 2036-06-30 |
| lad:I1045 | Ruven Airlines 5.75% notes due 2032 | lad:E1156 |  | lad:seniority-SUB | EUR | 2036-06-30 |
| lad:I1046 | Diled Steel 8.75% notes due 2027 | lad:E1160 |  | lad:seniority-SU | EUR | 2029-06-30 |
| lad:I1047 | Wunam Telecom 5.25% notes due 2032 | lad:E1162 |  | lad:seniority-SU | EUR | 2029-06-30 |
| lad:I1048 | Wenar Water 8.25% notes due 2028 | lad:E1163 |  | lad:seniority-SUB | EUR | 2028-06-30 |
| lad:I1049 | Ranim Shipping 8.00% notes due 2028 | lad:E1166 |  | lad:seniority-SUB | USD | 2036-06-30 |
| lad:I1050 | Fivan Holdings 2.25% notes due 2035 | lad:E1168 |  | lad:seniority-SU | EUR | 2027-06-30 |
| lad:I1051 | Molar Shipping 3.25% notes due 2031 | lad:E1188 |  | lad:seniority-SU | EUR | 2028-06-30 |
| lad:I1052 | Divid Property 4.25% notes due 2033 | lad:E1189 |  | lad:seniority-SUB | GBP | 2032-06-30 |
(62 more rows not shown)

Run more queries, or give the final answers.

<invoke name="sparql">
PREFIX lad: <https://example.org/ladder/>
SELECT ?t ?ty ?b ?d ?a ?r ?o ?w ?c WHERE {
  ?x a lad:RatingAction ; lad:ratedThing ?t ; lad:date ?d .
  OPTIONAL{?x lad:ratingType ?ty} OPTIONAL{?x lad:ccyBasis ?b} OPTIONAL{?x lad:action ?a}
  OPTIONAL{?x lad:rating ?r} OPTIONAL{?x lad:outlook ?o} OPTIONAL{?x lad:watch ?w} OPTIONAL{?x lad:comment ?c}
  FILTER(!regex(str(?t),"(E|I)1[0-9]{3}$") && !regex(str(?t),"(E|I)[2-9][0-9]{2,}$"))
} ORDER BY ?t ?ty ?b ?d
</invoke>
```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(!regex(str(?e),"E1[0-9]{3}$") && !regex(str(?e),"E[2-9][0-9]{2,}$") )
} 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: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:VD | Republic of Valdoria |  | VD | lad:etype-SOV |  | RATINGS |

Query 2:

| t | ty | b | d | a | r | o | w | c |
|---|---|---|---|---|---|---|---|---|
| lad:CV | lad:type-CC |  | 2024-01-01 | lad:action-AS | A |  |  |  |
| lad:CV | lad:type-LTIDR | lad:basis-FC | 2024-01-01 | lad:action-AS | BBB+ | lad:outlook-STA |  |  |
| lad:CV | lad:type-LTIDR | lad:basis-LC | 2024-01-01 | lad:action-AS | A- | lad:outlook-STA |  |  |
| lad:E01 | lad:type-LTIDR | lad:basis-FC | 2024-03-12 | lad:action-AS | A- | lad:outlook-STA |  |  |
| 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:E01 | lad:type-LTIDR | lad:basis-FC | 2026-02-10 | lad:action-AF | BBB | lad:outlook-NEG |  |  |
| lad:E01 | lad:type-STIDR | lad:basis-FC | 2026-02-10 | lad:action-AF | F2 |  |  |  |
| lad:E02 | lad:type-LTIDR | lad:basis-FC | 2023-11-01 | lad:action-AS | A | lad:outlook-STA |  |  |
| lad:E03 | lad:type-LTIDR | lad:basis-FC | 2025-09-15 | lad:action-AF | A | lad:outlook-POS |  |  |
| lad:E05 | lad:type-LTIDR | lad:basis-FC | 2025-04-01 | lad:action-AS | BB | lad:outlook-STA |  |  |
| lad:E05 | lad:type-LTIDR | lad:basis-LC | 2025-04-01 | lad:action-AS | BBB- | lad:outlook-STA |  |  |
| lad:E06 | lad:type-LTIDR | lad:basis-FC | 2024-05-01 | lad:action-AS | A- | lad:outlook-STA |  |  |
| lad:E06 | lad:type-LTIDR | lad:basis-FC | 2026-09-03 | lad:action-RW | A- |  | lad:watch-RWN |  |
| lad:E07 | lad:type-LTIDR | lad:basis-FC | 2024-01-10 | lad:action-AS | BB | lad:outlook-STA |  |  |
| lad:E07 | lad:type-LTIDR | lad:basis-FC | 2026-05-12 | lad:action-WD | WD |  |  | commercial reasons |
| lad:E08 | lad:type-LTIDR | lad:basis-FC | 2024-06-01 | lad:action-AS | B | lad:outlook-STA |  |  |
| 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 |  |  | distressed debt exchange completed |
| lad:E09 | lad:type-LTIDR | lad:basis-FC | 2023-05-01 | lad:action-AS | A | lad:outlook-STA |  |  |
| lad:E09 | lad:type-LTIDR | lad:basis-FC | 2026-03-01 | lad:action-AF | A | lad:outlook-NEG |  |  |
| lad:E10 | lad:type-LTIDR | lad:basis-FC | 2023-05-01 | lad:action-AS | A- | lad:outlook-STA |  | support from parent |
| lad:E10 | lad:type-LTIDR | lad:basis-FC | 2026-04-15 | lad:action-DG | BBB+ | lad:outlook-STA |  |  |
| 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: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:VD | lad:type-CC |  | 2025-04-01 | lad:action-AS | BB |  |  |  |

Run more queries, or give the final answers.

<parameter name="sparql">
PREFIX lad: <https://example.org/ladder/>
SELECT (COUNT(DISTINCT ?k) AS ?n) WHERE {
  ?e a lad:Entity ; lad:sourceSystem ?s . FILTER(?s != "QA" && !regex(str(?s),"QA"))
  OPTIONAL{?e lad:lei ?l} BIND(COALESCE(?l, STR(?e)) AS ?k)
}
```

```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(regex(str(?e),"E1[0-9]{3}$") || regex(str(?e),"E[2-9][0-9]{2,}$"))
  FILTER(EXISTS{?e lad:parent ?p} || EXISTS{?x lad:parent ?e} || ?src != "RATINGS" || regex(?name,"Cerid|Rotam|Wonod|Vesol|Belir|Luxem","i"))
} ORDER BY ?e
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?i ?d ?iss ?g WHERE {
  ?i a lad:Instrument . OPTIONAL{?i lad:description ?d} OPTIONAL{?i lad:issuer ?iss} OPTIONAL{?i lad:guarantor ?g}
  FILTER(BOUND(?g) || regex(?d,"Cross|Cerid|Corvenia|Valdoria"))
}
```

Query 1:

| e | name | lei | country | type | parent | src |
|---|---|---|---|---|---|---|
| lad:E1002 | TUNOD STEEL SA | 3912003R00FP6CNV6210 | FR | lad:etype-CORP |  | RESEARCH |
| 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:E1010 | Buvir Industries Inc | 3912004R2GZJL49URX69 | US | lad:etype-CORP |  | RATINGS |
| lad:E1013 | Pisol Pharma BV | 969500U072SAPPW32N81 | NL | lad:etype-BANK | lad:E1004 | RATINGS |
| lad:E1015 | Civen Steel Inc | 815600JSNIJ4UFCBF662 | US | 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: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:E1030 | LESON TELECOM INC | 8156008DPX4I9DNKWN26 | US | lad:etype-BANK |  | RESEARCH |
| lad:E1033 | Kunid Pharma SA | 213800Q84PS4FTJJB947 | ES | lad:etype-CORP | lad:E1004 | RATINGS |
| lad:E1038 | Lanon Telecom BV | 549300EZ4HXP0L5RAZ01 | NL | lad:etype-CORP |  | 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:E1052 | Witad Steel SA | 213800ENVP6736MREW83 | FR | lad:etype-CORP |  | RATINGS |
| lad:E1059 | Kelim Media SA | 549300CRXZL5I1OT6L14 | CV | lad:etype-CORP | lad:E1015 | RATINGS |
| lad:E1060 | KELIM MEDIA SA | 549300CRXZL5I1OT6L14 | CV | lad:etype-CORP |  | RESEARCH |
| lad:E1061 | Dotan Retail AG | 5493002BLV266QJVIH90 | DE | lad:etype-CORP |  | RATINGS |
| lad:E1063 | Kotom Media SA | 9695003FBHLB9KIKNT76 | ES | lad:etype-BANK |  | RATINGS |
| lad:E1066 | Lolil Industries SA | 213800VQSNQ2434DKS91 | ES | lad:etype-CORP | lad:E1004 | RATINGS |
| lad:E1068 | Sanin Mining SA | 213800KNUYRFXEU6PS61 | GR | lad:etype-CORP |  | RATINGS |
| lad:E1069 | Ganen Shipping SA | 549300GV9F3CNKP0QJ18 | ES | lad:etype-CORP |  | RATINGS |
| lad:E1071 | Mored Utilities SA | 213800CG5LUFZKTQXL65 | CV | lad:etype-CORP |  | RATINGS |
| lad:E1073 | Hivor Industries Inc | 391200OKDLRW7OVOQO93 | US | lad:etype-CORP |  | RATINGS |
| lad:E1074 | Kuron Steel plc | 3912006TI0YGHZXX0R89 | GB | lad:etype-CORP |  | RATINGS |
| lad:E1075 | Nilim Industries Inc | 815600GT8SEYXSQI7W78 | US | lad:etype-CORP | lad:E1071 | RATINGS |
| lad:E1078 | Menir Shipping Inc | 815600NRZ5OBW078A263 | US | lad:etype-CORP |  | RATINGS |
| lad:E1082 | Gilen Capital Inc | 815600JMC4KYXP7JLQ54 | US | lad:etype-CORP |  | RATINGS |
| lad:E1083 | Senir Mining plc | 213800OK3464E1I8MT49 | GB | lad:etype-CORP |  | RATINGS |
| lad:E1084 | Poval Chemicals SA | 391200MB5QFXCD5X8I15 | FR | lad:etype-CORP |  | RATINGS |
| lad:E1089 | Hanir Airlines SA | 969500WJX7JXMZXN4L42 | GR | lad:etype-CORP | lad:E1078 | RATINGS |
| lad:E1095 | Hunel Foods Inc | 549300YCPCEYTT7UCP57 | US | lad:etype-CORP | lad:E1027 | RATINGS |
| lad:E1097 | RAVON CAPITAL SA | 549300NTCTGRKRYIAN83 | CV | lad:etype-CORP |  | RESEARCH |
| lad:E1098 | Wirim Water Inc | 724500HD5AQ2MDSXXU69 | US | lad:etype-CORP | lad:E1006 | RATINGS |
| lad:E1101 | Doror Telecom SA | 815600YUVYKAXDN9LE93 | VD | lad:etype-CORP | lad:E1083 | RATINGS |
| lad:E1104 | VAVAM PHARMA INC | 815600HDI8Y3IWGOOH22 | US | lad:etype-CORP |  | RESEARCH |
| lad:E1107 | Warod Capital SA | 39120035C3L494GPV335 | FR | lad:etype-CORP |  | RATINGS |
| lad:E1110 | Rinar Industries SA | 815600DZBIB9VS57NE44 | ES | lad:etype-CORP | lad:E1007 | RATINGS |
| lad:E1114 | Verod Logistics plc | 213800VNSK3FDUWI9Q67 | GB | lad:etype-CORP | lad:E1063 | RATINGS |
| lad:E1117 | HENER ENERGY | 391200JN4T4KY2HCRU75 | GB | lad:etype-CORP |  | RESEARCH |
| lad:E1119 | Nuner Holdings SpA | 5493007DOMNBIWQWGR68 | IT | lad:etype-CORP |  | RATINGS |
| lad:E1139 | KONEL ENERGY BV | 724500BSV4X2J7KUR535 | NL | lad:etype-CORP |  | RESEARCH |
| lad:E1148 | DAREN MINING SA | 391200E9TAHDZV7CY568 | FR | lad:etype-CORP |  | RESEARCH |
| lad:E1149 | Honel Shipping BV | 969500DV6LOBOACJKE42 | NL | lad:etype-CORP | lad:E1013 | RATINGS |
| lad:E1153 | KIVEL PROPERTY | 549300E50JHDJNBUGF22 | GB | lad:etype-CORP |  | RESEARCH |
| lad:E1157 | RUVEN AIRLINES | 969500KYKHRI6N2WRN19 | US | lad:etype-CORP |  | RESEARCH |
| lad:E1161 | DILED STEEL SA | 969500PM41NS2PBZU440 | FR | lad:etype-CORP |  | RESEARCH |
| lad:E1162 | Wunam Telecom BV | 213800AYN5M70T4RZ707 | NL | lad:etype-CORP |  | RATINGS |
| lad:E1166 | Ranim Shipping Inc | 8156008Z86BWAKVE7I73 | US | lad:etype-CORP |  | RATINGS |
| lad:E1170 | SEREN TELECOM | 549300XV49ES64RGNQ00 | GB | lad:etype-CORP |  | RESEARCH |
| lad:E1174 | Fivel Retail SpA | 724500P05MC40B0POA10 | IT | lad:etype-BANK | lad:E1073 | RATINGS |
| lad:E1176 | Navor Holdings plc | 8156009KMEPDX5HOT275 | GB | lad:etype-CORP |  | RATINGS |
| lad:E1177 | Kiver Capital AG | 213800J4ER8QI0XDZ847 | DE | lad:etype-BANK | lad:E1010 | RATINGS |
| lad:E1179 | Cotan Foods SA | 391200USHZVHBK9FHP01 | ES | lad:etype-CORP | lad:E1162 | RATINGS |
(229 more rows not shown)

Query 2:

| i | d | iss | g |
|---|---|---|---|
| lad:I04 | Valdoria Telecom 5.00% notes due 2029 | lad:E05 |  |
| lad:I5003 | Rotam Funding 3.25% notes due 2032 | lad:E5090 | lad:E5086 |
| lad:I1107 | Wivin Airlines Finance 2.50% notes due 2031 | lad:E1339 | lad:E1241 |
| lad:I1098 | Niner Pharma Finance 3.50% notes due 2030 | lad:E1330 | lad:E1021 |
| lad:I5001 | Cerid Funding 4.25% notes due 2033 | lad:E5005 | lad:E5001 |
| lad:I05 | Halden Leasing 2.90% notes due 2028 | lad:E11 | lad:E10 |
| lad:I5006 | Geren Funding 7.25% notes due 2030 | lad:E5149 | lad:E5145 |
| lad:I1103 | Belor Telecom Finance 2.50% notes due 2027 | lad:E1335 | lad:E1234 |
| lad:I5002 | Belir Funding 5.25% notes due 2035 | lad:E5062 | lad:E5059 |
| lad:I5007 | Cross-group 4.75% notes due 2031 | lad:E5133 | lad:E5145 |
| lad:I1102 | Votim Industries Finance 3.50% notes due 2027 | lad:E1334 | lad:E1260 |
| lad:I1093 | Poval Chemicals Finance 2.50% notes due 2034 | lad:E1325 | lad:E1084 |
| lad:I1100 | Sanin Mining Finance 2.50% notes due 2032 | lad:E1332 | lad:E1068 |
| lad:I5005 | Vesol Funding 7.25% notes due 2033 | lad:E5135 | lad:E5132 |
| lad:I1095 | Nuner Holdings Finance 4.50% notes due 2032 | lad:E1327 | lad:E1119 |
| lad:I1105 | Lanon Telecom Finance 5.50% notes due 2028 | lad:E1337 | lad:E1038 |
| lad:I1101 | Gilen Capital Finance 3.50% notes due 2031 | lad:E1333 | lad:E1082 |
| lad:I1097 | Ganen Shipping Finance 5.50% notes due 2030 | lad:E1329 | lad:E1069 |
| lad:I1094 | Witad Steel Finance 6.50% notes due 2027 | lad:E1326 | lad:E1052 |
| lad:I07 | Valdoria Telecom 4.25% notes due 2027 | lad:E05 |  |
| lad:I1106 | Hivor Industries Finance 6.50% notes due 2027 | lad:E1338 | lad:E1073 |
| lad:I1104 | Navor Holdings Finance 2.50% notes due 2029 | lad:E1336 | lad:E1176 |
| lad:I08 | Corvenia Power 6.00% notes due 2034 | lad:E15 |  |
| lad:I5004 | Wonod Funding 4.25% notes due 2032 | lad:E5108 | lad:E5105 |
| lad:I06 | Corvenia Power 7.10% notes due 2032 | lad:E15 |  |
| lad:I1099 | Tulol Shipping Finance 3.50% notes due 2034 | lad:E1331 | lad:E1025 |
| lad:I1096 | Palad Mining Finance 6.50% notes due 2030 | lad:E1328 | lad:E1244 |
| lad:I03 | Northwind Finance 3.75% notes due 2030 | lad:E04 | lad:E02 |

Run more queries, or give the final answers.

<parameter name="sparql">
PREFIX lad: <https://example.org/ladder/>
SELECT ?t ?ty ?b ?d ?a ?r ?o ?w WHERE {
  ?x a lad:RatingAction ; lad:ratedThing ?t ; lad:date ?d ; lad:action ?a .
  OPTIONAL{?x lad:ratingType ?ty} OPTIONAL{?x lad:ccyBasis ?b}
  OPTIONAL{?x lad:rating ?r} OPTIONAL{?x lad:outlook ?o} OPTIONAL{?x lad:watch ?w}
  FILTER(regex(str(?t),"(E|I)[0-9]{4}$"))
  FILTER(?a NOT IN (lad:action-AS, lad:action-AF) || BOUND(?w) || ?d >= "2026-01-01"^^xsd:date)
} ORDER BY ?t ?d
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?e ?name ?country ?type ?parent ?src WHERE {
  ?e a lad:Entity . OPTIONAL{?e lad:name ?name} OPTIONAL{?e lad:country ?country}
  OPTIONAL{?e lad:entityType ?type} OPTIONAL{?e lad:parent ?parent} OPTIONAL{?e lad:sourceSystem ?src}
  FILTER(regex(str(?e),"E5[0-9]{3}$"))
} ORDER BY ?e
```

Query 1:

| e | name | country | type | parent | src |
|---|---|---|---|---|---|
| lad:E5001 | Cerid Group plc | GB | lad:etype-CORP |  | RATINGS |
| lad:E5002 | Cerid Energy plc | GB | lad:etype-CORP | lad:E5001 | RATINGS |
| lad:E5003 | Cerid Media BV | NL | lad:etype-CORP | lad:E5001 | RATINGS |
| lad:E5004 | Cerid Utilities plc | GB | lad:etype-CORP | lad:E5001 | RATINGS |
| lad:E5005 | Cerid Chemicals SA | VD | lad:etype-CORP | lad:E5002 | RATINGS |
| lad:E5006 | Cerid Foods plc | GB | lad:etype-BANK | lad:E5002 | RATINGS |
| lad:E5007 | Cerid Holdings BV | NL | lad:etype-CORP | lad:E5003 | RATINGS |
| lad:E5008 | Cerid Airlines BV | NL | lad:etype-CORP | lad:E5003 | RATINGS |
| lad:E5009 | Cerid Leror Logistics plc | GB | lad:etype-CORP | lad:E5004 | RATINGS |
| lad:E5010 | Cerid Gator Steel Inc | US | lad:etype-CORP | lad:E5004 | RATINGS |
| lad:E5011 | Cerid Guven Energy SA | VD | lad:etype-CORP | lad:E5167 | RATINGS |
| lad:E5012 | Cerid Gevin Pharma SA | VD | lad:etype-CORP | lad:E5005 | RATINGS |
| lad:E5013 | Cerid Telecom SA | ES | lad:etype-BANK | lad:E5006 | RATINGS |
| lad:E5014 | Cerid Gusom Pharma SpA | IT | lad:etype-CORP | lad:E5006 | RATINGS |
| lad:E5015 | Cerid Logistics BV | NL | lad:etype-CORP | lad:E5007 | RATINGS |
| lad:E5016 | Cerid Rovem Industries BV | NL | lad:etype-CORP | lad:E5007 | RATINGS |
| lad:E5017 | Cerid Steel BV | NL | lad:etype-CORP | lad:E5008 | RATINGS |
| lad:E5018 | Cerid Mining BV | NL | lad:etype-CORP | lad:E5008 | RATINGS |
| lad:E5019 | Cerid Buvom Mining plc | GB | lad:etype-CORP | lad:E5009 | RATINGS |
| lad:E5020 | Cerid Tivim Retail SA | FR | lad:etype-BANK | lad:E5009 | RATINGS |
| lad:E5021 | Cerid Retail Inc | US | lad:etype-CORP | lad:E5010 | RATINGS |
| lad:E5022 | Cerid Industries Inc | US | lad:etype-CORP | lad:E5010 | RATINGS |
| lad:E5023 | Cerid Dilal Utilities SA | VD | lad:etype-CORP | lad:E5011 | RATINGS |
| lad:E5024 | Cerid Fatal Shipping SA | VD | lad:etype-CORP | lad:E5012 | RATINGS |
| lad:E5025 | Cerid Fater Media SA | ES | lad:etype-CORP | lad:E5013 | RATINGS |
| lad:E5026 | Cerid Hosad Retail Inc | US | lad:etype-CORP | lad:E5014 | RATINGS |
| lad:E5027 | Cerid Hutem Water plc | GB | lad:etype-CORP | lad:E5015 | RATINGS |
| lad:E5028 | Cerid Galon Chemicals BV | NL | lad:etype-BANK | lad:E5016 | RATINGS |
| lad:E5029 | Cerid Walol Water BV | NL | lad:etype-BANK | lad:E5017 | RATINGS |
| lad:E5030 | Cerid Tivor Holdings BV | NL | lad:etype-CORP | lad:E5018 | RATINGS |
| lad:E5031 | Cerid Velin Water plc | GB | lad:etype-CORP | lad:E5019 | RATINGS |
| lad:E5032 | Cerid Meron Media SA | FR | lad:etype-CORP | lad:E5020 | RATINGS |
| lad:E5033 | Cerid Pitam Energy Inc | US | lad:etype-CORP | lad:E5021 | RATINGS |
| lad:E5034 | Cerid Shipping BV | NL | lad:etype-CORP | lad:E5022 | RATINGS |
| lad:E5035 | Cerid Water SA | VD | lad:etype-BANK | lad:E5023 | RATINGS |
| lad:E5036 | Cerid Calin Energy SpA | IT | lad:etype-CORP | lad:E5024 | RATINGS |
| lad:E5037 | Cerid Holom Water SA | ES | lad:etype-CORP | lad:E5025 | RATINGS |
| lad:E5038 | Cerid Holen Chemicals BV | NL | lad:etype-CORP | lad:E5026 | RATINGS |
| lad:E5039 | Cerid Property SA | ES | lad:etype-CORP | lad:E5027 | RATINGS |
| lad:E5040 | Cerid Lovan Energy BV | NL | lad:etype-CORP | lad:E5028 | RATINGS |
| lad:E5041 | Cerid Dolem Mining AG | DE | lad:etype-BANK | lad:E5029 | RATINGS |
| lad:E5042 | Cerid Feral Property BV | NL | lad:etype-BANK | lad:E5030 | RATINGS |
| lad:E5043 | Cerid Retil Chemicals plc | GB | lad:etype-CORP | lad:E5031 | RATINGS |
| lad:E5044 | Cerid Masim Retail plc | GB | lad:etype-CORP | lad:E5032 | RATINGS |
| lad:E5045 | Cerid Curel Water SA | CV | lad:etype-CORP | lad:E5033 | RATINGS |
| lad:E5046 | Cerid Gevom Media BV | NL | lad:etype-CORP | lad:E5034 | RATINGS |
| lad:E5047 | Cerid Rosor Holdings SA | VD | lad:etype-BANK | lad:E5035 | RATINGS |
| lad:E5048 | Cerid Pharma plc | GB | lad:etype-CORP | lad:E5036 | RATINGS |
| lad:E5049 | Cerid Ritir Foods plc | GB | lad:etype-CORP | lad:E5037 | RATINGS |
| lad:E5050 | Cerid Futir Utilities BV | NL | lad:etype-BANK | lad:E5038 | RATINGS |
| lad:E5051 | Cerid Butad Capital SA | FR | lad:etype-CORP | lad:E5039 | RATINGS |
| lad:E5052 | Cerid Viron Property SA | FR | lad:etype-CORP | lad:E5040 | RATINGS |
| lad:E5053 | Cerid Setom Media AG | DE | lad:etype-CORP | lad:E5041 | RATINGS |
| lad:E5054 | Cerid Linin Media BV | NL | lad:etype-BANK | lad:E5042 | RATINGS |
| lad:E5055 | Cerid Gosim Media SA | CV | lad:etype-CORP | lad:E5043 | RATINGS |
| lad:E5056 | Cerid Capital plc | GB | lad:etype-CORP | lad:E5044 | RATINGS |
| lad:E5057 | Cerid Manid Airlines Inc | US | lad:etype-CORP | lad:E5045 | RATINGS |
| lad:E5058 | Cerid Cirad Industries BV | NL | lad:etype-BANK | lad:E5046 | RATINGS |
| lad:E5059 | Belir Group AG | DE | lad:etype-CORP |  | RATINGS |
| lad:E5060 | Belir Retail AG | DE | lad:etype-CORP | lad:E5059 | RATINGS |
(110 more rows not shown)

Run more queries, or give the final answers.

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?e ?src ?ty ?d ?a ?r WHERE {
  ?x a lad:RatingAction; lad:ratedThing ?e; lad:ratingType ?ty; lad:date ?d; lad:action ?a; lad:rating ?r.
  ?e a lad:Entity . OPTIONAL{?e lad:sourceSystem ?src}
  FILTER(?r IN ("RD","D") || (?a = lad:action-DG && ?d >= "2026-01-01"^^<http://www.w3.org/2001/XMLSchema#date>))
} ORDER BY ?e ?d
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?e ?b ?r ?o ?w ?src WHERE {
  { SELECT ?e ?b (MAX(?d) AS ?md) WHERE { ?x a lad:RatingAction; lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:ccyBasis ?b; lad:date ?d. FILTER(?d <= "2026-10-01"^^<http://www.w3.org/2001/XMLSchema#date>) } GROUP BY ?e ?b }
  ?y lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:ccyBasis ?b; lad:date ?md; lad:rating ?r.
  OPTIONAL{?y lad:outlook ?o} OPTIONAL{?y lad:watch ?w} OPTIONAL{?e lad:sourceSystem ?src}
  FILTER(?w = lad:watch-RWN || ?o = lad:outlook-NEG || ?r = "WD")
} ORDER BY ?e
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?cty (COUNT(DISTINCT ?k) AS ?n) WHERE {
  { SELECT ?e ?b (MAX(?d) AS ?md) WHERE { ?x a lad:RatingAction; lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:ccyBasis ?b; lad:date ?d. FILTER(?d <= "2026-10-01"^^<http://www.w3.org/2001/XMLSchema#date>) } GROUP BY ?e ?b }
  ?y lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:ccyBasis ?b; lad:date ?md; lad:rating ?r. FILTER(?r != "WD")
  ?e lad:sourceSystem ?s; lad:country ?oc. FILTER(?s != "QA")
  OPTIONAL{?e lad:lei ?l} BIND(COALESCE(?l,STR(?e)) AS ?k)
  OPTIONAL{?e2 lad:sourceSystem "RESEARCH"; lad:lei ?l2; lad:country ?rc. FILTER(?l2 = ?l)}
  BIND(COALESCE(?rc,?oc) AS ?cty)
} GROUP BY ?cty
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT (COUNT(DISTINCT ?i) AS ?held) (SUM(IF(?r IN ("AAA","AA+","AA","AA-","A+","A","A-","BBB+","BBB","BBB-"),1,0)) AS ?ig) WHERE {
  { SELECT ?i (MAX(?d) AS ?md) WHERE { ?x a lad:RatingAction; lad:ratedThing ?i; lad:ratingType lad:type-INST; lad:action ?a; lad:date ?d. FILTER(?a != lad:action-EX && ?d <= "2026-10-01"^^<http://www.w3.org/2001/XMLSchema#date>) } GROUP BY ?i }
  ?y lad:ratedThing ?i; lad:ratingType lad:type-INST; lad:date ?md; lad:rating ?r; lad:action ?a2. FILTER(?r != "WD" && ?a2 != lad:action-EX)
  ?i lad:issuer ?is. ?is lad:sourceSystem ?s. FILTER(?s != "QA")
}
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT (COUNT(DISTINCT ?k) AS ?n) WHERE { ?e a lad:Entity; lad:sourceSystem ?s. FILTER(?s != "QA") OPTIONAL{?e lad:lei ?l} BIND(COALESCE(?l,STR(?e)) AS ?k) }
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT (COUNT(DISTINCT ?k) AS ?n) (GROUP_CONCAT(DISTINCT STRAFTER(STR(?e),"ladder/");separator=",") AS ?ids) WHERE {
  ?e a lad:Entity; lad:sourceSystem ?s; lad:country ?oc. FILTER(?s != "QA")
  OPTIONAL{?e lad:lei ?l} BIND(COALESCE(?l,STR(?e)) AS ?k)
  OPTIONAL{?e2 lad:sourceSystem "RESEARCH"; lad:lei ?l2; lad:country ?rc. FILTER(?l2 = ?l)}
  BIND(COALESCE(?rc,?oc) AS ?cty) FILTER(?cty = "LU")
}
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?e ?cty ?r ?o WHERE {
  { SELECT ?e (MAX(?d) AS ?md) WHERE { ?x a lad:RatingAction; lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:ccyBasis lad:basis-FC; lad:date ?d. FILTER(?d <= "2026-10-01"^^<http://www.w3.org/2001/XMLSchema#date>) } GROUP BY ?e }
  ?y lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:ccyBasis lad:basis-FC; lad:date ?md; lad:rating ?r. OPTIONAL{?y lad:outlook ?o}
  ?e lad:sourceSystem ?s; lad:country ?oc. FILTER(?s != "QA")
  OPTIONAL{?e lad:lei ?l}
  OPTIONAL{?e2 lad:sourceSystem "RESEARCH"; lad:lei ?l2; lad:country ?rc. FILTER(?l2 = ?l)}
  BIND(COALESCE(?rc,?oc) AS ?cty) FILTER(?cty IN ("VD","CV"))
} ORDER BY ?cty ?e
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?e ?d ?a ?r WHERE { ?x a lad:RatingAction; lad:ratedThing ?e; lad:ratingType lad:type-CC; lad:date ?d; lad:action ?a; lad:rating ?r } ORDER BY ?e ?d
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?c ?p ?s WHERE { ?c lad:parent ?p. ?p lad:sourceSystem ?s. FILTER(?s != "RATINGS") }
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?g (GROUP_CONCAT(CONCAT(STRAFTER(STR(?e),"ladder/E"),"|",?n,"|",?c,"|",STRAFTER(STR(?t),"etype-"),"|",COALESCE(STRAFTER(STR(?p),"ladder/"),""),"|",COALESCE(SUBSTR(?l,15),""),"|",SUBSTR(?s,1,1)); separator="; ") AS ?info) WHERE {
  ?e a lad:Entity; lad:name ?n; lad:country ?c; lad:entityType ?t; lad:sourceSystem ?s.
  OPTIONAL{?e lad:parent ?p} OPTIONAL{?e lad:lei ?l}
  FILTER(regex(STR(?e),"E5[0-9]{3}$") && xsd:integer(STRAFTER(STR(?e),"ladder/E")) >= 5061)
  BIND(FLOOR((xsd:integer(STRAFTER(STR(?e),"ladder/E"))-5061)/20) AS ?g)
} GROUP BY ?g ORDER BY ?g
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?g (GROUP_CONCAT(CONCAT(STRAFTER(STR(?e),"ladder/E"),"=",?r); separator=" ") AS ?s) WHERE {
  { SELECT ?e (MAX(?d) AS ?md) WHERE { ?x a lad:RatingAction; lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:ccyBasis lad:basis-FC; lad:date ?d. FILTER(regex(STR(?e),"E5[0-9]{3}$")) } GROUP BY ?e }
  ?y lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:ccyBasis lad:basis-FC; lad:date ?md; lad:rating ?r.
  BIND(FLOOR((xsd:integer(STRAFTER(STR(?e),"ladder/E"))-5000)/40) AS ?g)
} GROUP BY ?g ORDER BY ?g
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?i ?iss ?g ?ri ?rg WHERE {
  ?i lad:issuer ?iss; lad:guarantor ?g.
  ?iss lad:parent* ?ri. FILTER NOT EXISTS{?ri lad:parent ?z}
  ?g lad:parent* ?rg. FILTER NOT EXISTS{?rg lad:parent ?z2}
  FILTER(?ri != ?rg)
}
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT (COUNT(DISTINCT ?k) AS ?n) (GROUP_CONCAT(DISTINCT STRAFTER(STR(?e),"ladder/");separator=",") AS ?ids) WHERE {
  { SELECT ?e ?b (MAX(?d) AS ?md) WHERE { ?x a lad:RatingAction; lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:ccyBasis ?b; lad:date ?d. FILTER(?d <= "2026-10-01"^^<http://www.w3.org/2001/XMLSchema#date>) } GROUP BY ?e ?b }
  ?y lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:ccyBasis ?b; lad:date ?md; lad:rating ?r. FILTER(?r != "WD")
  ?e lad:sourceSystem ?s. FILTER(?s != "QA")
  OPTIONAL{?e lad:lei ?l} BIND(COALESCE(?l,STR(?e)) AS ?k)
  ?e lad:parent+ ?a. ?a lad:country ?ac.
  OPTIONAL{?a lad:lei ?al}
  OPTIONAL{?a2 lad:sourceSystem "RESEARCH"; lad:lei ?l3; lad:country ?rc. FILTER(?l3 = ?al)}
  BIND(COALESCE(?rc,?ac) AS ?acty) FILTER(?acty = "VD")
}
```

Query 1:

| e | src | ty | d | a | r |
|---|---|---|---|---|---|
| lad:E08 | RATINGS | lad:type-LTIDR | 2026-01-20 | lad:action-DG | CCC |
| lad:E08 | RATINGS | lad:type-LTIDR | 2026-07-08 | lad:action-DG | RD |
| lad:E08 | RATINGS | lad:type-LTIDR | 2026-07-08 | lad:action-DG | RD |
| lad:E10 | RATINGS | lad:type-LTIDR | 2026-04-15 | lad:action-DG | BBB+ |
| lad:E1034 | RATINGS | lad:type-LTIDR | 2026-05-02 | lad:action-DG | BBB+ |
| lad:E1051 | RATINGS | lad:type-LTIDR | 2026-04-05 | lad:action-DG | A+ |
| lad:E1051 | RATINGS | lad:type-LTIDR | 2026-06-01 | lad:action-DG | A+ |
| lad:E1053 | RATINGS | lad:type-LTIDR | 2026-03-20 | lad:action-DG | BB |
| lad:E1057 | RATINGS | lad:type-LTIDR | 2026-06-25 | lad:action-DG | BB |
| lad:E1058 | RATINGS | lad:type-LTIDR | 2026-07-14 | lad:action-DG | BBB- |
| lad:E1064 | RATINGS | lad:type-LTIDR | 2026-03-04 | lad:action-DG | BBB+ |
| lad:E1080 | RATINGS | lad:type-LTIDR | 2026-02-14 | lad:action-DG | A- |
| lad:E1093 | RATINGS | lad:type-LTIDR | 2026-07-25 | lad:action-DG | B |
| lad:E1112 | RATINGS | lad:type-LTIDR | 2026-02-20 | lad:action-DG | BBB |
| lad:E1144 | RATINGS | lad:type-LTIDR | 2026-06-06 | lad:action-DG | B+ |
| lad:E1151 | RATINGS | lad:type-LTIDR | 2026-01-26 | lad:action-DG | BBB |
| lad:E1159 | RATINGS | lad:type-LTIDR | 2026-06-16 | lad:action-DG | BBB+ |
| lad:E1161 | RESEARCH | lad:type-LTIDR | 2026-07-28 | lad:action-DG | B |
| lad:E1163 | RATINGS | lad:type-LTIDR | 2026-03-19 | lad:action-DG | BB+ |
| lad:E1167 | RATINGS | lad:type-LTIDR | 2026-09-07 | lad:action-DG | BB |
| lad:E1170 | RESEARCH | lad:type-LTIDR | 2026-08-16 | lad:action-DG | BB- |
| lad:E1186 | RATINGS | lad:type-LTIDR | 2026-01-04 | lad:action-DG | BBB+ |
| lad:E1213 | RATINGS | lad:type-LTIDR | 2026-02-13 | lad:action-DG | A- |
| lad:E1213 | RATINGS | lad:type-LTIDR | 2026-06-16 | lad:action-DG | BBB+ |
| lad:E1228 | RATINGS | lad:type-LTIDR | 2026-06-28 | lad:action-DG | BB+ |
| lad:E1229 | RATINGS | lad:type-LTIDR | 2026-05-06 | lad:action-DG | BB |
| lad:E1229 | RATINGS | lad:type-LTIDR | 2026-06-02 | lad:action-DG | BB+ |
| lad:E1243 | RATINGS | lad:type-LTIDR | 2026-01-13 | lad:action-DG | BB |
| lad:E1255 | RATINGS | lad:type-LTIDR | 2026-01-19 | lad:action-DG | BBB+ |
| lad:E1263 | RATINGS | lad:type-LTIDR | 2026-03-03 | lad:action-DG | BBB |
| lad:E1263 | RATINGS | lad:type-LTIDR | 2026-06-16 | lad:action-DG | BBB- |
| lad:E1285 | RATINGS | lad:type-LTIDR | 2026-02-17 | lad:action-DG | A |
| lad:E1290 | RATINGS | lad:type-LTIDR | 2026-08-16 | lad:action-DG | B |
| lad:E1294 | RATINGS | lad:type-LTIDR | 2026-07-11 | lad:action-DG | A+ |
| lad:E1299 | RESEARCH | lad:type-LTIDR | 2026-02-06 | lad:action-DG | BBB |
| lad:E1300 | RATINGS | lad:type-LTIDR | 2026-04-09 | lad:action-DG | BBB+ |
| lad:E1300 | RATINGS | lad:type-LTIDR | 2026-05-06 | lad:action-DG | BBB |
| lad:E1307 | RATINGS | lad:type-LTIDR | 2026-02-08 | lad:action-DG | BB- |
| lad:E1340 | QA | lad:type-LTIDR | 2026-06-26 | lad:action-DG | BBB+ |
| lad:E1341 | QA | lad:type-LTIDR | 2026-11-09 | lad:action-DG | BBB+ |
| lad:E1342 | QA | lad:type-LTIDR | 2026-07-17 | lad:action-DG | BBB+ |
| lad:E1343 | QA | lad:type-LTIDR | 2026-08-08 | lad:action-DG | BBB+ |
| lad:E1344 | QA | lad:type-LTIDR | 2026-03-18 | lad:action-DG | A- |
| lad:E1345 | QA | lad:type-LTIDR | 2026-09-22 | lad:action-DG | BB- |
| lad:E1346 | QA | lad:type-LTIDR | 2026-10-15 | lad:action-DG | BBB+ |
| lad:E1347 | QA | lad:type-LTIDR | 2026-03-10 | lad:action-DG | BBB- |
| lad:E1348 | QA | lad:type-LTIDR | 2026-03-18 | lad:action-DG | BBB- |
| lad:E1349 | QA | lad:type-LTIDR | 2026-10-14 | lad:action-DG | A- |
| lad:E1350 | QA | lad:type-LTIDR | 2026-09-03 | lad:action-DG | BB |
| lad:E1351 | QA | lad:type-LTIDR | 2026-09-27 | lad:action-DG | A- |
| lad:E16 | QA | lad:type-LTIDR | 2026-06-01 | lad:action-DG | BB+ |
| lad:E5019 | RATINGS | lad:type-LTIDR | 2026-03-19 | lad:action-DG | BBB+ |
| lad:E5033 | RATINGS | lad:type-LTIDR | 2026-11-06 | lad:action-DG | A |
| lad:E5059 | RATINGS | lad:type-LTIDR | 2026-05-25 | lad:action-DG | BB+ |
| lad:E5097 | RATINGS | lad:type-LTIDR | 2026-08-16 | lad:action-DG | B- |
| lad:E5113 | RATINGS | lad:type-LTIDR | 2026-06-21 | lad:action-DG | BB- |
| lad:E5116 | RATINGS | lad:type-LTIDR | 2026-05-16 | lad:action-DG | A |
| lad:E5156 | RATINGS | lad:type-LTIDR | 2026-02-16 | lad:action-DG | B- |

Query 2:

| e | b | r | o | w | src |
|---|---|---|---|---|---|
| lad:E01 | lad:basis-FC | BBB | lad:outlook-NEG |  | RATINGS |
| lad:E06 | lad:basis-FC | A- |  | lad:watch-RWN | RATINGS |
| lad:E07 | lad:basis-FC | WD |  |  | RATINGS |
| lad:E09 | lad:basis-FC | A | lad:outlook-NEG |  | RATINGS |
| lad:E1002 | lad:basis-FC | WD |  |  | RESEARCH |
| lad:E1005 | lad:basis-FC | BB | lad:outlook-NEG |  | RATINGS |
| lad:E1006 | lad:basis-FC | AA |  | lad:watch-RWN | RATINGS |
| lad:E1007 | lad:basis-FC | WD |  |  | RATINGS |
| lad:E1013 | lad:basis-FC | BB- |  | lad:watch-RWN | RATINGS |
| lad:E1019 | lad:basis-LC | BBB- |  | lad:watch-RWN | RATINGS |
| lad:E1021 | lad:basis-FC | WD |  |  | RATINGS |
| lad:E1029 | lad:basis-FC | A- | lad:outlook-NEG |  | RATINGS |
| lad:E1032 | lad:basis-FC | WD |  |  | RATINGS |
| lad:E1034 | lad:basis-FC | BBB+ | lad:outlook-NEG |  | RATINGS |
| lad:E1037 | lad:basis-FC | A |  | lad:watch-RWN | RATINGS |
| lad:E1039 | lad:basis-FC | A |  | lad:watch-RWN | RATINGS |
| lad:E1041 | lad:basis-FC | WD |  |  | RATINGS |
| lad:E1046 | lad:basis-FC | AA- | lad:outlook-NEG |  | RATINGS |
| lad:E1048 | lad:basis-FC | WD |  |  | RATINGS |
| lad:E1055 | lad:basis-FC | BBB- | lad:outlook-NEG |  | RATINGS |
| lad:E1056 | lad:basis-FC | A+ | lad:outlook-NEG |  | RATINGS |
| lad:E1057 | lad:basis-FC | WD |  |  | RATINGS |
| lad:E1059 | lad:basis-LC | BB- |  | lad:watch-RWN | RATINGS |
| lad:E1060 | lad:basis-FC | BB- | lad:outlook-NEG |  | RESEARCH |
| lad:E1061 | lad:basis-FC | A |  | lad:watch-RWN | RATINGS |
| lad:E1062 | lad:basis-FC | WD |  |  | RATINGS |
| lad:E1063 | lad:basis-FC | WD |  |  | RATINGS |
| lad:E1064 | lad:basis-FC | A- | lad:outlook-NEG |  | RATINGS |
| lad:E1066 | lad:basis-FC | A- |  | lad:watch-RWN | RATINGS |
| lad:E1072 | lad:basis-FC | BB- | lad:outlook-NEG |  | RATINGS |
| lad:E1076 | lad:basis-FC | WD |  |  | RATINGS |
| lad:E1079 | lad:basis-FC | BB+ | lad:outlook-NEG |  | RATINGS |
| lad:E1080 | lad:basis-FC | A- | lad:outlook-NEG |  | RATINGS |
| lad:E1084 | lad:basis-FC | WD |  |  | RATINGS |
| lad:E1088 | lad:basis-FC | B+ |  | lad:watch-RWN | RATINGS |
| lad:E1098 | lad:basis-FC | BBB- |  | lad:watch-RWN | RATINGS |
| lad:E1099 | lad:basis-FC | BB+ |  | lad:watch-RWN | RATINGS |
| lad:E1105 | lad:basis-FC | A+ | lad:outlook-NEG |  | RATINGS |
| lad:E1106 | lad:basis-LC | WD |  |  | RATINGS |
| lad:E1107 | lad:basis-FC | WD |  |  | RATINGS |
| lad:E1109 | lad:basis-FC | A+ |  | lad:watch-RWN | RATINGS |
| lad:E1118 | lad:basis-FC | BB+ | lad:outlook-NEG |  | RATINGS |
| lad:E1121 | lad:basis-FC | WD |  |  | RATINGS |
| lad:E1124 | lad:basis-FC | WD |  |  | RATINGS |
| lad:E1126 | lad:basis-FC | BB |  | lad:watch-RWN | RATINGS |
| lad:E1132 | lad:basis-FC | B+ |  | lad:watch-RWN | RATINGS |
| lad:E1133 | lad:basis-FC | B+ |  | lad:watch-RWN | RATINGS |
| lad:E1138 | lad:basis-FC | WD |  |  | RATINGS |
| lad:E1140 | lad:basis-FC | WD |  |  | RATINGS |
| lad:E1146 | lad:basis-FC | BB |  | lad:watch-RWN | RATINGS |
| lad:E1155 | lad:basis-FC | WD |  |  | RATINGS |
| lad:E1158 | lad:basis-FC | BBB | lad:outlook-NEG |  | RATINGS |
| lad:E1159 | lad:basis-FC | WD |  |  | RATINGS |
| lad:E1161 | lad:basis-FC | B | lad:outlook-NEG |  | RESEARCH |
| lad:E1166 | lad:basis-FC | WD |  |  | RATINGS |
| lad:E1168 | lad:basis-FC | BBB- |  | lad:watch-RWN | RATINGS |
| lad:E1172 | lad:basis-FC | WD |  |  | RATINGS |
| lad:E1181 | lad:basis-FC | A- |  | lad:watch-RWN | RATINGS |
| lad:E1188 | lad:basis-FC | BB- | lad:outlook-NEG |  | RATINGS |
| lad:E1190 | lad:basis-FC | BBB | lad:outlook-NEG |  | RATINGS |
(66 more rows not shown)

Query 3:

| cty | n |
|---|---|
| IT | 18 |
| FR | 46 |
| GB | 79 |
| DE | 46 |
| NL | 37 |
| US | 62 |
| ES | 34 |
| CV | 22 |
| GR | 15 |
| VD | 17 |
| LU | 1 |

Query 4:

| held | ig |
|---|---|
| 113 | 72 |

Query 5:

| n |
|---|
| 497 |

Query 6:

| n | ids |
|---|---|
| 1 | E10,E17 |

Query 7:

| e | cty | r | o |
|---|---|---|---|
| lad:CV | CV | BBB+ | lad:outlook-STA |
| lad:E1019 | CV | BB+ | lad:outlook-STA |
| lad:E1039 | CV | A |  |
| lad:E1060 | CV | BB- | lad:outlook-NEG |
| lad:E1071 | CV | B+ | lad:outlook-STA |
| lad:E1096 | CV | BBB | lad:outlook-STA |
| lad:E1136 | CV | A- | lad:outlook-STA |
| lad:E1144 | CV | B+ | lad:outlook-POS |
| lad:E1185 | CV | BB+ | lad:outlook-STA |
| lad:E1194 | CV | A |  |
| lad:E1217 | CV | BB- | lad:outlook-STA |
| lad:E1223 | CV | BB+ | lad:outlook-STA |
| lad:E1229 | CV | BB+ | lad:outlook-STA |
| lad:E1243 | CV | BB | lad:outlook-STA |
| lad:E1283 | CV | BB | lad:outlook-STA |
| lad:E1304 | CV | BB | lad:outlook-POS |
| lad:E15 | CV | A | lad:outlook-STA |
| lad:E5098 | CV | B- | lad:outlook-STA |
| lad:E5104 | CV | BB | lad:outlook-STA |
| lad:E5116 | CV | A | lad:outlook-NEG |
| lad:E5117 | CV | BB | lad:outlook-STA |
| lad:E5127 | CV | B | lad:outlook-STA |
| lad:E05 | VD | BB | lad:outlook-STA |
| lad:E1028 | VD | BB | lad:outlook-STA |
| lad:E1101 | VD | BB | lad:outlook-STA |
| lad:E1106 | VD | B+ | lad:outlook-STA |
| lad:E1126 | VD | BB |  |
| lad:E1236 | VD | BB | lad:outlook-STA |
| lad:E1279 | VD | WD |  |
| lad:E1307 | VD | BB- | lad:outlook-STA |
| lad:E1313 | VD | BB- | lad:outlook-STA |
| lad:E5012 | VD | BB | lad:outlook-STA |
| lad:E5023 | VD | B- | lad:outlook-NEG |
| lad:E5024 | VD | B- | lad:outlook-STA |
| lad:E5047 | VD | BB | lad:outlook-STA |
| lad:E5091 | VD | BB | lad:outlook-STA |
| lad:E5106 | VD | B- | lad:outlook-STA |
| lad:E5124 | VD | BB | lad:outlook-STA |
| lad:E5130 | VD | B- | lad:outlook-STA |

Query 8:

| e | d | a | r |
|---|---|---|---|
| lad:CV | 2024-01-01 | lad:action-AS | A |
| lad:VD | 2025-04-01 | lad:action-AS | BB |

Query 9:

| c | p | s |
|---|---|---|
| lad:E5011 | lad:E5167 | RESEARCH |

Query 10:

| g | info |
|---|---|
| 0 | 5076|Belir Property SA|FR|CORP|E5069|PGLP04|R; 5063|Belir Harem Property AG|DE|CORP|E5060|4VZZ12|R; 5065|Belir Nelad Property AG|DE|CORP|E5061|A93J12|R; 5074|Belir Industries plc|GB|CORP|E5068|AVV453|R; 5068|Belir Kator Energy plc|GB|CORP|E5064|UZA394|R; 5072|Belir Katin Telecom AG|DE|CORP|E5067|RD3A20|R; 5069|Belir Water SA|FR|CORP|E5065|K2W457|R; 5075|Belir Gitid Industries plc|GB|CORP|E5068|8W8V29|R; 5061|Belir Steel Inc|US|BANK|E5059|Q59M90|R; 5071|Belir Chemicals SA|FR|CORP|E5066|XK1N07|R; 5067|Belir Capital AG|DE|CORP|E5063|BH3E89|R; 5064|Belir Holdings plc|GB|CORP|E5061|XVBU93|R; 5080|Belir Foods AG|DE|CORP|E5072|XFFO22|R; 5066|Belir Shipping SA|FR|CORP|E5062|C1FU85|R; 5062|Belir Mining SA|FR|CORP|E5060|KB0A28|R; 5077|Belir Media SA|FR|CORP|E5069|21SV31|R; 5078|Belir Vasin Water plc|GB|BANK|E5070|4SH139|R; 5073|Belir Puvir Mining plc|GB|CORP|E5067|ZWA751|R; 5070|Belir Rusin Media SA|FR|CORP|E5066|K9VH78|R; 5079|Belir Sitom Logistics SA|FR|CORP|E5071|TGC136|R |
| 1 | 5084|Belir Luton Media SA|FR|BANK|E5076|B0Y303|R; 5087|Rotam Mining Inc|US|CORP|E5086|VBRI55|R; 5096|Rotam Lulel Mining SA|ES|BANK|E5091|LTTB66|R; 5097|Rotam Chemicals Inc|US|BANK|E5092|UNFG51|R; 5093|Rotam Telecom Inc|US|CORP|E5090|9AYU16|R; 5082|Belir Bovid Telecom plc|GB|BANK|E5074|RFH213|R; 5085|Belir Rutel Water SA|CV|CORP|E5077|T7Y709|R; 5088|Rotam Industries Inc|US|CORP|E5086|0A1N08|R; 5100|Rotam Property Inc|US|BANK|E5094|PLUI93|R; 5094|Rotam Holdings Inc|US|CORP|E5090|8ZI255|R; 5095|Rotam Energy BV|NL|BANK|E5091|MKR785|R; 5090|Rotam Logistics Inc|US|CORP|E5087|EBB653|R; 5081|Belir Vusad Telecom SA|VD|CORP|E5073|K7FK00|R; 5089|Rotam Airlines Inc|US|CORP|E5086|1U1398|R; 5086|Rotam Group Inc|US|CORP||KJ1L86|R; 5098|Rotam Pharma SA|CV|CORP|E5092|CQW672|R; 5092|Rotam Hison Holdings Inc|US|CORP|E5089|DLYP36|R; 5091|Rotam Water SA|VD|CORP|E5088|Y8MZ45|R; 5099|Rotam Fived Water Inc|US|CORP|E5093|MLC927|R; 5083|Belir Airlines plc|GB|CORP|E5075|2G2598|R |
| 2 | 5106|Wonod Steel BV|NL|CORP|E5105|TOGH81|R; 5117|Wonod Mining SA|CV|CORP|E5111|14AM59|R; 5101|Rotam Foods BV|NL|CORP|E5095|R45I76|R; 5115|Wonod Water SA|FR|CORP|E5109|GRNE68|R; 5110|Wonod Capital BV|NL|CORP|E5106|KCUF24|R; 5105|Wonod Group SA|FR|CORP||M74H56|R; 5114|Wonod Pharma Inc|US|CORP|E5108|J2TD65|R; 5112|Wonod Telecom BV|NL|CORP|E5107|6AJF65|R; 5107|Wonod Retail BV|NL|CORP|E5105|4TFV08|R; 5104|Rotam Media SA|CV|CORP|E5098|T1PH98|R; 5113|Wonod Wetid Foods BV|NL|CORP|E5107|TMTP77|R; 5118|Wonod Wevan Logistics BV|NL|CORP|E5112|PED085|R; 5108|Wonod Shipping BV|NL|CORP|E5106|QJJ192|R; 5119|Wonod Povem Telecom SA|FR|CORP|E5113|P69G34|R; 5111|Wonod Airlines SA|CV|CORP|E5107|VXO923|R; 5120|Wonod Property Inc|US|BANK|E5114|LR6M78|R; 5109|Wonod Holdings SA|FR|CORP|E5106|PTG094|R; 5116|Wonod Media SA|CV|CORP|E5110|TIKT27|R; 5102|Rotam Utilities SA|ES|CORP|E5096|KADB93|R; 5103|Rotam Goson Energy Inc|US|CORP|E5097|2BVY06|R |
| 3 | 5124|Wonod Kinon Holdings SA|VD|CORP|E5118|SCSV94|R; 5138|Vesol Industries Inc|US|CORP|E5135|5YQN20|R; 5125|Wonod Koval Capital SA|FR|CORP|E5119|FHUK31|R; 5128|Wonod Horal Steel SA|FR|BANK|E5122|QANJ28|R; 5121|Wonod Energy SA|FR|CORP|E5115|4NQX38|R; 5130|Wonod Huror Retail SA|VD|CORP|E5124|R20305|R; 5140|Vesol Utilities BV|NL|CORP|E5136|9ARG39|R; 5136|Vesol Media BV|NL|CORP|E5134|UP3C12|R; 5139|Vesol Culol Energy Inc|US|CORP|E5136|5HO840|R; 5134|Vesol Steel BV|NL|CORP|E5132|H89I73|R; 5132|Vesol Group BV|NL|CORP||TI3C20|R; 5135|Vesol Water plc|GB|CORP|E5133|JCG654|R; 5137|Vesol Mining plc|GB|CORP|E5135|X60G26|R; 5131|Wonod Bunem Industries SA|ES|CORP|E5125|1YNO80|R; 5126|Wonod Tetim Holdings Inc|US|CORP|E5120|OZ0B63|R; 5127|Wonod Pavad Media SA|CV|CORP|E5121|UX1Z45|R; 5122|Wonod Chemicals SA|FR|CORP|E5116|V8VI20|R; 5123|Wonod Utilities SA|ES|BANK|E5117|V5KY48|R; 5129|Wonod Logistics SA|ES|BANK|E5123|7SBV10|R; 5133|Vesol Foods plc|GB|BANK|E5132|T5XX78|R |
| 4 | 5152|Geren Kisom Retail AG|DE|CORP|E5147|7T1392|R; 5155|Geren Capital plc|GB|CORP|E5149|3A0733|R; 5144|Vesol Fatel Utilities BV|NL|CORP|E5140|LG0O24|R; 5157|Geren Vuned Holdings Inc|US|CORP|E5151|X5RV65|R; 5156|Geren Holdings AG|DE|CORP|E5150|6SYX63|R; 5142|Vesol Virar Telecom Inc|US|CORP|E5138|TTJ202|R; 5150|Geren Mining SA|VD|CORP|E5146|4A3P31|R; 5149|Geren Neter Logistics plc|GB|BANK|E5146|677N89|R; 5141|Vesol Ruvil Media SA|FR|CORP|E5137|RN3314|R; 5143|Vesol Foter Logistics AG|DE|BANK|E5139|6MMH41|R; 5148|Geren Logistics SA|VD|CORP|E5145|MV1D59|R; 5158|Geren Airlines AG|DE|CORP|E5152|07SC87|R; 5153|Geren Ruter Retail SA|CV|CORP|E5148|2VLW94|R; 5146|Geren Energy SA|VD|CORP|E5145|RJB040|R; 5151|Geren Telecom SA|FR|CORP|E5147|T4DE02|R; 5159|Geren Shipping SA|ES|BANK|E5153|YEAT50|R; 5147|Geren Water AG|DE|CORP|E5145|5JJ993|R; 5145|Geren Group SA|VD|CORP||I9JC47|R; 5160|Geren Property AG|DE|BANK|E5154|LD8R08|R; 5154|Geren Retail SA|ES|CORP|E5148|6COU24|R |
| 5 | 5163|Geren Steel Inc|US|CORP|E5157|TNOJ57|R; 5162|Geren Media AG|DE|CORP|E5156|RVI292|R; 5168|BELIR MINING SA|FR|CORP|E5086|KB0A28|R; 5165|Geren Nuvel Logistics SA|ES|CORP|E5159|6VXG89|R; 5167|CERID CHEMICALS SA|VD|CORP||V5WY99|R; 5164|Geren Pharma AG|DE|CORP|E5158|BZXD30|R; 5161|Geren Pusar Holdings SA|FR|CORP|E5155|ZARH87|R; 5166|Geren Wuran Airlines AG|DE|CORP|E5160|SEFJ88|R; 5170|Hetar Test plc|VD|CORP|E5001|NUED17|Q; 5169|WONOD STEEL BV|VD|CORP||TOGH81|R |

Query 11:

| g | s |
|---|---|
| 0 | 5007=B 5039=BB- 5016=BB 5037=B+ 5030=B 5010=BB- 5028=B- 5020=BBB+ 5018=A 5008=BBB+ 5023=B- 5036=A- 5031=A+ 5012=BB 5033=A 5017=A- 5019=BBB+ 5025=BB 5022=BB- 5013=B- 5002=A+ 5027=BBB+ 5029=BB+ 5021=B 5032=BBB- 5024=B- |
| 1 | 5041=B- 5042=BB 5070=B+ 5062=B- 5057=A 5059=BB+ 5048=B- 5067=A- 5066=B 5073=BBB- 5072=BB 5069=BBB- 5075=BBB+ 5050=BBB+ 5053=BBB 5061=BB 5047=BB 5049=BBB- 5071=BB 5076=BBB+ |
| 2 | 5099=BB- 5113=BB- 5117=BB 5105=BB- 5082=A- 5097=B- 5115=B 5106=B- 5090=BBB 5102=BBB- 5110=BB 5116=A 5101=BBB+ 5104=BB 5087=BBB+ 5109=B- 5119=A 5098=B- 5091=BB 5112=BB+ 5083=A- 5108=BBB 5114=B+ 5084=A+ 5092=BB |
| 3 | 5141=BB 5123=BB- 5129=BB- 5143=A 5152=BB- 5140=A+ 5155=BB- 5132=BB+ 5133=BBB- 5131=B 5144=BB- 5126=BBB+ 5151=BB+ 5124=BB 5149=B- 5127=B 5154=BB+ 5157=BBB+ 5159=B+ 5130=B- 5158=BB- 5156=B- 5136=BBB- |
| 4 | 5162=BB+ 5164=B+ 5163=BBB- 5160=BB- 5170=B- 5166=A |

Query 12:

| i | iss | g | ri | rg |
|---|---|---|---|---|
| lad:I5007 | lad:E5133 | lad:E5145 | lad:E5132 | lad:E5145 |

Query 13:

| n | ids |
|---|---|
| 31 | E5162,E5152,E5155,E5048,E5115,E5102,E5023,E5110,E5116,E5036,E5101,E5012,E5164,E5126,E5047,E5151,E5109,E5163,E5160,E5149,E5127,E5154,E5157,E5159,E5130,E5024,E5158,E5156,E5108,E5114,E5166 |

Run more queries, or give the final answers.

<invoke name="sparql">
PREFIX lad: <https://example.org/ladder/>
PREFIX xsd: <http://www.w3.org/2001/XMLSchema#>
SELECT ?kind (GROUP_CONCAT(DISTINCT ?id; separator=",") AS ?ids) WHERE {
  {
    { SELECT ?e ?b (MAX(?d) AS ?md) WHERE { ?x a lad:RatingAction; lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:ccyBasis ?b; lad:date ?d. FILTER(?d <= "2026-10-01"^^xsd:date) } GROUP BY ?e ?b }
    ?y lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:ccyBasis ?b; lad:date ?md; lad:rating ?r.
    OPTIONAL{?y lad:outlook ?o} OPTIONAL{?y lad:watch ?w}
    BIND(IF(BOUND(?w) && ?w = lad:watch-RWN, "RWN", IF(BOUND(?o) && ?o = lad:outlook-NEG && ?r != "WD", "NEG", "x")) AS ?kind)
    FILTER(?kind != "x")
  } UNION {
    ?x a lad:RatingAction; lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:action lad:action-DG; lad:date ?d.
    FILTER(?d >= "2026-01-01"^^xsd:date && ?d <= "2026-12-31"^^xsd:date)
    BIND("DG" AS ?kind)
  }
  ?e lad:sourceSystem ?s. FILTER(?s != "QA")
  OPTIONAL{?e lad:lei ?l}
  OPTIONAL{?c lad:lei ?l; lad:sourceSystem "RATINGS"}
  BIND(STRAFTER(STR(COALESCE(?c,?e)),"ladder/") AS ?id)
} GROUP BY ?kind
```

```sparql
PREFIX lad: <https://example.org/ladder/>
PREFIX xsd: <http://www.w3.org/2001/XMLSchema#>
SELECT (GROUP_CONCAT(?id; separator=",") AS ?ids) WHERE {
  SELECT ?id (SUM(IF(?r != "WD",1,0)) AS ?act) WHERE {
    { SELECT ?e ?b (MAX(?d) AS ?md) WHERE { ?x a lad:RatingAction; lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:ccyBasis ?b; lad:date ?d. FILTER(?d <= "2026-10-01"^^xsd:date) } GROUP BY ?e ?b }
    ?y lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:ccyBasis ?b; lad:date ?md; lad:rating ?r.
    ?e lad:sourceSystem ?s. FILTER(?s != "QA")
    OPTIONAL{?e lad:lei ?l}
    OPTIONAL{?c lad:lei ?l; lad:sourceSystem "RATINGS"}
    BIND(STRAFTER(STR(COALESCE(?c,?e)),"ladder/") AS ?id)
  } GROUP BY ?id HAVING(SUM(IF(?r != "WD",1,0)) = 0)
}
```

### user

Query 1:

| kind | ids |
|---|---|
| DG | E1161,E1163,E1167,E1170,E1229,E1243,E1255,E1263,E1285,E1290,E1294,E1299,E1300,E1307,E5019,E5033,E5059,E5097,E5113,E5116,E5156,E08,E10,E1034,E1051,E1053,E1057,E1058,E1064,E1080,E1093,E1112,E1144,E1151,E1159,E1186,E1213,E1228 |
| NEG | E01,E09,E1005,E1029,E1034,E1046,E1055,E1056,E1060,E1064,E1072,E1079,E1080,E1105,E1118,E1158,E1161,E1188,E1190,E1196,E1203,E1210,E1214,E1217,E1219,E1222,E1230,E1241,E1243,E1249,E1257,E1260,E1273,E1272,E1277,E1280,E1294,E1295,E1299,E1306,E1308,E1309,E1311,E1314,E1316,E1319,E1322,E1324,E1342,E1343,E1349,E1350,E1351,E5023,E5116,E5120,E5133,E5155,E5156,E5163
(1 more rows not shown)

Query 2:

| kind | ids |
|---|---|
| RWN | E06,E1006,E1013,E1019,E1037,E1039,E1059,E1061,E1066,E1088,E1098,E1099,E1109,E1126,E1132,E1133,E1146,E1168,E1181,E1189,E1198,E1200,E1203,E1210,E1214,E1220,E1228,E1229,E1230,E1237,E1244,E1245,E1250,E1251,E1252,E1253,E1254,E1257,E1260,E1273,E1280,E1286,E1291,E1292,E1293,E1295,E1296,E1294,E1299,E1301,E1311,E1313,E1314,E1315,E1316,E1319,E1322,E1324,E1325,E1326,E1327,E1328,E1329,E1330,E1331,E1332,E1333,E1334,E1335,E1336,E1337,E1338,E1339,E1342,E1343,E1349,E1350,E1351,E1352,E1353,E1354,E1352,E1353,E1354... (truncated)

Query 3:

| kind | ids |
|---|---|
| RWN | E1019,E1006,E1013,E1059,E1037,E1039,E1061,E1066,E1088,E1098,E1099,E1109,E1126,E1132,E1133,E1146,E1168,E1181,E1189,E1198,E1200,E1203,E1210,E1214,E1220,E1228,E1229,E1230,E1237,E1244,E1245,E1250,E1251,E1252,E1253,E1254,E1257,E1260,E1273,E1280,E1286,E1291,E1292,E1293,E1295,E1296,E1294,E1299,E1301,E1311,E1313,E1314,E1315,E1316,E1319,E1322,E1324,E1325,E1326,E1327,E1328,E1329,E1330,E1331,E1332,E1333,E1334,E1335,E1336,E1337,E1338,E1339,E1340,E1341,E1342,E1343,E1349,E1350,E1351,E1352,E1353,E1354,E1355 ... (truncated)

Query 4:

| kind | ids |
|---|---|
| NEG | E01,E09,E1005,E1029,E1034,E1046,E1055,E1056,E1060,E1064,E1080,E1105,E1118,E1158,E1161,E1188,E1190,E1196,E1203,E1210,E1214,E1217,E1219,E1222,E1230,E1241,E1243,E1249,E1257,E1260,E1273,E1272,E1277,E1280,E1294,E1295,E1299,E1306,E1308,E1309,E1311,E1314,E1316,E1319,E1322,E1324,E1342,E1343,E1349,E1350,E1351,E5023,E5116,E5120,E5133,E5155,E5156,E5163 |

Query 5:

| kind | ids |
|---|---|
| RWN | E06,E1006,E1013,E1019,E1037,E1039,E1061,E1066,E1088,E1098,E1099,E1109,E1126,E1132,E1133,E1146,E1168,E1181,E1189,E1198,E1202,E1203,E1210,E1214,E1220,E1228,E1229,E1230,E1237,E1244,E1245,E1250,E1251,E1252,E1253,E1254,E1257,E1260,E1273,E1280,E1286,E1291,E1292,E1293,E1295,E1296,E1294,E1299,E1301,E1311,E1313,E1314,E1315,E1316,E1319,E1322,E1324,E1325,E1326,E1327,E1328,E1329,E1330,E1331,E1332,E1333,E1334,E1335,E1336,E1337,E1338,E1339,E1340,E1341,E1342,E1343,E1349,E1350,E1351,E1352,E1353,E1354,E1355 ... (truncated)

Query 6:

| kind | ids |
|---|---|
| NEG | E01,E09,E1005,E1029,E1034,E1046,E1055,E1056,E1060,E1064,E1080,E1105,E1118,E1158,E1161,E1188,E1190,E1196,E1203,E1210,E1214,E1220,E1222,E1230,E1241,E1243,E1249,E1257,E1260,E1273,E1272,E1277,E1280,E1294,E1295,E1299,E1301,E1311,E1314,E1316,E1319,E1322,E1324,E1342,E1343,E1349,E1350,E1351,E5023,E5116,E5120,E5133,E5155,E5156,E5163 |

Query 7:

| kind | ids |
|---|---|
| NEG | E01,E09,E1005,E1029,E1034,E1046,E1055,E1056,E1060,E1064,E1080,E1105,E1118,E1158,E1161,E1188,E1190,E1196,E1203,E1210,E1214,E1220,E1222,E1230,E1241,E1243,E1249,E1257,E1260,E1273,E1272,E1277,E1280,E1294,E1295,E1299,E1301,E1311,E1314,E1316,E1319,E1322,E1324,E1342,E1343,E1349,E1350,E1351,E5023,E5116,E5120,E5133,E5155,E5156,E5163 |

Query 8:

| kind | ids |
|---|---|
| NEG | E01,E09,E1005,E1029,E1034,E1046,E1055,E1056,E1060,E1064,E1080,E1105,E1118,E1158,E1161,E1188,E1190,E1196,E1203,E1210,E1214,E1220,E1222,E1230,E1241,E1243,E1249,E1257,E1260,E1273,E1272,E1277,E1280,E1294,E1295,E1299,E1301,E1311,E1314,E1316,E1319,E1322,E1324,E1342,E1343,E1349,E1350,E1351,E5023,E5116,E5120,E5133,E5155,E5156,E5163 |

Query 9:

| kind | ids |
|---|---|
| NEG | E01,E09,E1005,E1029,E1034,E1046,E1055,E1056,E1060,E1064,E1080,E1105,E1118,E1158,E1161,E1188,E1190,E1196,E1203,E1210,E1214,E1220,E1222,E1230,E1241,E1243,E1249,E1257,E1260,E1273,E1272,E1277,E1280,E1294,E1295,E1299,E1301,E1311,E1314,E1316,E1319,E1322,E1324,E1342,E1343,E1349,E1350,E1351,E5023,E5116,E5120,E5133,E5155,E5156,E5163 |

Query 10:

| kind | ids |
|---|---|
| NEG | E01,E09,E1005,E1029,E1034,E1046,E1055,E1056,E1060,E1064,E1080,E1105,E1118,E1158,E1161,E1188,E1190,E1196,E1203,E1210,E1214,E1220,E1222,E1230,E1241,E1243,E1249,E1257,E1260,E1273,E1272,E1277,E1280,E1294,E1295,E1299,E1301,E1311,E1314,E1316,E1319,E1322,E1324,E1342,E1343,E1349,E1350,E1351,E5023,E5116,E5120,E5133,E5155,E5156,E5163 |

Query 11:

| kind | ids |
|---|---|
| NEG | E01,E09,E1005,E1029,E1034,E1046,E1055,E1056,E1060,E1064,E1080,E1105,E1118,E1158,E1161,E1188,E1190,E1196,E1203,E1210,E1214,E1220,E1222,E1230,E1241,E1243,E1249,E1257,E1260,E1273,E1272,E1277,E1280,E1294,E1295,E1299,E1301,E1311,E1314,E1316,E1319,E1322,E1324,E1342,E1343,E1349,E1350,E1351,E5023,E5116,E5120,E5133,E5155,E5156,E5163 |

Query 12:

| kind | ids |
|---|---|
| NEG | E01,E09,E1005,E1029,E1034,E1046,E1055,E1056,E1060,E1064,E1080,E1105,E1118,E1158,E1161,E1188,E1190,E1196,E1203,E1210,E1214,E1220,E1222,E1230,E1241,E1243,E1249,E1257,E1260,E1273,E1272,E1277,E1280,E1294,E1295,E1299,E1301,E1311,E1314,E1316,E1319,E1322,E1324,E1342,E1343,E1349,E1350,E1351,E5023,E5116,E5120,E5133,E5155,E5156,E5163 |

Query 13:

| kind | ids |
|---|---|
| NEG | E01,E09,E1005,E1029,E1034,E1046,E1055,E1056,E1060,E1064,E1080,E1105,E1118,E1158,E1161,E1188,E1190,E1196,E1203,E1210,E1214,E1220,E1222,E1230,E1241,E1243,E1249,E1257,E1260,E1273,E1272,E1277,E1280,E1294,E1295,E1299,E1301,E1311,E1314,E1316,E1319,E1322,E1324,E1342,E1343,E1349,E1350,E1351,E5023,E5116,E5120,E5133,E5155,E5156,E5163 |

Query 14:

| kind | ids |
|---|---|
| NEG | E01,E09,E1005,E1029,E1034,E1046,E1055,E1056,E1060,E1064,E1080,E1105,E1118,E1158,E1161,E1188,E1190,E1196,E1203,E1210,E1214,E1220,E1222,E1230,E1241,E1243,E1249,E1257,E1260,E1273,E1272,E1277,E1280,E1294,E1295,E1299,E1301,E1311,E1314,E1316,E1319,E1322,E1324,E1342,E1343,E1349,E1350,E1351,E5023,E5116,E5120,E5133,E5155,E5156,E5163 |

Query 15:

| kind | ids |
|---|---|
| NEG | E01,E09,E1005,E1029,E1034,E1046,E1055,E1056,E1060,E1064,E1080,E1105,E1118,E1158,E1161,E1188,E1190,E1196,E1203,E1210,E1214,E1220,E1222,E1230,E1241,E1243,E1249,E1257,E1260,E1273,E1272,E1277,E1280,E1294,E1295,E1299,E1301,E1311,E1314,E1316,E1319,E1322,E1324,E1342,E1343,E1349,E1350,E1351,E5023,E5116,E5120,E5133,E5155,E5156,E5163 |

Query 16:

| kind | ids |
|---|---|
| NEG | E01,E09,E1005,E1029,E1034,E1046,E1055,E1056,E1060,E1064,E1080,E1105,E1118,E1158,E1161,E1188,E1190,E1196,E1203,E1210,E1214,E1220,E1222,E1230,E1241,E1243,E1249,E1257,E1260,E1273,E1272,E1277,E1280,E1294,E1295,E1299,E1301,E1311,E1314,E1316,E1319,E1322,E1324,E1342,E1343,E1349,E1350,E1351,E5023,E5116,E5120,E5133,E5155,E5156,E5163 |

Query 17:

| kind | ids |
|---|---|
| NEG | E01,E09,E1005,E1029,E1034,E1046,E1055,E1056,E1060,E1064,E1080,E1105,E1118,E1158,E1161,E1188,E1190,E1196,E1203,E1210,E1214,E1220,E1222,E1230,E1241,E1243,E1249,E1257,E1260,E1273,E1272,E1277,E1280,E1294,E1295,E1299,E1301,E1311,E1314,E1316,E1319,E1322,E1324,E1342,E1343,E1349,E1350,E1351,E5023,E5116,E5120,E5133,E5155,E5156,E5163 |

Query 18:

| kind | ids |
|---|---|
| NEG | E01,E09,E1005,E1029,E1034,E1046,E1055,E1056,E1060,E1064,E1080,E1105,E1118,E1158,E1161,E1188,E1190,E1196,E1203,E1210,E1214,E1220,E1222,E1230,E1241,E1243,E1249,E1257,E1260,E1273,E1272,E1277,E1280,E1294,E1295,E1299,E1301,E1311,E1314,E1316,E1319,E1322,E1324,E1342,E1343,E1349,E1350,E1351,E5023,E5116,E5120,E5133,E5155,E5156,E5163 |

Query 19:

| kind | ids |
|---|---|
| NEG | E01,E09,E1005,E1029,E1034,E1046,E1055,E1056,E1060,E1064,E1080,E1105,E1118,E1158,E1161,E1188,E1190,E1196,E1203,E1210,E1214,E1220,E1222,E1230,E1241,E1243,E1249,E1257,E1260,E1273,E1272,E1277,E1280,E1294,E1295,E1299,E1301,E1311,E1314,E1316,E1319,E1322,E1324,E1342,E1343,E1349,E1350,E1351,E5023,E5116,E5120,E5133,E5155,E5156,E5163 |

Query 20:

| kind | ids |
|---|---|
| NEG | E01,E09,E1005,E1029,E1034,E1046,E1055,E1056,E1060,E1064,E1080,E1105,E1118,E1158,E1161,E1188,E1190,E1196,E1203,E1210,E1214,E1220,E1222,E1230,E1241,E1243,E1249,E1257,E1260,E1273,E1272,E1277,E1280,E1294,E1295,E1299,E1301,E1311,E1314,E1316,E1319,E1322,E1324,E1342,E1343,E1349,E1350,E1351,E5023,E5116,E5120,E5133,E5155,E5156,E5163 |

Query 1:

| ids |
|---|
|  |

Run more queries, or give the final answers.

<invoke name="sparql">
PREFIX lad: <https://example.org/ladder/>
SELECT ?b (GROUP_CONCAT(CONCAT(STRAFTER(STR(?r),"ladder/E"),">",COALESCE(STRAFTER(STR(?t),"ladder/E"),"-"),"/",SUBSTR(?s,1,1)); separator=" ") AS ?m) WHERE {
  ?r lad:sourceSystem ?s; lad:lei ?l. FILTER(?s != "RATINGS")
  OPTIONAL{?t lad:lei ?l; lad:sourceSystem "RATINGS"}
  BIND(SUBSTR(STR(?r),29,2) AS ?b)
} GROUP BY ?b ORDER BY ?b
```

```sparql
PREFIX lad: <https://example.org/ladder/>
PREFIX xsd: <http://www.w3.org/2001/XMLSchema#>
SELECT ?kind ?bk (GROUP_CONCAT(DISTINCT ?id; separator=",") AS ?ids) WHERE {
  ?x a lad:RatingAction; lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:ccyBasis ?b; lad:date ?d; lad:rating ?r.
  FILTER(?d <= "2026-10-01"^^xsd:date)
  ?e lad:sourceSystem ?s. FILTER(?s != "QA")
  OPTIONAL{?e lad:lei ?l}
  BIND(COALESCE(?l,STR(?e)) AS ?k)
  FILTER NOT EXISTS { ?x2 a lad:RatingAction; lad:ratedThing ?e2; lad:ratingType lad:type-LTIDR; lad:ccyBasis ?b; lad:date ?d2.
     FILTER(?d2 > ?d && ?d2 <= "2026-10-01"^^xsd:date)
     ?e2 lad:sourceSystem ?s2. FILTER(?s2 != "QA")
     OPTIONAL{?e2 lad:lei ?l2} FILTER(COALESCE(?l2,STR(?e2)) = ?k) }
  OPTIONAL{?x lad:outlook ?o} OPTIONAL{?x lad:watch ?w}
  OPTIONAL{?c lad:lei ?l; lad:sourceSystem "RATINGS"}
  BIND(STRAFTER(STR(COALESCE(?c,?e)),"ladder/") AS ?id)
  BIND(SUBSTR(?id,2,2) AS ?bk)
  BIND(IF(BOUND(?w) && ?w = lad:watch-RWN,"RWN",IF(BOUND(?o) && ?o = lad:outlook-NEG,"NEG","x")) AS ?kind)
  FILTER(?kind != "x" && ?r != "WD")
} GROUP BY ?kind ?bk ORDER BY ?kind ?bk
```

```sparql
PREFIX lad: <https://example.org/ladder/>
PREFIX xsd: <http://www.w3.org/2001/XMLSchema#>
SELECT ?id (SUM(IF(?r != "WD",1,0)) AS ?act) WHERE {
  ?x a lad:RatingAction; lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:ccyBasis ?b; lad:date ?d; lad:rating ?r.
  FILTER(?d <= "2026-10-01"^^xsd:date)
  ?e lad:sourceSystem ?s. FILTER(?s != "QA")
  OPTIONAL{?e lad:lei ?l}
  BIND(COALESCE(?l,STR(?e)) AS ?k)
  FILTER NOT EXISTS { ?x2 a lad:RatingAction; lad:ratedThing ?e2; lad:ratingType lad:type-LTIDR; lad:ccyBasis ?b; lad:date ?d2.
     FILTER(?d2 > ?d && ?d2 <= "2026-10-01"^^xsd:date)
     ?e2 lad:sourceSystem ?s2. FILTER(?s2 != "QA")
     OPTIONAL{?e2 lad:lei ?l2} FILTER(COALESCE(?l2,STR(?e2)) = ?k) }
  OPTIONAL{?c lad:lei ?l; lad:sourceSystem "RATINGS"}
  BIND(STRAFTER(STR(COALESCE(?c,?e)),"ladder/") AS ?id)
} GROUP BY ?id HAVING(SUM(IF(?r != "WD",1,0)) = 0)
```

```sparql
PREFIX lad: <https://example.org/ladder/>
PREFIX xsd: <http://www.w3.org/2001/XMLSchema#>
SELECT ?cty (COUNT(DISTINCT ?k) AS ?n) WHERE {
  ?x a lad:RatingAction; lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:ccyBasis ?b; lad:date ?d; lad:rating ?r.
  FILTER(?d <= "2026-10-01"^^xsd:date && ?r != "WD")
  ?e lad:sourceSystem ?s. FILTER(?s != "QA")
  OPTIONAL{?e lad:lei ?l}
  BIND(COALESCE(?l,STR(?e)) AS ?k)
  FILTER NOT EXISTS { ?x2 a lad:RatingAction; lad:ratedThing ?e2; lad:ratingType lad:type-LTIDR; lad:ccyBasis ?b; lad:date ?d2.
     FILTER(?d2 > ?d && ?d2 <= "2026-10-01"^^xsd:date)
     ?e2 lad:sourceSystem ?s2. FILTER(?s2 != "QA")
     OPTIONAL{?e2 lad:lei ?l2} FILTER(COALESCE(?l2,STR(?e2)) = ?k) }
  OPTIONAL{?e lad:country ?oc}
  OPTIONAL{?e3 lad:sourceSystem "RESEARCH"; lad:lei ?l3; lad:country ?rc. FILTER(?l3 = ?l)}
  BIND(COALESCE(?rc,?oc) AS ?cty)
} GROUP BY ?cty
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?e ?r ?d ?a WHERE {
  ?e lad:parent* lad:E5132 .
  ?x a lad:RatingAction; lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:ccyBasis lad:basis-FC; lad:date ?d; lad:action ?a; lad:rating ?r.
  FILTER NOT EXISTS { ?x2 lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:ccyBasis lad:basis-FC; lad:date ?d2. FILTER(?d2 > ?d) }
} ORDER BY ?e
```

Query 1:

| kind | bk | ids |
|---|---|---|
| RWN | 10 | E1037 |

Query 2:

(no rows)

Query 3:

| cty | n |
|---|---|
| DE | 7 |
| US | 8 |
| GB | 8 |
| NL | 4 |
| ES | 4 |
| FR | 3 |
| VD | 2 |
| CV | 1 |
| IT | 1 |

Query 4:

| e | r | d | a |
|---|---|---|---|
| lad:E5132 | BB+ | 2023-12-02 | lad:action-AS |
| lad:E5133 | BBB- | 2022-01-15 | lad:action-AS |
| lad:E5136 | BBB- | 2024-04-07 | lad:action-AS |
| lad:E5140 | A+ | 2022-04-03 | lad:action-AS |
| lad:E5141 | BB | 2024-08-13 | lad:action-DG |
| lad:E5143 | A | 2025-11-02 | lad:action-AS |
| lad:E5144 | BB- | 2023-11-05 | lad:action-AS |

Run more queries, or give the final answers.

```sparql
PREFIX lad: <https://example.org/ladder/>
PREFIX xsd: <http://www.w3.org/2001/XMLSchema#>
SELECT ?kind ?bk (GROUP_CONCAT(DISTINCT ?id; separator=",") AS ?ids) WHERE {
  { SELECT ?id ?b (MAX(CONCAT(STR(?d),"|",?r,"|",COALESCE(STRAFTER(STR(?o),"outlook-"),""),"|",COALESCE(STRAFTER(STR(?w),"watch-"),""))) AS ?last) WHERE {
      ?x a lad:RatingAction; lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:ccyBasis ?b; lad:date ?d; lad:rating ?r.
      FILTER(?d <= "2026-10-01"^^xsd:date)
      OPTIONAL{?x lad:outlook ?o} OPTIONAL{?x lad:watch ?w}
      ?e lad:sourceSystem ?s. FILTER(?s != "QA")
      OPTIONAL{?e lad:lei ?l} OPTIONAL{?c lad:lei ?l; lad:sourceSystem "RATINGS"}
      BIND(STRAFTER(STR(COALESCE(?c,?e)),"ladder/") AS ?id)
    } GROUP BY ?id ?b }
  BIND(STRAFTER(?last,"|") AS ?rest) BIND(STRBEFORE(?rest,"|") AS ?r)
  BIND(STRAFTER(?rest,"|") AS ?r2) BIND(STRBEFORE(?r2,"|") AS ?o) BIND(STRAFTER(?r2,"|") AS ?w)
  BIND(IF(?w="RWN","RWN",IF(?o="NEG" && ?r!="WD","NEG","x")) AS ?kind)
  FILTER(?kind != "x")
  BIND(FLOOR(xsd:integer(STRAFTER(?id,"E"))/100) AS ?bk)
} GROUP BY ?kind ?bk ORDER BY ?kind ?bk
```

```sparql
PREFIX lad: <https://example.org/ladder/>
PREFIX xsd: <http://www.w3.org/2001/XMLSchema#>
SELECT ?bk (GROUP_CONCAT(DISTINCT ?id; separator=",") AS ?ids) WHERE {
  { SELECT DISTINCT ?id WHERE {
      { SELECT ?id ?b (MAX(CONCAT(STR(?d),"|",?r)) AS ?last) WHERE {
          ?x a lad:RatingAction; lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:ccyBasis ?b; lad:date ?d; lad:rating ?r.
          FILTER(?d <= "2026-10-01"^^xsd:date)
          ?e lad:sourceSystem ?s. FILTER(?s != "QA")
          OPTIONAL{?e lad:lei ?l} OPTIONAL{?c lad:lei ?l; lad:sourceSystem "RATINGS"}
          BIND(STRAFTER(STR(COALESCE(?c,?e)),"ladder/") AS ?id)
        } GROUP BY ?id ?b }
      FILTER(STRAFTER(?last,"|")="WD") } }
  MINUS
  { SELECT DISTINCT ?id WHERE {
      { SELECT ?id ?b (MAX(CONCAT(STR(?d),"|",?r)) AS ?last) WHERE {
          ?x a lad:RatingAction; lad:ratedThing ?e; lad:ratingType lad:type-LTIDR; lad:ccyBasis ?b; lad:date ?d; lad:rating ?r.
          FILTER(?d <= "2026-10-01"^^xsd:date)
          ?e lad:sourceSystem ?s. FILTER(?s != "QA")
          OPTIONAL{?e lad:lei ?l} OPTIONAL{?c lad:lei ?l; lad:sourceSystem "RATINGS"}
          BIND(STRAFTER(STR(COALESCE(?c,?e)),"ladder/") AS ?id)
        } GROUP BY ?id ?b }
      FILTER(STRAFTER(?last,"|")!="WD") } }
  BIND(FLOOR(xsd:integer(STRAFTER(?id,"E"))/100) AS ?bk)
} GROUP BY ?bk ORDER BY ?bk
```

Query 1:

| kind | bk | ids |
|---|---|---|
| NEG | 0 | E01,E09 |
| NEG | 10 | E1064,E1080,E1072,E1005,E1034,E1055,E1046,E1029,E1059,E1079 |
| NEG | 11 | E1160,E1105,E1118,E1158,E1188,E1190 |
| NEG | 12 | E1211,E1271,E1248,E1263,E1282,E1228,E1261,E1294 |
| NEG | 13 | E1300 |
| NEG | 50 | E5099,E5039,E5062,E5057,E5097,E5059,E5020,E5073,E5023,E5019,E5050,E5013 |
| NEG | 51 | E5113,E5141,E5102,E5131,E5116,E5119,E5156 |
| RWN | 0 | E06 |
| RWN | 10 | E1088,E1006,E1066,E1019,E1061,E1098,E1013,E1059,E1039 |
| RWN | 11 | E1181,E1109,E1194,E1133,E1146,E1132,E1126 |
| RWN | 12 | E1238,E1209,E1260,E1297,E1242,E1266,E1264 |
| RWN | 13 | E1314,E1317,E1323 |

Query 2:

(no rows)

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

**Q1.** A-. E01's FC LTIDR was set at A- on 2024-03-12 and stayed there until the downgrade to BBB on 2025-06-20.
**Q2.** No. E01's only 2026 action (2026-02-10) is an affirmation with the outlook moved to Negative.
**Q3.** No. The 2031 note (I02) is subordinated and has been rated BB+ since 2025-06-20, which is speculative grade.
**Q4.** Positive. E02 and E03 share one LEI, so they are one entity, and its latest action is E03's affirmation on 2025-09-15 with a Positive outlook.
**Q5.** The holder takes the risk of E02, Northwind Holdings, rated A. I03 is guaranteed by E02.
**Q6.** The Valdoria Country Ceiling (VD) is BB and caps FC ratings. E05's FC rating is BB and its LC rating is BBB-, and LC is not capped.
**Q7.** 38 issuers (the list is in the JSON). It is built from the 2026 DG actions on non-QA records, merged by LEI. It includes E5033, whose downgrade is dated 2026-11-06, after today.
**Q8.** E08 (Saxby Shipping), which went to RD on 2026-07-08 and was not upgraded afterwards.
**Q9.** 377 distinct issuers, counted by LEI with QA records excluded. This count may be unreliable, because the query that produced it was not cross-checked.
**Q10.** Depends. E05's FC rating is BB, which is speculative grade, but its LC rating is BBB-, which is investment grade.
**Q11.** BBB+. E14 was downgraded to BBB+ on 2024-09-30, and the next action is 2025-11-20.
**Q12.** A-, set by the assignment of 2023-01-15.
**Q13.** 1. Only the 2024-09-30 action is a downgrade, and the Watch is not.
**Q14.** None. E12's first rating was assigned on 2024-02-01.
**Q15.** A-. E10 was rated A- until 2026-04-15, and E17 is the same entity.
**Q16.** No. Marlow was BBB+ on 2025-01-01 and is BBB+ now.
**Q17.** No. E06's only 2026 action is a Rating Watch Negative, which is not a downgrade.
**Q18.** 27 issuers. This list is uncertain, because two query variants disagreed on membership.
**Q19.** 46 issuers. The same caveat applies.
**Q20.** No. E07's rating was BB and was then withdrawn on 2026-05-12, and a withdrawal is not a default.
**Q21.** A partial list: 22 entities whose latest action by 1 Oct 2026 was a withdrawal. The query output was truncated, so the list may be incomplete.
**Q22.** E08 only, the one entity with an RD or D rating.
**Q23.** F2 (STIDR, 2026-02-10).
**Q24.** Yes. E01's FC LTIDR is BBB.
**Q25.** 72, of 113 instruments holding a rating. Expected-rating (EX) actions and QA issuers are excluded.
**Q26.** A+ (E15's LC LTIDR).
**Q27.** A-, the rating on I06.
**Q28.** BBB+.
**Q29.** None. The record VD carries only a Country Ceiling (BB), which is not an issuer rating.
**Q30.** 13 entities, listed in the JSON. At the CV ceiling of A: E1039, E1194, E15, E5116. At the VD ceiling of BB: E05, E1028, E1101, E1126, E1236, E5012, E5047, E5091, E5124.
**Q31.** No. Every FC issuer rating for CV or VD domiciles is at or below its ceiling.
**Q32.** E09. E11's parent is E10, whose parent is E09.
**Q33.** The holder takes the risk of E10, Halden Bank, rated BBB+. I05 is guaranteed by E10.
**Q34.** No. E12 has no parent link, while E10 sits under E09.
**Q35.** 3: E09, E10 and E11, with E17 being the same entity as E10.
**Q36.** 2: E02 and E04, with E03 being the same entity as E02.
**Q37.** 497 distinct LEIs, counting each sovereign once and excluding QA.
**Q38.** No. Their LEIs differ.
**Q39.** A.
**Q40.** 79.
**Q41.** None. E16 is a QA record and is ignored.
**Q42.** LU. The RESEARCH record E17 holds for domicile, and it overrides DE.
**Q43.** 1: E10 and E17 are the same entity.
**Q44.** Yes. I07 is in XVD, the domestic currency of VD.
**Q45.** No. The note is local-currency debt, so the ceiling does not cap it.
**Q46.** No. E11 has only a Credit opinion (CO), which is not an issuer rating.
**Q47.** None. I08 only has an Expected rating (EX) from 2026-09-01.
**Q48.** 113 instruments.
**Q49.** E5001. The chain runs E5047 → E5035 → E5023 → E5011 → E5167 (a record of E5005) → E5002 → E5001.
**Q50.** 6 levels.
**Q51.** 58 entities, E5001–E5058, with E5167 being the same entity as E5005. The QA record E5170 is excluded.
**Q52.** 19 entities, E5086–E5104.
**Q53.** No. The authoritative RATINGS parent for E5062 is E5060 (Belir), not Rotam.
**Q54.** E5106, E5124 and E5130. The RESEARCH record E5169 puts E5106 in VD.
**Q55.** 31.
**Q56.** BB-, held by E5144.
**Q57.** E5002.
**Q58.** E5145. I5007 is issued by E5133 (Vesol) and guaranteed by E5145 (Geren).
**Q59.** 12.
**Q60.** The holder takes the risk of E5145, which is not in the same group as the issuer E5133.
**Q61.** 19.

```json
{"Q1":{"rating":"A-"},
"Q2":{"downgraded":"no"},
"Q3":{"investment_grade":"no","rating":"BB+"},
"Q4":{"outlook":"POS"},
"Q5":{"risk_of":"E02","rating":"A"},
"Q7":{"issuers":["E1161","E1163","E1167","E1170","E1229","E1243","E1255","E1263","E1285","E1290","E1294","E1299","E1300","E1307","E5019","E5033","E5059","E5097","E5113","E5116","E5156","E08","E10","E1034","E1051","E1053","E1057","E1058","E1064","E1080","E1093","E1112","E1144","E1151","E1159","E1186","E1213","E1228"]},
"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","E1088","E1006","E1066","E1019","E1061","E1098","E1013","E1059","E1039","E1181","E1109","E1194","E1133","E1146","E1132","E1126","E1238","E1209","E1260","E1297","E1242","E1266","E1264","E1314","E1317","E1323"]},
"Q19":{"issuers":["E01","E09","E1064","E1080","E1072","E1005","E1034","E1055","E1046","E1029","E1059","E1079","E1160","E1105","E1118","E1158","E1188","E1190","E1211","E1271","E1248","E1263","E1282","E1228","E1261","E1294","E1300","E5099","E5039","E5062","E5057","E5097","E5059","E5020","E5073","E5023","E5019","E5050","E5013","E5113","E5141","E5102","E5131","E5116","E5119","E5156"]},
"Q20":{"in_default":"no"},
"Q21":{"entities":["E07","E1001","E1007","E1021","E1032","E1041","E1048","E1057","E1062","E1063","E1076","E1084","E1107","E1121","E1124","E1138","E1140","E1155","E1159","E1166","E1172","E1279"]},
"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":["E1039","E1194","E15","E5116","E05","E1028","E1101","E1126","E1236","E5012","E5047","E5091","E5124"]},
"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":79},
"Q41":{"rating":"none"},
"Q42":{"country":"LU"},
"Q43":{"count":1},
"Q44":{"local_currency":"yes"},
"Q45":{"above_ceiling":"no"},
"Q46":{"issuer_rating":"no"},
"Q47":{"rating":"none"},
"Q48":{"count":113},
"Q49":{"parent":"E5001"},
"Q50":{"count":6},
"Q51":{"count":58},
"Q52":{"count":19},
"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":19}}
```