D4 sparql, run 4: the query session

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36 queries1 failed7 rounds
The opening prompt
## 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`

## Questions

Answer each question below from the data above. Start each answer on a new line with its
number in bold, like **Q1.**, give the direct answer first, then at most two sentences of
reasoning that cite the records (IDs) you relied on.

Then end with one JSON block (```json) holding the structured answer to each question listed
here, with exactly these fields, shaped like {"Q1": {"field": value}, ...}. Name entities by their record ID: the entity_id in the CSV files, or the part of the IRI after lad: in the RDF (E01, not Kestrel Energy plc).

- Q1: rating (a rating, or "none")
- Q2: downgraded ("yes", "no" or "depends")
- Q3: investment_grade ("yes", "no" or "depends"), rating (a rating, or "none")
- Q4: outlook (an outlook)
- Q5: risk_of (a record ID), rating (a rating, or "none")
- Q7: issuers (a list of record IDs)
- Q8: entities (a list of record IDs)
- Q9: count (a number)
- Q10: investment_grade ("yes", "no" or "depends")
- Q11: rating (a rating, or "none")
- Q12: rating (a rating, or "none")
- Q13: count (a number)
- Q14: rating (a rating, or "none")
- Q15: rating (a rating, or "none")
- Q16: changed ("yes", "no" or "depends")
- Q17: downgraded ("yes", "no" or "depends")
- Q18: issuers (a list of record IDs)
- Q19: issuers (a list of record IDs)
- Q20: in_default ("yes", "no" or "depends")
- Q21: entities (a list of record IDs)
- Q22: entities (a list of record IDs)
- Q23: rating (a rating, or "none")
- Q24: investment_grade ("yes", "no" or "depends")
- Q25: count (a number)
- Q26: rating (a rating, or "none")
- Q27: rating (a rating, or "none")
- Q28: rating (a rating, or "none")
- Q29: rating (a rating, or "none")
- Q30: entities (a list of record IDs)
- Q31: any ("yes", "no" or "depends")
- Q32: parent (a record ID)
- Q33: risk_of (a record ID), rating (a rating, or "none")
- Q34: same_group ("yes", "no" or "depends")
- Q35: count (a number)
- Q36: count (a number)
- Q37: count (a number)
- Q38: same ("yes", "no" or "depends")
- Q39: rating (a rating, or "none")
- Q40: count (a number)
- Q41: rating (a rating, or "none")
- Q42: country (a country code)
- Q43: count (a number)
- Q44: local_currency ("yes", "no" or "depends")
- Q45: above_ceiling ("yes", "no" or "depends")
- Q46: issuer_rating ("yes", "no" or "depends")
- Q47: rating (a rating, or "none")
- Q48: count (a number)
- Q49: parent (a record ID)
- Q50: count (a number)
- Q51: count (a number)
- Q52: count (a number)
- Q53: same_group ("yes", "no" or "depends")
- Q54: entities (a list of record IDs)
- Q55: count (a number)
- Q56: rating (a rating, or "none")
- Q57: entity (a record ID)
- Q58: entities (a list of record IDs)
- Q59: count (a number)
- Q60: risk_of (a record ID), same_group ("yes", "no" or "depends")
- Q61: count (a number)

Q1. What was Kestrel Energy's rating on 1 January 2025?
Q2. Has Kestrel Energy been downgraded in 2026?
Q3. Is Kestrel Energy's 2031 note investment grade?
Q4. What is Northwind Holdings' current outlook?
Q5. Whose credit risk does a holder of the Northwind Finance 2030 notes take, and how is it rated?
Q6. Why is Valdoria Telecom's foreign-currency rating lower than its local-currency rating?
Q7. Which issuers were downgraded in 2026?
Q8. Which entities were in default on 1 October 2026?
Q9. As of 1 October 2026, how many distinct issuers hold an issuer rating?
Q10. Is Valdoria Telecom investment grade?
Q11. What was Marlow Utilities' rating on 1 June 2025?
Q12. What was Marlow Utilities' rating on 1 January 2024?
Q13. How many times has Marlow Utilities been downgraded?
Q14. What was Halden Foods' rating on 1 January 2024?
Q15. What was Halden Bank's rating on 1 January 2026?
Q16. Has Marlow Utilities' rating changed since 1 January 2025?
Q17. Was Orrin Bank downgraded in 2026?
Q18. Which issuers were on Rating Watch Negative on 1 October 2026?
Q19. Which issuers had a Negative outlook on 1 October 2026?
Q20. Is Pellam Retail in default?
Q21. Which entities had an issuer rating at some point but no longer had one on 1 October 2026?
Q22. Which entities have ever been in default?
Q23. What is Kestrel Energy's short-term rating?
Q24. Is Kestrel Energy's issuer rating investment grade?
Q25. How many instruments held an investment-grade rating on 1 October 2026?
Q26. What is Corvenia Power's local-currency rating?
Q27. How is Corvenia Power's 2032 note rated?
Q28. What is the Republic of Corvenia's foreign-currency issuer rating?
Q29. What is the Republic of Valdoria's issuer rating?
Q30. Which entities had a foreign-currency issuer rating exactly at their country's ceiling on 1 October 2026?
Q31. Did any company have a foreign-currency issuer rating above its country's ceiling on 1 October 2026?
Q32. Who is Halden Leasing's ultimate parent?
Q33. Whose credit risk does a holder of the Halden Leasing 2028 notes take, and how is it rated?
Q34. Is Halden Foods part of the same group as Halden Bank?
Q35. How many entities are in the Halden group, the parent included?
Q36. How many entities are in the Northwind group, the parent included?
Q37. How many distinct legal entities does the data describe?
Q38. Are Orrin Bank AG and Orrin Bancorp Inc the same entity?
Q39. What is Northwind Holdings' current rating?
Q40. How many distinct issuers domiciled in GB held an issuer rating on 1 October 2026?
Q41. What is Brindle Capital's current rating?
Q42. In which country is Halden Bank domiciled?
Q43. How many distinct entities are domiciled in Luxembourg (LU)?
Q44. Is Valdoria Telecom's 2027 note a local-currency obligation?
Q45. Is Valdoria Telecom's 2027 note rated above what Valdoria's Country Ceiling allows?
Q46. Does Halden Leasing have an issuer rating?
Q47. How is Corvenia Power's 2034 note rated?
Q48. How many instruments held a rating on 1 October 2026?
Q49. Who is Cerid Rosor Holdings SA's ultimate parent?
Q50. How many levels of ownership separate Cerid Rosor Holdings SA from its ultimate parent?
Q51. How many entities are in the Cerid Group plc group, the parent included?
Q52. How many entities are in the Rotam Group Inc group, the parent included?
Q53. Are Belir Mining SA and Rotam Group Inc in the same group?
Q54. Which members of the Wonod Group SA group are domiciled in Valdoria (VD)?
Q55. If Valdoria (VD) came under stress, how many entities with an issuer rating in force have an entity domiciled in VD somewhere above them in their chain of parents?
Q56. What is the lowest current foreign-currency issuer rating held by any member of the Vesol Group BV group?
Q57. Which is the nearest entity that Cerid Guven Energy SA and Cerid Telecom SA both have in their chains of parents?
Q58. Which entities guarantee a note issued by an entity outside their own group?
Q59. How many entities in the Cerid Group plc group sit exactly three levels below the top?
Q60. Whose credit risk does a holder of the Cross-group 4.75% notes due 2031 take, and is that entity in the same group as the issuer?
Q61. How many members of the Cerid Group plc group, the top included, hold a foreign-currency issuer rating below investment grade?
The model
I'll start by exploring the entities and instruments.

```sparql
PREFIX lad: <https://example.org/ladder/>
PREFIX rdfs: <http://www.w3.org/2000/01/rdf-schema#>
SELECT ?s ?p ?o WHERE { ?s a lad:Entity ; ?p ?o . FILTER(?p != <http://www.w3.org/1999/02/22-rdf-syntax-ns#type>) } ORDER BY ?s ?p
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?s ?p ?o WHERE { ?s a lad:Instrument ; ?p ?o . FILTER(?p != <http://www.w3.org/1999/02/22-rdf-syntax-ns#type>) } ORDER BY ?s ?p
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?s ?ratedThing ?type ?rating ?date ?action ?outlook ?watch ?ccy ?comment WHERE { ?s a lad:RatingAction ; lad:ratedThing ?ratedThing ; lad:date ?date .
OPTIONAL{?s lad:ratingType ?type} OPTIONAL{?s lad:rating ?rating} OPTIONAL{?s lad:action ?action} OPTIONAL{?s lad:outlook ?outlook} OPTIONAL{?s lad:watch ?watch} OPTIONAL{?s lad:ccyBasis ?ccy} OPTIONAL{?s lad:comment ?comment} } ORDER BY ?ratedThing ?date
```
Query results
Query 1:

| s | p | o |
|---|---|---|
| lad:CV | rdfs:label | Republic of Corvenia |
| lad:CV | lad:country | CV |
| lad:CV | lad:entityType | lad:etype-SOV |
| lad:CV | lad:name | Republic of Corvenia |
| lad:CV | lad:sourceSystem | RATINGS |
| lad:E01 | rdfs:label | Kestrel Energy plc |
| lad:E01 | lad:country | GB |
| lad:E01 | lad:entityType | lad:etype-CORP |
| lad:E01 | lad:lei | 7245002OOPBG04092E43 |
| lad:E01 | lad:name | Kestrel Energy plc |
| lad:E01 | lad:sourceSystem | RATINGS |
| lad:E02 | rdfs:label | Northwind Holdings plc |
| lad:E02 | lad:country | GB |
| lad:E02 | lad:entityType | lad:etype-CORP |
| lad:E02 | lad:lei | 213800PHEIYNJMHTDV74 |
| lad:E02 | lad:name | Northwind Holdings plc |
| lad:E02 | lad:sourceSystem | RATINGS |
| lad:E03 | rdfs:label | NORTHWIND HLDGS |
| lad:E03 | lad:country | GB |
| lad:E03 | lad:entityType | lad:etype-CORP |
| lad:E03 | lad:lei | 213800PHEIYNJMHTDV74 |
| lad:E03 | lad:name | NORTHWIND HLDGS |
| lad:E03 | lad:sourceSystem | RESEARCH |
| lad:E04 | rdfs:label | Northwind Finance BV |
| lad:E04 | lad:country | NL |
| lad:E04 | lad:entityType | lad:etype-FINSUB |
| lad:E04 | lad:lei | 213800LA5RYJLGXV2T85 |
| lad:E04 | lad:name | Northwind Finance BV |
| lad:E04 | lad:parent | lad:E02 |
| lad:E04 | lad:sourceSystem | RATINGS |
| lad:E05 | rdfs:label | Valdoria Telecom SA |
| lad:E05 | lad:country | VD |
| lad:E05 | lad:entityType | lad:etype-CORP |
| lad:E05 | lad:lei | 391200LESH03LMOY2U61 |
| lad:E05 | lad:name | Valdoria Telecom SA |
| lad:E05 | lad:sourceSystem | RATINGS |
| lad:E06 | rdfs:label | Orrin Bank AG |
| lad:E06 | lad:country | DE |
| lad:E06 | lad:entityType | lad:etype-BANK |
| lad:E06 | lad:lei | 549300AMVE3VRVG7HK43 |
| lad:E06 | lad:name | Orrin Bank AG |
| lad:E06 | lad:sourceSystem | RATINGS |
| lad:E07 | rdfs:label | Pellam Retail Ltd |
| lad:E07 | lad:country | GB |
| lad:E07 | lad:entityType | lad:etype-CORP |
| lad:E07 | lad:lei | 969500B6IUACELPI2291 |
| lad:E07 | lad:name | Pellam Retail Ltd |
| lad:E07 | lad:sourceSystem | RATINGS |
| lad:E08 | rdfs:label | Saxby Shipping SA |
| lad:E08 | lad:country | GR |
| lad:E08 | lad:entityType | lad:etype-CORP |
| lad:E08 | lad:lei | 969500KOTZ1JFIZSG796 |
| lad:E08 | lad:name | Saxby Shipping SA |
| lad:E08 | lad:sourceSystem | RATINGS |
| lad:E09 | rdfs:label | Halden Group plc |
| lad:E09 | lad:country | GB |
| lad:E09 | lad:entityType | lad:etype-CORP |
| lad:E09 | lad:lei | 815600ASM9EHDG931T89 |
| lad:E09 | lad:name | Halden Group plc |
| lad:E09 | lad:sourceSystem | RATINGS |
(3390 more rows not shown)

Query 2:

| s | p | o |
|---|---|---|
| lad:I01 | rdfs:label | Kestrel Energy 4.50% 2030 |
| lad:I01 | lad:currency | GBP |
| lad:I01 | lad:description | Kestrel Energy 4.50% notes due 2030 |
| lad:I01 | lad:issuer | lad:E01 |
| lad:I01 | lad:maturity | 2030-03-15 |
| lad:I01 | lad:seniority | lad:seniority-SU |
| lad:I02 | rdfs:label | Kestrel Energy 6.25% 2031 |
| lad:I02 | lad:currency | GBP |
| lad:I02 | lad:description | Kestrel Energy 6.25% notes due 2031 |
| lad:I02 | lad:issuer | lad:E01 |
| lad:I02 | lad:maturity | 2031-09-30 |
| lad:I02 | lad:seniority | lad:seniority-SUB |
| lad:I03 | rdfs:label | Northwind Finance 3.75% 2030 |
| lad:I03 | lad:currency | EUR |
| lad:I03 | lad:description | Northwind Finance 3.75% notes due 2030 |
| lad:I03 | lad:guarantor | lad:E02 |
| lad:I03 | lad:issuer | lad:E04 |
| lad:I03 | lad:maturity | 2030-05-01 |
| lad:I03 | lad:seniority | lad:seniority-SU |
| lad:I04 | rdfs:label | Valdoria Telecom 5.00% 2029 |
| lad:I04 | lad:currency | USD |
| lad:I04 | lad:description | Valdoria Telecom 5.00% notes due 2029 |
| lad:I04 | lad:issuer | lad:E05 |
| lad:I04 | lad:maturity | 2029-11-20 |
| lad:I04 | lad:seniority | lad:seniority-SU |
| lad:I05 | rdfs:label | Halden Leasing 2.90% 2028 |
| lad:I05 | lad:currency | EUR |
| lad:I05 | lad:description | Halden Leasing 2.90% notes due 2028 |
| lad:I05 | lad:guarantor | lad:E10 |
| lad:I05 | lad:issuer | lad:E11 |
| lad:I05 | lad:maturity | 2028-06-30 |
| lad:I05 | lad:seniority | lad:seniority-SU |
| lad:I06 | rdfs:label | Corvenia Power 7.10% 2032 |
| lad:I06 | lad:currency | USD |
| lad:I06 | lad:description | Corvenia Power 7.10% notes due 2032 |
| lad:I06 | lad:issuer | lad:E15 |
| lad:I06 | lad:maturity | 2032-02-15 |
| lad:I06 | lad:seniority | lad:seniority-SUB |
| lad:I07 | rdfs:label | Valdoria Telecom 4.25% 2027 |
| lad:I07 | lad:currency | XVD |
| lad:I07 | lad:description | Valdoria Telecom 4.25% notes due 2027 |
| lad:I07 | lad:issuer | lad:E05 |
| lad:I07 | lad:maturity | 2027-08-31 |
| lad:I07 | lad:seniority | lad:seniority-SU |
| lad:I08 | rdfs:label | Corvenia Power 6.00% 2034 |
| lad:I08 | lad:currency | USD |
| lad:I08 | lad:description | Corvenia Power 6.00% notes due 2034 |
| lad:I08 | lad:issuer | lad:E15 |
| lad:I08 | lad:maturity | 2034-09-01 |
| lad:I08 | lad:seniority | lad:seniority-SU |
| lad:I1001 | rdfs:label | Soson Airlines 5.50% 2031 |
| lad:I1001 | lad:currency | USD |
| lad:I1001 | lad:description | Soson Airlines 5.50% notes due 2031 |
| lad:I1001 | lad:issuer | lad:E1006 |
| lad:I1001 | lad:maturity | 2035-06-30 |
| lad:I1001 | lad:seniority | lad:seniority-SUB |
| lad:I1002 | rdfs:label | Golod Property 8.75% 2031 |
| lad:I1002 | lad:currency | USD |
| lad:I1002 | lad:description | Golod Property 8.75% notes due 2031 |
| lad:I1002 | lad:issuer | lad:E1007 |
(696 more rows not shown)

Query 3:

| s | ratedThing | type | rating | date | action | outlook | watch | ccy | comment |
|---|---|---|---|---|---|---|---|---|---|
| lad:A38 | lad:CV | lad:type-LTIDR | BBB+ | 2024-01-01 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A39 | lad:CV | lad:type-LTIDR | A- | 2024-01-01 | lad:action-AS | lad:outlook-STA |  | lad:basis-LC |  |
| lad:A37 | lad:CV | lad:type-CC | A | 2024-01-01 | lad:action-AS |  |  |  |  |
| lad:A01 | lad:E01 | lad:type-LTIDR | A- | 2024-03-12 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A02 | lad:E01 | lad:type-LTIDR | BBB | 2025-06-20 | lad:action-DG | lad:outlook-STA |  | lad:basis-FC | weaker cash flow after asset sale |
| lad:A03 | lad:E01 | lad:type-LTIDR | BBB | 2026-02-10 | lad:action-AF | lad:outlook-NEG |  | lad:basis-FC |  |
| lad:A04 | lad:E01 | lad:type-STIDR | F2 | 2026-02-10 | lad:action-AF |  |  | lad:basis-FC |  |
| lad:A08 | lad:E02 | lad:type-LTIDR | A | 2023-11-01 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A09 | lad:E03 | lad:type-LTIDR | A | 2025-09-15 | lad:action-AF | lad:outlook-POS |  | lad:basis-FC |  |
| lad:A13 | lad:E05 | lad:type-LTIDR | BBB- | 2025-04-01 | lad:action-AS | lad:outlook-STA |  | lad:basis-LC |  |
| lad:A14 | lad:E05 | lad:type-LTIDR | BB | 2025-04-01 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A16 | lad:E06 | lad:type-LTIDR | A- | 2024-05-01 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A17 | lad:E06 | lad:type-LTIDR | A- | 2026-09-03 | lad:action-RW |  | lad:watch-RWN | lad:basis-FC |  |
| lad:A18 | lad:E07 | lad:type-LTIDR | BB | 2024-01-10 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A19 | lad:E07 | lad:type-LTIDR | WD | 2026-05-12 | lad:action-WD |  |  | lad:basis-FC | commercial reasons |
| lad:A20 | lad:E08 | lad:type-LTIDR | B | 2024-06-01 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A21 | lad:E08 | lad:type-LTIDR | CCC | 2026-01-20 | lad:action-DG |  |  | lad:basis-FC |  |
| lad:A22 | lad:E08 | lad:type-LTIDR | RD | 2026-07-08 | lad:action-DG |  |  | lad:basis-FC | distressed debt exchange completed |
| lad:A24 | lad:E09 | lad:type-LTIDR | A | 2023-05-01 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A25 | lad:E09 | lad:type-LTIDR | A | 2026-03-01 | lad:action-AF | lad:outlook-NEG |  | lad:basis-FC |  |
| lad:A26 | lad:E10 | lad:type-LTIDR | A- | 2023-05-01 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC | support from parent |
| lad:A27 | lad:E10 | lad:type-LTIDR | BBB+ | 2026-04-15 | lad:action-DG | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A1001 | lad:E1002 | lad:type-LTIDR | A+ | 2022-08-18 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A1002 | lad:E1002 | lad:type-LTIDR | WD | 2025-07-20 | lad:action-WD |  |  | lad:basis-FC | commercial reasons |
| lad:A1003 | lad:E1003 | lad:type-LTIDR | A | 2024-07-05 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A1004 | lad:E1004 | lad:type-LTIDR | BB | 2023-05-02 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A1005 | lad:E1005 | lad:type-LTIDR | BBB- | 2022-05-02 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A1006 | lad:E1005 | lad:type-LTIDR | BB+ | 2023-03-19 | lad:action-DG | lad:outlook-POS |  | lad:basis-FC |  |
| lad:A1007 | lad:E1005 | lad:type-LTIDR | BB | 2025-08-02 | lad:action-DG | lad:outlook-NEG |  | lad:basis-FC |  |
| lad:A1008 | lad:E1006 | lad:type-LTIDR | AA- | 2025-08-26 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A1009 | lad:E1006 | lad:type-LTIDR | AA | 2026-04-15 | lad:action-UG | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A1010 | lad:E1006 | lad:type-LTIDR | AA | 2026-06-17 | lad:action-RW |  | lad:watch-RWN | lad:basis-FC |  |
| lad:A1012 | lad:E1007 | lad:type-LTIDR | BB- | 2023-06-03 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A1013 | lad:E1007 | lad:type-LTIDR | WD | 2026-06-27 | lad:action-WD |  |  | lad:basis-FC | commercial reasons |
| lad:A1015 | lad:E1008 | lad:type-LTIDR | BBB- | 2022-12-09 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A1017 | lad:E1009 | lad:type-LTIDR | A | 2022-05-02 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A1019 | lad:E1010 | lad:type-LTIDR | BBB- | 2023-08-18 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A1020 | lad:E1011 | lad:type-LTIDR | B+ | 2025-12-13 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A1021 | lad:E1012 | lad:type-LTIDR | BB | 2024-11-09 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A1022 | lad:E1012 | lad:type-LTIDR | BB | 2025-04-03 | lad:action-RW |  | lad:watch-RWN | lad:basis-FC |  |
| lad:A1023 | lad:E1012 | lad:type-LTIDR | BB+ | 2026-02-06 | lad:action-UG | lad:outlook-POS |  | lad:basis-FC |  |
| lad:A1025 | lad:E1013 | lad:type-LTIDR | BB- | 2022-06-02 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A1026 | lad:E1013 | lad:type-LTIDR | BB- | 2025-07-09 | lad:action-RW |  | lad:watch-RWN | lad:basis-FC |  |
| lad:A1028 | lad:E1014 | lad:type-LTIDR | AA- | 2025-07-11 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A1030 | lad:E1015 | lad:type-LTIDR | BBB+ | 2025-11-24 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A1031 | lad:E1016 | lad:type-LTIDR | B+ | 2022-06-10 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A1032 | lad:E1016 | lad:type-LTIDR | B+ | 2025-06-28 | lad:action-AF | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A1034 | lad:E1017 | lad:type-LTIDR | AA- | 2022-03-03 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A1035 | lad:E1017 | lad:type-LTIDR | AA | 2024-08-09 | lad:action-UG | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A1036 | lad:E1017 | lad:type-LTIDR | AA | 2025-04-20 | lad:action-AF | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A1037 | lad:E1018 | lad:type-LTIDR | A | 2025-08-11 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A1040 | lad:E1019 | lad:type-LTIDR | BBB- | 2022-12-11 | lad:action-AS | lad:outlook-STA |  | lad:basis-LC |  |
| lad:A1039 | lad:E1019 | lad:type-LTIDR | BB+ | 2022-12-11 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A1041 | lad:E1019 | lad:type-LTIDR | BBB- | 2024-02-08 | lad:action-RW |  | lad:watch-RWN | lad:basis-LC |  |
| lad:A1042 | lad:E1019 | lad:type-LTIDR | BBB- | 2024-03-20 | lad:action-RW |  | lad:watch-RWN | lad:basis-LC |  |
| lad:A1043 | lad:E1020 | lad:type-LTIDR | A- | 2024-06-15 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A1045 | lad:E1021 | lad:type-LTIDR | BBB- | 2022-06-19 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A1046 | lad:E1021 | lad:type-LTIDR | WD | 2025-11-08 | lad:action-WD |  |  | lad:basis-FC | commercial reasons |
| lad:A1048 | lad:E1023 | lad:type-LTIDR | A- | 2022-06-05 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A1049 | lad:E1023 | lad:type-LTIDR | BBB+ | 2023-03-02 | lad:action-DG | lad:outlook-POS |  | lad:basis-FC |  |
(854 more rows not shown)

Run more queries, or give the final answers.
The model
<sparql>
PREFIX lad: <https://example.org/ladder/>
PREFIX skos: <http://www.w3.org/2004/02/skos/core#>
SELECT ?s ?p ?o WHERE { ?s ?p ?o . FILTER(?p IN (skos:definition, skos:prefLabel, skos:notation, skos:note, skos:scopeNote, skos:broader, skos:inScheme, skos:related, skos:altLabel)) } ORDER BY ?s
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?s ?n ?c ?t ?par ?src WHERE { ?s a lad:Entity ; lad:name ?n . OPTIONAL{?s lad:country ?c} OPTIONAL{?s lad:entityType ?t} OPTIONAL{?s lad:parent ?par} OPTIONAL{?s lad:sourceSystem ?src} FILTER(REGEX(?n,"Marlow|Halden|Orrin|Brindle|Corvenia|Cerid|Rotam|Wonod|Vesol|Belir|Pellam|Valdoria|Northwind|Kestrel","i")) } ORDER BY ?s
```
Query results
Query 1:

| s | n | c | t | par | src |
|---|---|---|---|---|---|
| lad:CV | Republic of Corvenia | CV | lad:etype-SOV |  | RATINGS |
| lad:E01 | Kestrel Energy plc | GB | lad:etype-CORP |  | RATINGS |
| lad:E02 | Northwind Holdings plc | GB | lad:etype-CORP |  | RATINGS |
| lad:E03 | NORTHWIND HLDGS | GB | lad:etype-CORP |  | RESEARCH |
| lad:E04 | Northwind Finance BV | NL | lad:etype-FINSUB | lad:E02 | RATINGS |
| lad:E05 | Valdoria Telecom SA | VD | lad:etype-CORP |  | RATINGS |
| lad:E06 | Orrin Bank AG | DE | lad:etype-BANK |  | RATINGS |
| lad:E07 | Pellam Retail Ltd | GB | lad:etype-CORP |  | RATINGS |
| lad:E09 | Halden Group plc | GB | lad:etype-CORP |  | RATINGS |
| lad:E10 | Halden Bank AG | DE | lad:etype-BANK | lad:E09 | RATINGS |
| lad:E11 | Halden Leasing SA | FR | lad:etype-FINSUB | lad:E10 | RATINGS |
| lad:E12 | Halden Foods Ltd | GB | lad:etype-CORP |  | RATINGS |
| lad:E13 | Orrin Bancorp Inc | US | lad:etype-BANK |  | RATINGS |
| lad:E14 | Marlow Utilities plc | GB | lad:etype-CORP |  | RATINGS |
| lad:E15 | Corvenia Power SA | CV | lad:etype-CORP |  | RATINGS |
| lad:E16 | Brindle Capital Ltd | GB | lad:etype-CORP |  | QA |
| lad:E17 | HALDEN BANK | LU | lad:etype-BANK |  | RESEARCH |
| 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 |
(105 more rows not shown)

Run more queries, or give the final answers.
The model
```sparql
PREFIX skos: <http://www.w3.org/2004/02/skos/core#>
PREFIX rdfs: <http://www.w3.org/2000/01/rdf-schema#>
SELECT ?s ?p ?o WHERE { ?s ?p ?o . FILTER(!STRSTARTS(STR(?s),"https://example.org/ladder/E") && !STRSTARTS(STR(?s),"https://example.org/ladder/I") && !STRSTARTS(STR(?s),"https://example.org/ladder/A")) } ORDER BY ?s ?p
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?s ?t ?r ?d ?a ?o ?w ?c ?cm WHERE { ?s lad:ratedThing ?t ; lad:date ?d . OPTIONAL{?s lad:rating ?r} OPTIONAL{?s lad:action ?a} OPTIONAL{?s lad:outlook ?o} OPTIONAL{?s lad:watch ?w} OPTIONAL{?s lad:ccyBasis ?c} OPTIONAL{?s lad:comment ?cm} FILTER(?t IN (lad:CV, lad:E04,lad:E05,lad:E11,lad:E12,lad:E13,lad:E14,lad:E15,lad:E16,lad:E17,lad:I01,lad:I02,lad:I03,lad:I04,lad:I05,lad:I06,lad:I07,lad:I08)) } ORDER BY ?t ?d
```
Query results
Query 1:

| s | p | o |
|---|---|---|
| lad:CV | rdf:type | lad:Entity |
| lad:CV | rdfs:label | Republic of Corvenia |
| lad:CV | lad:country | CV |
| lad:CV | lad:entityType | lad:etype-SOV |
| lad:CV | lad:name | Republic of Corvenia |
| lad:CV | lad:sourceSystem | RATINGS |
| lad:VD | rdf:type | lad:Entity |
| lad:VD | rdfs:label | Republic of Valdoria |
| lad:VD | lad:country | VD |
| lad:VD | lad:entityType | lad:etype-SOV |
| lad:VD | lad:name | Republic of Valdoria |
| lad:VD | lad:sourceSystem | RATINGS |

Query 2:

| s | t | r | d | a | o | w | c | cm |
|---|---|---|---|---|---|---|---|---|
| lad:A38 | lad:CV | BBB+ | 2024-01-01 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A39 | lad:CV | A- | 2024-01-01 | lad:action-AS | lad:outlook-STA |  | lad:basis-LC |  |
| lad:A37 | lad:CV | A | 2024-01-01 | lad:action-AS |  |  |  |  |
| lad:A13 | lad:E05 | BBB- | 2025-04-01 | lad:action-AS | lad:outlook-STA |  | lad:basis-LC |  |
| lad:A14 | lad:E05 | BB | 2025-04-01 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A46 | lad:E11 | BBB | 2025-02-01 | lad:action-AS |  |  |  |  |
| lad:A30 | lad:E12 | BB- | 2024-02-01 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A31 | lad:E12 | BB | 2025-08-01 | lad:action-UG | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A32 | lad:E13 | BBB | 2024-07-01 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A34 | lad:E14 | A- | 2023-01-15 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A36 | lad:E14 | BBB+ | 2024-09-30 | lad:action-DG | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A35 | lad:E14 | BBB+ | 2025-11-20 | lad:action-RW |  | lad:watch-RWN | lad:basis-FC |  |
| lad:A33 | lad:E14 | BBB+ | 2026-05-01 | lad:action-AF | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A40 | lad:E15 | A+ | 2024-03-01 | lad:action-AS | lad:outlook-STA |  | lad:basis-LC |  |
| lad:A41 | lad:E15 | A | 2024-03-01 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A43 | lad:E16 | BBB- | 2024-04-01 | lad:action-AS | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A44 | lad:E16 | BB+ | 2026-06-01 | lad:action-DG | lad:outlook-STA |  | lad:basis-FC |  |
| lad:A05 | lad:I01 | A- | 2024-03-12 | lad:action-AS |  |  |  |  |
| lad:A06 | lad:I01 | BBB | 2025-06-20 | lad:action-DG |  |  |  |  |
| lad:A23 | lad:I02 | BBB | 2024-03-12 | lad:action-AS |  |  |  |  |
| lad:A07 | lad:I02 | BB+ | 2025-06-20 | lad:action-DG |  |  |  |  |
| lad:A10 | lad:I03 | A | 2023-11-01 | lad:action-AS |  |  |  |  |
| lad:A11 | lad:I03 | A | 2025-09-15 | lad:action-AF |  |  |  |  |
| lad:A15 | lad:I04 | BB | 2025-04-01 | lad:action-AS |  |  |  |  |
| lad:A28 | lad:I05 | A- | 2023-06-01 | lad:action-AS |  |  |  |  |
| lad:A29 | lad:I05 | BBB+ | 2026-04-15 | lad:action-DG |  |  |  |  |
| lad:A42 | lad:I06 | A- | 2024-03-01 | lad:action-AS |  |  |  |  |
| lad:A45 | lad:I07 | BBB- | 2025-04-01 | lad:action-AS |  |  |  |  |
| lad:A47 | lad:I08 | A | 2026-09-01 | lad:action-EX |  |  |  |  |

Run more queries, or give the final answers.
The model
```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?t ?r ?d ?a ?cm WHERE { ?s lad:ratedThing ?t ; lad:date ?d ; lad:action ?a . OPTIONAL{?s lad:rating ?r} OPTIONAL{?s lad:comment ?cm} FILTER(?a IN (lad:action-DG) && ?d >= "2026-01-01" && ?d <= "2026-12-31" ) } ORDER BY ?t ?d
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?t ?r ?d ?a ?cm WHERE { ?s lad:ratedThing ?t ; lad:date ?d ; lad:rating ?r . OPTIONAL{?s lad:action ?a} OPTIONAL{?s lad:comment ?cm} FILTER(?r IN ("RD","D","SD","DDD","DD")) } ORDER BY ?t ?d
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT (COUNT(DISTINCT ?t) AS ?n) WHERE { ?s lad:ratedThing ?t ; lad:ratingType lad:type-LTIDR ; lad:date ?d ; lad:rating ?r ; lad:ccyBasis ?b . FILTER(?r != "WD" && ?d <= "2026-10-01") FILTER NOT EXISTS { ?s2 lad:ratedThing ?t ; lad:ratingType lad:type-LTIDR ; lad:ccyBasis ?b ; lad:date ?d2 . FILTER(?d2 <= "2026-10-01" && ?d2 > ?d) } }
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?t ?r ?d ?o ?w ?b WHERE { ?s lad:ratedThing ?t ; lad:ratingType lad:type-LTIDR ; lad:date ?d ; lad:rating ?r ; lad:ccyBasis ?b . OPTIONAL{?s lad:outlook ?o} OPTIONAL{?s lad:watch ?w} FILTER(?d <= "2026-10-01" && (BOUND(?w) || ?o = lad:outlook-NEG)) FILTER NOT EXISTS { ?s2 lad:ratedThing ?t ; lad:ratingType lad:type-LTIDR ; lad:ccyBasis ?b ; lad:date ?d2 . FILTER(?d2 <= "2026-10-01" && ?d2 > ?d) } } ORDER BY ?t
```
Query results
Query 1:

(no rows)

Query 2:

| t | r | d | a | cm |
|---|---|---|---|---|
| lad:E08 | RD | 2026-07-08 | lad:action-DG | distressed debt exchange completed |

Query 3:

| n |
|---|
| 0 |

Query 4:

(no rows)

Run more queries, or give the final answers.
The model
Date comparisons against plain strings returned nothing, so I'm rerunning them with typed dates.

```sparql
PREFIX lad: <https://example.org/ladder/>
PREFIX xsd: <http://www.w3.org/2001/XMLSchema#>
SELECT ?t ?r ?d ?cm WHERE { ?s lad:ratedThing ?t ; lad:date ?d ; lad:action lad:action-DG . OPTIONAL{?s lad:rating ?r} OPTIONAL{?s lad:comment ?cm} FILTER(?d >= "2026-01-01"^^xsd:date && ?d <= "2026-12-31"^^xsd:date) } ORDER BY ?t
```

```sparql
PREFIX lad: <https://example.org/ladder/>
PREFIX xsd: <http://www.w3.org/2001/XMLSchema#>
SELECT ?t ?r ?d ?o ?w ?b WHERE { ?s lad:ratedThing ?t ; lad:ratingType lad:type-LTIDR ; lad:date ?d ; lad:rating ?r ; lad:ccyBasis ?b . OPTIONAL{?s lad:outlook ?o} OPTIONAL{?s lad:watch ?w} FILTER(?d <= "2026-10-01"^^xsd:date && (BOUND(?w) || ?o = lad:outlook-NEG)) FILTER NOT EXISTS { ?s2 lad:ratedThing ?t ; lad:ratingType lad:type-LTIDR ; lad:ccyBasis ?b ; lad:date ?d2 . FILTER(?d2 <= "2026-10-01"^^xsd:date && ?d2 > ?d) } } ORDER BY ?t
```

```sparql
PREFIX lad: <https://example.org/ladder/>
PREFIX xsd: <http://www.w3.org/2001/XMLSchema#>
SELECT (COUNT(DISTINCT ?t) AS ?n) WHERE { ?s lad:ratedThing ?t ; lad:ratingType lad:type-LTIDR ; lad:date ?d ; lad:rating ?r ; lad:ccyBasis ?b . FILTER(?r != "WD" && ?d <= "2026-10-01"^^xsd:date) FILTER NOT EXISTS { ?s2 lad:ratedThing ?t ; lad:ratingType lad:type-LTIDR ; lad:ccyBasis ?b ; lad:date ?d2 . FILTER(?d2 <= "2026-10-01"^^xsd:date && ?d2 > ?d) } }
```
Query results
Query 1:

| t | r | d | cm |
|---|---|---|---|
| lad:E08 | RD | 2026-07-08 | distressed debt exchange completed |
| lad:E08 | CCC | 2026-01-20 |  |
| lad:E10 | BBB+ | 2026-04-15 |  |
| lad:E1034 | BBB+ | 2026-05-02 |  |
| lad:E1051 | A+ | 2026-06-01 |  |
| lad:E1051 | A+ | 2026-04-05 |  |
| lad:E1053 | BB | 2026-03-20 |  |
| lad:E1057 | BB | 2026-06-25 |  |
| lad:E1058 | BBB- | 2026-07-14 |  |
| lad:E1064 | BBB+ | 2026-03-04 |  |
| lad:E1080 | A- | 2026-02-14 |  |
| lad:E1093 | B | 2026-07-25 |  |
| lad:E1112 | BBB | 2026-02-20 |  |
| lad:E1144 | B+ | 2026-06-06 |  |
| lad:E1151 | BBB | 2026-01-26 |  |
| lad:E1159 | BBB+ | 2026-06-16 |  |
| lad:E1161 | B | 2026-07-28 |  |
| lad:E1163 | BB+ | 2026-03-19 |  |
| lad:E1167 | BB | 2026-09-07 |  |
| lad:E1170 | BB- | 2026-08-16 |  |
| lad:E1186 | BBB+ | 2026-01-04 |  |
| lad:E1213 | A- | 2026-02-13 |  |
| lad:E1213 | BBB+ | 2026-06-16 |  |
| lad:E1228 | BB+ | 2026-06-28 |  |
| lad:E1229 | BB | 2026-05-06 |  |
| lad:E1229 | BB+ | 2026-06-02 |  |
| lad:E1243 | BB | 2026-01-13 |  |
| lad:E1255 | BBB+ | 2026-01-19 |  |
| lad:E1263 | BBB- | 2026-06-16 |  |
| lad:E1263 | BBB | 2026-03-03 |  |
| lad:E1285 | A | 2026-02-17 |  |
| lad:E1290 | B | 2026-08-16 |  |
| lad:E1294 | A+ | 2026-07-11 |  |
| lad:E1299 | BBB | 2026-02-06 |  |
| lad:E1300 | BBB | 2026-05-06 |  |
| lad:E1300 | BBB+ | 2026-04-09 |  |
| lad:E1307 | BB- | 2026-02-08 |  |
| lad:E1340 | BBB+ | 2026-06-26 |  |
| lad:E1341 | BBB+ | 2026-11-09 |  |
| lad:E1342 | BBB+ | 2026-07-17 |  |
| lad:E1343 | BBB+ | 2026-08-08 |  |
| lad:E1344 | A- | 2026-03-18 |  |
| lad:E1345 | BB- | 2026-09-22 |  |
| lad:E1346 | BBB+ | 2026-10-15 |  |
| lad:E1347 | BBB- | 2026-03-10 |  |
| lad:E1348 | BBB- | 2026-03-18 |  |
| lad:E1349 | A- | 2026-10-14 |  |
| lad:E1350 | BB | 2026-09-03 |  |
| lad:E1351 | A- | 2026-09-27 |  |
| lad:E16 | BB+ | 2026-06-01 |  |
| lad:E5019 | BBB+ | 2026-03-19 |  |
| lad:E5033 | A | 2026-11-06 |  |
| lad:E5059 | BB+ | 2026-05-25 |  |
| lad:E5097 | B- | 2026-08-16 |  |
| lad:E5113 | BB- | 2026-06-21 |  |
| lad:E5116 | A | 2026-05-16 |  |
| lad:E5156 | B- | 2026-02-16 |  |
| lad:I05 | BBB+ | 2026-04-15 |  |

Query 2:

| t | r | d | o | w | b |
|---|---|---|---|---|---|
| lad:E01 | BBB | 2026-02-10 | lad:outlook-NEG |  | lad:basis-FC |
| lad:E06 | A- | 2026-09-03 |  | lad:watch-RWN | lad:basis-FC |
| lad:E09 | A | 2026-03-01 | lad:outlook-NEG |  | lad:basis-FC |
| lad:E1005 | BB | 2025-08-02 | lad:outlook-NEG |  | lad:basis-FC |
| lad:E1006 | AA | 2026-06-17 |  | lad:watch-RWN | lad:basis-FC |
| lad:E1013 | BB- | 2025-07-09 |  | lad:watch-RWN | lad:basis-FC |
| lad:E1019 | BBB- | 2024-03-20 |  | lad:watch-RWN | lad:basis-LC |
| lad:E1029 | A- | 2025-08-08 | lad:outlook-NEG |  | lad:basis-FC |
| lad:E1034 | BBB+ | 2026-05-02 | lad:outlook-NEG |  | lad:basis-FC |
| lad:E1037 | A | 2022-05-07 |  | lad:watch-RWN | lad:basis-FC |
| lad:E1039 | A | 2025-12-09 |  | lad:watch-RWN | lad:basis-FC |
| lad:E1041 | WD | 2024-04-09 |  |  | lad:basis-FC |
| lad:E1046 | AA- | 2025-05-28 | lad:outlook-NEG |  | lad:basis-FC |
| lad:E1055 | BBB- | 2024-12-04 | lad:outlook-NEG |  | lad:basis-FC |
| lad:E1056 | A+ | 2023-01-01 | lad:outlook-NEG |  | lad:basis-FC |
| lad:E1059 | BB- | 2026-02-23 |  | lad:watch-RWN | lad:basis-LC |
| lad:E1060 | BB- | 2025-02-16 | lad:outlook-NEG |  | lad:basis-FC |
| lad:E1061 | A | 2025-06-06 |  | lad:watch-RWN | lad:basis-FC |
| lad:E1064 | A- | 2026-06-03 | lad:outlook-NEG |  | lad:basis-FC |
| lad:E1066 | A- | 2026-05-03 |  | lad:watch-RWN | lad:basis-FC |
| lad:E1072 | BB- | 2026-02-07 | lad:outlook-NEG |  | lad:basis-FC |
| lad:E1079 | BB+ | 2024-01-26 | lad:outlook-NEG |  | lad:basis-FC |
| lad:E1080 | A- | 2026-02-14 | lad:outlook-NEG |  | lad:basis-FC |
| lad:E1088 | B+ | 2024-01-16 |  | lad:watch-RWN | lad:basis-FC |
| lad:E1098 | BBB- | 2026-04-28 |  | lad:watch-RWN | lad:basis-FC |
| lad:E1099 | BB+ | 2023-11-05 |  | lad:watch-RWN | lad:basis-FC |
| lad:E1105 | A+ | 2024-01-13 | lad:outlook-NEG |  | lad:basis-FC |
| lad:E1106 | WD | 2025-08-10 |  |  | lad:basis-LC |
| lad:E1109 | A+ | 2025-12-25 |  | lad:watch-RWN | lad:basis-FC |
| lad:E1118 | BB+ | 2025-07-14 | lad:outlook-NEG |  | lad:basis-FC |
| lad:E1126 | BB | 2025-07-10 |  | lad:watch-RWN | lad:basis-FC |
| lad:E1132 | B+ | 2025-08-24 |  | lad:watch-RWN | lad:basis-FC |
| lad:E1133 | B+ | 2025-10-11 |  | lad:watch-RWN | lad:basis-FC |
| lad:E1146 | BB | 2025-08-12 |  | lad:watch-RWN | lad:basis-FC |
| lad:E1158 | BBB | 2026-08-14 | lad:outlook-NEG |  | lad:basis-FC |
| lad:E1161 | B | 2026-07-28 | lad:outlook-NEG |  | lad:basis-FC |
| lad:E1168 | BBB- | 2023-10-12 |  | lad:watch-RWN | lad:basis-FC |
| lad:E1172 | WD | 2026-03-12 |  |  | lad:basis-FC |
| lad:E1181 | A- | 2025-01-06 |  | lad:watch-RWN | lad:basis-FC |
| lad:E1188 | BB- | 2024-09-05 | lad:outlook-NEG |  | lad:basis-FC |
| lad:E1190 | BBB | 2025-05-24 | lad:outlook-NEG |  | lad:basis-FC |
| lad:E1194 | A | 2025-01-20 |  | lad:watch-RWN | lad:basis-FC |
| lad:E1203 | BBB+ | 2023-09-02 |  | lad:watch-RWN | lad:basis-FC |
| lad:E1206 | WD | 2025-11-20 |  |  | lad:basis-FC |
| lad:E1210 | BB | 2024-09-09 |  | lad:watch-RWN | lad:basis-FC |
| lad:E1211 | BBB- | 2024-09-26 | lad:outlook-NEG |  | lad:basis-FC |
| lad:E1218 | WD | 2026-05-22 |  |  | lad:basis-FC |
| lad:E1228 | BB+ | 2026-06-28 | lad:outlook-NEG |  | lad:basis-FC |
| lad:E1238 | AA- | 2026-07-27 |  | lad:watch-RWN | lad:basis-FC |
| lad:E1242 | BBB | 2025-09-11 |  | lad:watch-RWN | lad:basis-FC |
| lad:E1244 | WD | 2024-04-18 |  |  | lad:basis-FC |
| lad:E1248 | A- | 2026-05-02 | lad:outlook-NEG |  | lad:basis-FC |
| lad:E1260 | BBB- | 2025-09-05 |  | lad:watch-RWN | lad:basis-FC |
| lad:E1262 | B+ | 2024-10-13 | lad:outlook-NEG |  | lad:basis-FC |
| lad:E1263 | BBB- | 2026-06-16 | lad:outlook-NEG |  | lad:basis-FC |
| lad:E1264 | B+ | 2024-05-18 |  | lad:watch-RWN | lad:basis-FC |
| lad:E1266 | BBB | 2026-07-20 |  | lad:watch-RWN | lad:basis-FC |
| lad:E1267 | A- | 2023-12-15 |  | lad:watch-RWN | lad:basis-FC |
| lad:E1271 | A- | 2025-10-15 | lad:outlook-NEG |  | lad:basis-FC |
| lad:E1282 | BB+ | 2024-03-20 | lad:outlook-NEG |  | lad:basis-FC |
(35 more rows not shown)

Query 3:

| n |
|---|
| 393 |

Run more queries, or give the final answers.
The model
<invoke name="sparql">
</invoke>
```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?s ?n ?c ?par WHERE { ?s lad:name ?n . OPTIONAL{?s lad:country ?c} OPTIONAL{?s lad:parent ?par} FILTER(REGEX(?n,"Rotam|Wonod|Vesol|Belir|Rosor","i")) } ORDER BY ?s
```
```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?root (COUNT(DISTINCT ?x) AS ?n) WHERE { VALUES ?root {lad:E5001 lad:E09 lad:E02} ?x lad:parent* ?root } GROUP BY ?root
```
```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?s ?t ?r ?d ?b ?a WHERE { ?s lad:ratedThing lad:VD ; lad:date ?d . OPTIONAL{?s lad:ratingType ?t} OPTIONAL{?s lad:rating ?r} OPTIONAL{?s lad:ccyBasis ?b} OPTIONAL{?s lad:action ?a} } ORDER BY ?d
```
```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT (COUNT(DISTINCT ?l) AS ?lei) (COUNT(DISTINCT ?e) AS ?ents) WHERE { ?e a lad:Entity . OPTIONAL{?e lad:lei ?l} }
```
```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?e ?n WHERE { ?e lad:country "LU" ; lad:name ?n }
```
```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?i ?d ?iss ?g WHERE { ?i lad:description ?d ; lad:issuer ?iss . OPTIONAL{?i lad:guarantor ?g} FILTER(REGEX(?d,"Cross|Orrin|Cerid Guven|Halden Leasing"i)) }
```
Query results
Query 1:

| s | n | c | par |
|---|---|---|---|
| lad:E5047 | Cerid Rosor Holdings SA | VD | lad:E5035 |
| lad:E5059 | Belir Group AG | DE |  |
| lad:E5060 | Belir Retail AG | DE | lad:E5059 |
| lad:E5061 | Belir Steel Inc | US | lad:E5059 |
| lad:E5062 | Belir Mining SA | FR | lad:E5060 |
| lad:E5063 | Belir Harem Property AG | DE | lad:E5060 |
| lad:E5064 | Belir Holdings plc | GB | lad:E5061 |
| lad:E5065 | Belir Nelad Property AG | DE | lad:E5061 |
| lad:E5066 | Belir Shipping SA | FR | lad:E5062 |
| lad:E5067 | Belir Capital AG | DE | lad:E5063 |
| lad:E5068 | Belir Kator Energy plc | GB | lad:E5064 |
| lad:E5069 | Belir Water SA | FR | lad:E5065 |
| lad:E5070 | Belir Rusin Media SA | FR | lad:E5066 |
| lad:E5071 | Belir Chemicals SA | FR | lad:E5066 |
| lad:E5072 | Belir Katin Telecom AG | DE | lad:E5067 |
| lad:E5073 | Belir Puvir Mining plc | GB | lad:E5067 |
| lad:E5074 | Belir Industries plc | GB | lad:E5068 |
| lad:E5075 | Belir Gitid Industries plc | GB | lad:E5068 |
| lad:E5076 | Belir Property SA | FR | lad:E5069 |
| lad:E5077 | Belir Media SA | FR | lad:E5069 |
| lad:E5078 | Belir Vasin Water plc | GB | lad:E5070 |
| lad:E5079 | Belir Sitom Logistics SA | FR | lad:E5071 |
| lad:E5080 | Belir Foods AG | DE | lad:E5072 |
| lad:E5081 | Belir Vusad Telecom SA | VD | lad:E5073 |
| lad:E5082 | Belir Bovid Telecom plc | GB | lad:E5074 |
| lad:E5083 | Belir Airlines plc | GB | lad:E5075 |
| lad:E5084 | Belir Luton Media SA | FR | lad:E5076 |
| lad:E5085 | Belir Rutel Water SA | CV | lad:E5077 |
| lad:E5086 | Rotam Group Inc | US |  |
| lad:E5087 | Rotam Mining Inc | US | lad:E5086 |
| lad:E5088 | Rotam Industries Inc | US | lad:E5086 |
| lad:E5089 | Rotam Airlines Inc | US | lad:E5086 |
| lad:E5090 | Rotam Logistics Inc | US | lad:E5087 |
| lad:E5091 | Rotam Water SA | VD | lad:E5088 |
| lad:E5092 | Rotam Hison Holdings Inc | US | lad:E5089 |
| lad:E5093 | Rotam Telecom Inc | US | lad:E5090 |
| lad:E5094 | Rotam Holdings Inc | US | lad:E5090 |
| lad:E5095 | Rotam Energy BV | NL | lad:E5091 |
| lad:E5096 | Rotam Lulel Mining SA | ES | lad:E5091 |
| lad:E5097 | Rotam Chemicals Inc | US | lad:E5092 |
| lad:E5098 | Rotam Pharma SA | CV | lad:E5092 |
| lad:E5099 | Rotam Fived Water Inc | US | lad:E5093 |
| lad:E5100 | Rotam Property Inc | US | lad:E5094 |
| lad:E5101 | Rotam Foods BV | NL | lad:E5095 |
| lad:E5102 | Rotam Utilities SA | ES | lad:E5096 |
| lad:E5103 | Rotam Goson Energy Inc | US | lad:E5097 |
| lad:E5104 | Rotam Media SA | CV | lad:E5098 |
| lad:E5105 | Wonod Group SA | FR |  |
| lad:E5106 | Wonod Steel BV | NL | lad:E5105 |
| lad:E5107 | Wonod Retail BV | NL | lad:E5105 |
| lad:E5108 | Wonod Shipping BV | NL | lad:E5106 |
| lad:E5109 | Wonod Holdings SA | FR | lad:E5106 |
| lad:E5110 | Wonod Capital BV | NL | lad:E5106 |
| lad:E5111 | Wonod Airlines SA | CV | lad:E5107 |
| lad:E5112 | Wonod Telecom BV | NL | lad:E5107 |
| lad:E5113 | Wonod Wetid Foods BV | NL | lad:E5107 |
| lad:E5114 | Wonod Pharma Inc | US | lad:E5108 |
| lad:E5115 | Wonod Water SA | FR | lad:E5109 |
| lad:E5116 | Wonod Media SA | CV | lad:E5110 |
| lad:E5117 | Wonod Mining SA | CV | lad:E5111 |
(29 more rows not shown)

Query 2:

| root | n |
|---|---|
| lad:E5001 | 55 |
| lad:E09 | 3 |
| lad:E02 | 2 |

Query 3:

| s | t | r | d | b | a |
|---|---|---|---|---|---|
| lad:A12 | lad:type-CC | BB | 2025-04-01 |  | lad:action-AS |

Query 4:

| lei | ents |
|---|---|
| 509 | 540 |

Query 5:

| e | n |
|---|---|
| lad:E17 | HALDEN BANK |

Query 6 failed: MALFORMED QUERY: Lexical error at line 2, column 159.  Encountered: '41' (41), after prefix "i"

Run more queries, or give the final answers.
The model
```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?l (GROUP_CONCAT(STRAFTER(STR(?e),"ladder/");separator=",") AS ?es) WHERE { ?e a lad:Entity ; lad:lei ?l } GROUP BY ?l HAVING (COUNT(?e)>1)
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT (COUNT(?e) AS ?nolei) WHERE { ?e a lad:Entity FILTER NOT EXISTS {?e lad:lei ?l} }
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?i ?d ?iss ?g WHERE { ?i lad:description ?d ; lad:issuer ?iss . OPTIONAL{?i lad:guarantor ?g} FILTER(CONTAINS(?d,"Cross") || CONTAINS(?d,"Orrin")) }
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?i ?iss ?g WHERE { ?i lad:issuer ?iss ; lad:guarantor ?g . FILTER NOT EXISTS { ?iss lad:parent* ?r . ?g lad:parent* ?r . FILTER NOT EXISTS {?r lad:parent ?p} } }
```

```sparql
PREFIX lad: <https://example.org/ladder/>
PREFIX xsd: <http://www.w3.org/2001/XMLSchema#>
SELECT (COUNT(DISTINCT ?i) AS ?n) (COUNT(DISTINCT ?ig) AS ?nig) WHERE { ?i a lad:Instrument . ?s lad:ratedThing ?i ; lad:date ?d ; lad:rating ?r . FILTER(?r != "WD" && ?d <= "2026-10-01"^^xsd:date) FILTER NOT EXISTS {?s2 lad:ratedThing ?i ; lad:date ?d2 . FILTER(?d2 <= "2026-10-01"^^xsd:date && ?d2 > ?d)} BIND(IF(?r IN ("AAA","AA+","AA","AA-","A+","A","A-","BBB+","BBB","BBB-"),?i,?nope) AS ?ig) }
```

```sparql
PREFIX lad: <https://example.org/ladder/>
PREFIX xsd: <http://www.w3.org/2001/XMLSchema#>
SELECT (GROUP_CONCAT(DISTINCT IF(BOUND(?w),STRAFTER(STR(?t),"ladder/"),?nope);separator=",") AS ?rwn) (GROUP_CONCAT(DISTINCT IF(?o = lad:outlook-NEG,STRAFTER(STR(?t),"ladder/"),?nope);separator=",") AS ?neg) WHERE { ?s lad:ratedThing ?t ; lad:ratingType lad:type-LTIDR ; lad:date ?d ; lad:rating ?r ; lad:ccyBasis ?b . OPTIONAL{?s lad:outlook ?o} OPTIONAL{?s lad:watch ?w} FILTER(?r != "WD" && ?d <= "2026-10-01"^^xsd:date) FILTER NOT EXISTS {?s2 lad:ratedThing ?t ; lad:ratingType lad:type-LTIDR ; lad:ccyBasis ?b ; lad:date ?d2 . FILTER(?d2 <= "2026-10-01"^^xsd:date && ?d2 > ?d)} }
```

```sparql
PREFIX lad: <https://example.org/ladder/>
PREFIX xsd: <http://www.w3.org/2001/XMLSchema#>
SELECT (GROUP_CONCAT(DISTINCT STRAFTER(STR(?t),"ladder/");separator=",") AS ?gone) WHERE { ?s lad:ratedThing ?t ; lad:ratingType lad:type-LTIDR ; lad:date ?d0 . FILTER(?d0 <= "2026-10-01"^^xsd:date) FILTER NOT EXISTS { ?s2 lad:ratedThing ?t ; lad:ratingType lad:type-LTIDR ; lad:date ?d ; lad:rating ?r ; lad:ccyBasis ?b . FILTER(?r != "WD" && ?d <= "2026-10-01"^^xsd:date) FILTER NOT EXISTS {?s3 lad:ratedThing ?t ; lad:ratingType lad:type-LTIDR ; lad:ccyBasis ?b ; lad:date ?d3 . FILTER(?d3 <= "2026-10-01"^^xsd:date && ?d3 > ?d)} } }
```

```sparql
PREFIX lad: <https://example.org/ladder/>
PREFIX xsd: <http://www.w3.org/2001/XMLSchema#>
SELECT ?t ?c ?r WHERE { ?t lad:country ?c . FILTER(?c IN ("CV","VD")) ?s lad:ratedThing ?t ; lad:ratingType lad:type-LTIDR ; lad:ccyBasis lad:basis-FC ; lad:date ?d ; lad:rating ?r . FILTER(?r != "WD" && ?d <= "2026-10-01"^^xsd:date) FILTER NOT EXISTS {?s2 lad:ratedThing ?t ; lad:ratingType lad:type-LTIDR ; lad:ccyBasis lad:basis-FC ; lad:date ?d2 . FILTER(?d2 <= "2026-10-01"^^xsd:date && ?d2 > ?d)} } ORDER BY ?c ?t
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT (GROUP_CONCAT(DISTINCT IF(?c="VD",STRAFTER(STR(?x),"ladder/"),?nope);separator=",") AS ?wonodVD) WHERE { ?x lad:parent* lad:E5105 ; lad:country ?c }
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT (COUNT(DISTINCT ?x) AS ?depth3) WHERE { ?x lad:parent/lad:parent/lad:parent lad:E5001 }
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?x ?a ?p WHERE { VALUES ?x {lad:E5011 lad:E5013 lad:E5047} ?x lad:parent+ ?a . OPTIONAL{?a lad:parent ?p} } ORDER BY ?x
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT (COUNT(DISTINCT ?x) AS ?rotam) WHERE { ?x lad:parent* lad:E5086 }
```

```sparql
PREFIX lad: <https://example.org/ladder/>
PREFIX xsd: <http://www.w3.org/2001/XMLSchema#>
SELECT (COUNT(DISTINCT ?x) AS ?n) WHERE { ?x lad:parent+ ?a . ?a lad:country "VD" . ?s lad:ratedThing ?x ; lad:ratingType lad:type-LTIDR ; lad:ccyBasis ?b ; lad:date ?d ; lad:rating ?r . FILTER(?r != "WD" && ?d <= "2026-11-05"^^xsd:date) FILTER NOT EXISTS {?s2 lad:ratedThing ?x ; lad:ratingType lad:type-LTIDR ; lad:ccyBasis ?b ; lad:date ?d2 . FILTER(?d2 <= "2026-11-05"^^xsd:date && ?d2 > ?d)} }
```

```sparql
PREFIX lad: <https://example.org/ladder/>
PREFIX xsd: <http://www.w3.org/2001/XMLSchema#>
SELECT ?r (COUNT(DISTINCT ?x) AS ?n) WHERE { ?root lad:name ?rn . FILTER(CONTAINS(?rn,"Vesol Group")) ?x lad:parent* ?root . ?s lad:ratedThing ?x ; lad:ratingType lad:type-LTIDR ; lad:ccyBasis lad:basis-FC ; lad:date ?d ; lad:rating ?r . FILTER(?r != "WD" && ?d <= "2026-11-05"^^xsd:date) FILTER NOT EXISTS {?s2 lad:ratedThing ?x ; lad:ratingType lad:type-LTIDR ; lad:ccyBasis lad:basis-FC ; lad:date ?d2 . FILTER(?d2 <= "2026-11-05"^^xsd:date && ?d2 > ?d)} } GROUP BY ?r
```

```sparql
PREFIX lad: <https://example.org/ladder/>
PREFIX xsd: <http://www.w3.org/2001/XMLSchema#>
SELECT (COUNT(DISTINCT ?x) AS ?n) WHERE { ?x lad:parent* lad:E5001 . ?s lad:ratedThing ?x ; lad:ratingType lad:type-LTIDR ; lad:ccyBasis lad:basis-FC ; lad:date ?d ; lad:rating ?r . FILTER(?r IN ("BB+","BB","BB-","B+","B","B-","CCC+","CCC","CCC-","CC","C","RD","D") && ?d <= "2026-11-05"^^xsd:date) FILTER NOT EXISTS {?s2 lad:ratedThing ?x ; lad:ratingType lad:type-LTIDR ; lad:ccyBasis lad:basis-FC ; lad:date ?d2 . FILTER(?d2 <= "2026-11-05"^^xsd:date && ?d2 > ?d)} }
```

```sparql
PREFIX lad: <https://example.org/ladder/>
PREFIX xsd: <http://www.w3.org/2001/XMLSchema#>
SELECT (COUNT(DISTINCT ?t) AS ?gb) WHERE { ?t lad:country "GB" . ?s lad:ratedThing ?t ; lad:ratingType lad:type-LTIDR ; lad:ccyBasis ?b ; lad:date ?d ; lad:rating ?r . FILTER(?r != "WD" && ?d <= "2026-10-01"^^xsd:date) FILTER NOT EXISTS {?s2 lad:ratedThing ?t ; lad:ratingType lad:type-LTIDR ; lad:ccyBasis ?b ; lad:date ?d2 . FILTER(?d2 <= "2026-10-01"^^xsd:date && ?d2 > ?d)} }
```

```sparql
PREFIX lad: <https://example.org/ladder/>
SELECT ?s ?p ?o WHERE { VALUES ?s {lad:A46 lad:A47 lad:action-EX lad:type-CC} ?s ?p ?o }
```
Query results
Query 1:

| l | es |
|---|---|
| 391200E9TAHDZV7CY568 | E1148,E1147 |
| 724500UQKUINIUB80J18 | E1319,E1318 |
| 3912003R00FP6CNV6210 | E1001,E1002 |
| 969500W1342GHBTOGH81 | E5106,E5169 |
| 549300E50JHDJNBUGF22 | E1152,E1153 |
| 549300HWTXXHJP2HKU38 | E1209,E1210 |
| 549300XV49ES64RGNQ00 | E1169,E1170 |
| 8156008DPX4I9DNKWN26 | E1030,E1029 |
| 54930011OTFCAUKB0A28 | E5168,E5062 |
| 549300NTCTGRKRYIAN83 | E1097,E1096 |
| 391200USHZVHBK9FHP01 | E1180,E1179 |
| 815600LRX1P8142NMF42 | E1246,E1245 |
| 969500PM41NS2PBZU440 | E1160,E1161 |
| 815600RCZP0ISY44E024 | E1298,E1299 |
| 391200JN4T4KY2HCRU75 | E1116,E1117 |
| 5493004IM0PRT8BSDK29 | E1239,E1238 |
| 549300A64I73OEIC4R87 | E1213,E1214 |
| 9695000PSF2HLPO9AE57 | E1311,E1310 |
| 391200B1GR4AGTV5WY99 | E5005,E5167 |
| 969500QXEZ0NSV6EIW69 | E1253,E1254 |
| 724500BSV4X2J7KUR535 | E1138,E1139 |
| 969500KYKHRI6N2WRN19 | E1156,E1157 |
| 391200QYPVFF2O9K2039 | E10,E17 |
| 549300H1N0EQEAZLE362 | E1261,E1262 |
| 213800PHEIYNJMHTDV74 | E02,E03 |
| 724500YEJSJ19G17TW94 | E1259,E1258 |
| 815600HDI8Y3IWGOOH22 | E1103,E1104 |
| 391200KLG6G4KVIMIU52 | E1021,E1022 |
| 549300CRXZL5I1OT6L14 | E1060,E1059 |

Query 2:

| nolei |
|---|
| 2 |

Query 3:

| i | d | iss | g |
|---|---|---|---|
| lad:I5007 | Cross-group 4.75% notes due 2031 | lad:E5133 | lad:E5145 |

Query 4:

| i | iss | g |
|---|---|---|
| lad:I5007 | lad:E5133 | lad:E5145 |

Query 5:

| n | nig |
|---|---|
| 119 | 75 |

Query 6:

| rwn | neg |
|---|---|
| E1203,E1314,E1194,E1210,E1260,E1133,E1146,E1242,E1066,E1168,E1297,E1109,E1061,E1132,E1088,E06,E1098,E1266,E1006,E1267,E1037,E1013,E1317,E1181,E1323,E1059,E1099,E1238,E1264,E1039,E1126,E1019 | E1300,E5099,E1080,E1105,E5113,E1034,E1347,E1343,E1118,E1056,E1064,E1350,E1342,E1055,E5097,E1351,E1046,E5059,E5020,E1340,E1161,E1263,E1282,E01,E5131,E5023,E5141,E5116,E09,E1271,E5039,E5102,E1344,E1228,E1060,E5073,E1079,E5019,E5050,E5062,E1348,E1072,E1190,E1005,E1345,E1248,E5057,E1294,E1188,E5119,E5170,E1029,E5013,E1262,E1158,E5156,E1211 |

Query 7:

| gone |
|---|
| E1002,E1084,E1032,E1234,E1219,E1206,E1107,E1244,E1172,E1159,E1057,E1041,E07,E1062,E1277,E1155,E1254,E1121,E1063,E1166,E1021,E1200,E1048,E1124,E1076,E1138,E1140,E1316,E1308,E1007,E1218,E1225,E1205,E1320,E1233 |

Query 8:

| t | c | r |
|---|---|---|
| lad:CV | CV | BBB+ |
| lad:E1019 | CV | BB+ |
| lad:E1039 | CV | A |
| lad:E1060 | CV | BB- |
| lad:E1071 | CV | B+ |
| lad:E1096 | CV | BBB |
| lad:E1136 | CV | A- |
| lad:E1144 | CV | B+ |
| lad:E1185 | CV | BB+ |
| lad:E1194 | CV | A |
| lad:E1217 | CV | BB- |
| lad:E1223 | CV | BB+ |
| lad:E1229 | CV | BB+ |
| lad:E1243 | CV | BB |
| lad:E1245 | CV | B+ |
| lad:E1283 | CV | BB |
| lad:E1304 | CV | BB |
| lad:E15 | CV | A |
| lad:E5098 | CV | B- |
| lad:E5104 | CV | BB |
| lad:E5116 | CV | A |
| lad:E5117 | CV | BB |
| lad:E5127 | CV | B |
| lad:E05 | VD | BB |
| lad:E1028 | VD | BB |
| lad:E1101 | VD | BB |
| lad:E1106 | VD | B+ |
| lad:E1126 | VD | BB |
| lad:E1236 | VD | BB |
| lad:E1307 | VD | BB- |
| lad:E1313 | VD | BB- |
| lad:E5012 | VD | BB |
| lad:E5023 | VD | B- |
| lad:E5024 | VD | B- |
| lad:E5047 | VD | BB |
| lad:E5091 | VD | BB |
| lad:E5124 | VD | BB |
| lad:E5130 | VD | B- |
| lad:E5170 | VD | B- |

Query 9:

| wonodVD |
|---|
| E5124,E5130 |

Query 10:

| depth3 |
|---|
| 11 |

Query 11:

| x | a | p |
|---|---|---|
| lad:E5011 | lad:E5167 |  |
| lad:E5013 | lad:E5006 | lad:E5002 |
| lad:E5013 | lad:E5002 | lad:E5001 |
| lad:E5013 | lad:E5001 |  |
| lad:E5047 | lad:E5035 | lad:E5023 |
| lad:E5047 | lad:E5023 | lad:E5011 |
| lad:E5047 | lad:E5011 | lad:E5167 |
| lad:E5047 | lad:E5167 |  |

Query 12:

| rotam |
|---|
| 20 |

Query 13:

| n |
|---|
| 23 |

Query 14:

| r | n |
|---|---|
| A | 1 |
| A+ | 1 |
| BB+ | 1 |
| BBB- | 2 |
| BB | 1 |
| BB- | 1 |

Query 15:

| n |
|---|
| 18 |

Query 16:

| gb |
|---|
| 88 |

Query 17:

| s | p | o |
|---|---|---|
| lad:A46 | rdf:type | lad:RatingAction |
| lad:A46 | lad:ratedThing | lad:E11 |
| lad:A46 | lad:action | lad:action-AS |
| lad:A46 | lad:rating | BBB |
| lad:A46 | lad:date | 2025-02-01 |
| lad:A46 | rdfs:label | E11 AS BBB 2025-02-01 |
| lad:A46 | lad:ratingType | lad:type-CO |
| lad:A47 | rdf:type | lad:RatingAction |
| lad:A47 | lad:ratedThing | lad:I08 |
| lad:A47 | lad:action | lad:action-EX |
| lad:A47 | lad:rating | A |
| lad:A47 | lad:date | 2026-09-01 |
| lad:A47 | rdfs:label | I08 EX A 2026-09-01 |
| lad:A47 | lad:ratingType | lad:type-INST |

Run more queries, or give the final answers.
The model
**Q1.** A-. Kestrel Energy (E01) was rated A- from A01 (2024-03-12) until it was downgraded to BBB on 2025-06-20 (A02).
**Q2.** No. The only 2026 action on E01 is A03, an affirmation at BBB with a Negative outlook.
**Q3.** No. The 2031 note (I02) was cut to BB+ by A07, which is below investment grade.
**Q4.** Positive. E02 and E03 share one LEI, so they are the same entity. The latest action is A09 (2025-09-15), which affirmed A with a Positive outlook.
**Q5.** The guarantor, Northwind Holdings (E02), rated A. The issuer is E04, but I03 is guaranteed by E02 and carries an A rating (A10, A11).
**Q6.** Valdoria Telecom's foreign-currency rating is BB (A14) and its local-currency rating is BBB- (A13). The Valdoria Country Ceiling is BB (A12), which plausibly explains the cap, though the data gives no explicit reason.
**Q7.** These are the entities with a downgrade action dated in 2026 up to today. I excluded E1341 and E5033, whose actions are dated after 2026-11-05. I did not filter by rating type or currency basis, so the list may include non-issuer-rating downgrades.
**Q8.** E08, rated RD on 2026-07-08 (A22).
**Q9.** 393. This counts rated entities whose latest issuer rating is not WD as of 2026-10-01. Duplicate records sharing an LEI could make the true count slightly lower.
**Q10.** Depends. The local-currency rating is BBB- (investment grade) and the foreign-currency rating is BB (not).
**Q11.** BBB+, from the 2024-09-30 downgrade (A36).
**Q12.** A- (A34).
**Q13.** 1 (A36).
**Q14.** None. Halden Foods' first rating is dated 2024-02-01 (A30).
**Q15.** A- (A26). Halden Bank AG is E10; E17 is a duplicate record with the same LEI. The downgrade to BBB+ came on 2026-04-15.
**Q16.** No. Marlow was BBB+ on 2025-01-01 and is BBB+ now (A35 put it on watch; A33 affirmed it).
**Q17.** No. The only 2026 action on Orrin Bank (E06) is A17, a Rating Watch Negative at A-.
**Q18.** The entities whose latest rating on 1 October 2026 carried Rating Watch Negative are listed in the JSON, including E06.
**Q19.** The entities whose latest rating had a Negative outlook are listed in the JSON, including E01 and E09.
**Q20.** No. Pellam Retail (E07) was BB and then withdrawn (WD, A19); it was never in default.
**Q21.** The entities whose latest issuer rating is a withdrawal are listed in the JSON (35 entities, including E07).
**Q22.** E08 only, rated RD (A22).
**Q23.** F2 (A04).
**Q24.** Yes. The issuer rating is BBB (A03).
**Q25.** 75. This is the number of instruments with a latest non-WD rating of BBB- or better on 2026-10-01.
**Q26.** A+ (A40).
**Q27.** A- (A42).
**Q28.** BBB+ (A38).
**Q29.** None. The only Valdoria rating is a Country Ceiling of BB (A12); there is no issuer rating.
**Q30.** These are the Corvenia entities rated A (the ceiling is A, A37) and the Valdoria entities rated BB (the ceiling is BB, A12).
**Q31.** No. No foreign-currency issuer rating exceeds A for Corvenia or BB for Valdoria.
**Q32.** E09. Halden Leasing (E11) has parent E10, which has parent E09.
**Q33.** The guarantor, Halden Bank (E10), rated BBB+. I05 is issued by E11 and guaranteed by E10, whose rating was cut to BBB+ on 2026-04-15 (A27).
**Q34.** No. Halden Foods (E12) has no parent and sits outside the E09 group.
**Q35.** 3 (E09, E10, E11).
**Q36.** 2 (E02, E04).
**Q37.** 511. There are 540 entity records, and I merged 29 records that share an LEI with another record. Two records have no LEI and were kept as separate entities.
**Q38.** No. They are different records, in DE and US.
**Q39.** A (A09 and A08).
**Q40.** 88. This is a count of GB-domiciled entities with a latest non-WD issuer rating on 2026-10-01. It was not deduplicated by LEI.
**Q41.** BB+ (A44). The record for Brindle Capital (E16) comes from the QA source system.
**Q42.** DE. E17 shows LU, but it is a RESEARCH duplicate of E10, which has the same LEI.
**Q43.** 0. The only LU record is E17, a duplicate of E10, which is domiciled in DE.
**Q44.** Yes. I07 is denominated in XVD, Valdoria's local currency.
**Q45.** Yes. I07 is rated BBB- (A45), above the BB ceiling.
**Q46.** No. E11 has only a counterparty-obligation rating, BBB (A46), not an issuer rating.
**Q47.** A. A47 is an "EX" action on I08, and the data does not say what EX means, so the rating may no longer be live.
**Q48.** 119. This counts instruments with a latest non-WD rating on 2026-10-01, and it includes I08 per A47.
**Q49.** E5167. The chain is E5047, E5035, E5023, E5011, E5167.
**Q50.** 4 levels.
**Q51.** 55.
**Q52.** 20.
**Q53.** No. Belir Mining sits under E5059 and Rotam under E5086.
**Q54.** E5124 and E5130.
**Q55.** 23. This counts entities with a VD-domiciled ancestor and a latest non-WD issuer rating as of today.
**Q56.** BB-.
**Q57.** E5002. E5011's parent E5167 shares an LEI with E5005, which sits under E5002, and E5013's chain runs E5006, E5002, E5001. That reading depends on treating E5167 and E5005 as the same entity.
**Q58.** E5145. It guarantees I5007, which E5133 issues, and the two are in different groups.
**Q59.** 11.
**Q60.** Credit risk is taken on the guarantor E5145, and it is not in the same group as the issuer E5133.
**Q61.** 18. This counts group members whose latest foreign-currency issuer rating is BB+ or below.

```json
{
"Q1":{"rating":"A-"},
"Q2":{"downgraded":"no"},
"Q3":{"investment_grade":"no","rating":"BB+"},
"Q4":{"outlook":"Positive"},
"Q5":{"risk_of":"E02","rating":"A"},
"Q7":{"issuers":["E08","E10","E1034","E1051","E1053","E1057","E1058","E1064","E1080","E1093","E1112","E1144","E1151","E1159","E1161","E1163","E1167","E1170","E1186","E1213","E1228","E1229","E1243","E1255","E1263","E1285","E1290","E1294","E1299","E1300","E1307","E1340","E1342","E1343","E1344","E1345","E1346","E1347","E1348","E1349","E1350","E1351","E16","E5019","E5059","E5097","E5113","E5116","E5156"]},
"Q8":{"entities":["E08"]},
"Q9":{"count":393},
"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":["E1203","E1314","E1194","E1210","E1260","E1133","E1146","E1242","E1066","E1168","E1297","E1109","E1061","E1132","E1088","E06","E1098","E1266","E1006","E1267","E1037","E1013","E1317","E1181","E1323","E1059","E1099","E1238","E1264","E1039","E1126","E1019"]},
"Q19":{"issuers":["E1300","E5099","E1080","E1105","E5113","E1034","E1347","E1343","E1118","E1056","E1064","E1350","E1342","E1055","E5097","E1351","E1046","E5059","E5020","E1340","E1161","E1263","E1282","E01","E5131","E5023","E5141","E5116","E09","E1271","E5039","E5102","E1344","E1228","E1060","E5073","E1079","E5019","E5050","E5062","E1348","E1072","E1190","E1005","E1345","E1248","E5057","E1294","E1188","E5119","E5170","E1029","E5013","E1262","E1158","E5156","E1211"]},
"Q20":{"in_default":"no"},
"Q21":{"entities":["E1002","E1084","E1032","E1234","E1219","E1206","E1107","E1244","E1172","E1159","E1057","E1041","E07","E1062","E1277","E1155","E1254","E1121","E1063","E1166","E1021","E1200","E1048","E1124","E1076","E1138","E1140","E1316","E1308","E1007","E1218","E1225","E1205","E1320","E1233"]},
"Q22":{"entities":["E08"]},
"Q23":{"rating":"F2"},
"Q24":{"investment_grade":"yes"},
"Q25":{"count":75},
"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":511},
"Q38":{"same":"no"},
"Q39":{"rating":"A"},
"Q40":{"count":88},
"Q41":{"rating":"BB+"},
"Q42":{"country":"DE"},
"Q43":{"count":0},
"Q44":{"local_currency":"yes"},
"Q45":{"above_ceiling":"yes"},
"Q46":{"issuer_rating":"no"},
"Q47":{"rating":"A"},
"Q48":{"count":119},
"Q49":{"parent":"E5167"},
"Q50":{"count":4},
"Q51":{"count":55},
"Q52":{"count":20},
"Q53":{"same_group":"no"},
"Q54":{"entities":["E5124","E5130"]},
"Q55":{"count":23},
"Q56":{"rating":"BB-"},
"Q57":{"entity":"E5002"},
"Q58":{"entities":["E5145"]},
"Q59":{"count":11},
"Q60":{"risk_of":"E5145","same_group":"no"},
"Q61":{"count":18}
}
```