diff --git a/src/transfer-risk/__tests__/transfer-risk.test.ts b/src/transfer-risk/__tests__/transfer-risk.test.ts
index 68b5eb8..5e1968e 100644
--- a/src/transfer-risk/__tests__/transfer-risk.test.ts
+++ b/src/transfer-risk/__tests__/transfer-risk.test.ts
@@ -145,6 +145,25 @@ describe('getLegTransferRisk', () => {
       expect(getLegTransferRisk(legs, 1)).toBeUndefined();
     });
 
+    it('treats a negative maximum wait time as no stated wait limit', () => {
+      const legs = [
+        transitLeg({
+          expectedEndTime: '2024-01-01T10:10:00.000Z',
+          interchangeTo: {guaranteed: true, maximumWaitTime: -1},
+        }),
+        footLeg({
+          expectedStartTime: '2024-01-01T10:10:00.000Z',
+          expectedEndTime: '2024-01-01T10:10:12.000Z',
+        }),
+        transitLeg({
+          aimedStartTime: '2024-01-01T10:10:00.000Z',
+          expectedStartTime: '2024-01-01T10:10:00.000Z',
+        }),
+      ];
+      // Entur's "not set" sentinel, not a deadline one second before departure.
+      expect(getLegTransferRisk(legs, 2)).toBeUndefined();
+    });
+
     it('warns when the interchange is explicitly not guaranteed', () => {
       const legs = [
         transitLeg({
@@ -215,7 +234,7 @@ describe('getLegTransferRisk', () => {
       expect(getLegTransferRisk(legs, 1)).toBe('uncertain');
     });
 
-    it('counts an intervening walk against the maximum wait time', () => {
+    it('does not count an intervening walk against the maximum wait time', () => {
       const legs = [
         transitLeg({
           expectedEndTime: '2024-01-01T10:10:00.000Z',
@@ -230,7 +249,45 @@ describe('getLegTransferRisk', () => {
           expectedStartTime: '2024-01-01T10:11:00.000Z',
         }),
       ];
-      // Held until 10:13, but the walk does not end until 10:15.
+      // Held until 10:13 and the first service arrives at 10:10. The walk
+      // ending at 10:15 is covered by the guarantee.
+      expect(getLegTransferRisk(legs, 2)).toBeUndefined();
+    });
+
+    it('passes a zero maximum wait time when only the walk ends late', () => {
+      const legs = [
+        transitLeg({
+          expectedEndTime: '2024-01-01T10:10:00.000Z',
+          interchangeTo: {guaranteed: true, maximumWaitTime: 0},
+        }),
+        footLeg({
+          expectedStartTime: '2024-01-01T10:10:00.000Z',
+          expectedEndTime: '2024-01-01T10:10:12.000Z',
+        }),
+        transitLeg({
+          aimedStartTime: '2024-01-01T10:10:00.000Z',
+          expectedStartTime: '2024-01-01T10:10:00.000Z',
+        }),
+      ];
+      expect(getLegTransferRisk(legs, 2)).toBeUndefined();
+    });
+
+    it('warns through a walk once the first service is past the maximum wait time', () => {
+      const legs = [
+        transitLeg({
+          expectedEndTime: '2024-01-01T10:14:00.000Z',
+          interchangeTo: {guaranteed: true, maximumWaitTime: 120},
+        }),
+        footLeg({
+          expectedStartTime: '2024-01-01T10:14:00.000Z',
+          expectedEndTime: '2024-01-01T10:15:00.000Z',
+        }),
+        transitLeg({
+          aimedStartTime: '2024-01-01T10:11:00.000Z',
+          expectedStartTime: '2024-01-01T10:11:00.000Z',
+        }),
+      ];
+      // Held until 10:13, but the first service does not arrive until 10:14.
       expect(getLegTransferRisk(legs, 2)).toBe('uncertain');
     });
 
diff --git a/src/transfer-risk/transfer-risk.ts b/src/transfer-risk/transfer-risk.ts
index 8c3d22d..4d995c8 100644
--- a/src/transfer-risk/transfer-risk.ts
+++ b/src/transfer-risk/transfer-risk.ts
@@ -37,7 +37,7 @@ export const getLegTransferRisk = (
 
   const alightedFrom = previousTransitLeg(legs, index);
   if (!alightedFrom) return undefined;
-  if (transferHolds(alightedFrom, boarding, arriveAt)) return undefined;
+  if (transferHolds(alightedFrom, boarding)) return undefined;
 
   return getTransferRisk(
     secondsBetween(arriveAt.expectedEndTime, boarding.expectedStartTime),
@@ -102,21 +102,27 @@ const previousTransitLeg = (
 /**
  * Whether the interchange still guarantees the transfer. A guarantee lasts
  * `maximumWaitTime` seconds past the connecting service's scheduled departure;
- * absent, it waits indefinitely. Unparseable times keep the guarantee, so bad
- * data suppresses a warning rather than inventing one.
+ * absent, it waits indefinitely. Entur sends `-1` rather than null when no
+ * limit is set, so a negative value counts as absent.
+ *
+ * Arrival is when the service you alight from arrives, not the end of a walk
+ * after it: Entur counts walk time and slack as covered by the guarantee.
+ * Unparseable times keep the guarantee, so bad data suppresses a warning rather
+ * than inventing one.
  */
 const transferHolds = (
   alightedFrom: TransferLeg,
   boarding: TransferLeg,
-  arriveAt: TransferLeg,
 ): boolean => {
   const interchange = alightedFrom.interchangeTo;
   if (interchange?.guaranteed !== true) return false;
-  if (interchange.maximumWaitTime == null) return true;
+  if (interchange.maximumWaitTime == null || interchange.maximumWaitTime < 0) {
+    return true;
+  }
 
   const deadline =
     toEpochMs(boarding.aimedStartTime) + interchange.maximumWaitTime * 1000;
-  const arrival = toEpochMs(arriveAt.expectedEndTime);
+  const arrival = toEpochMs(alightedFrom.expectedEndTime);
   if (!Number.isFinite(deadline) || !Number.isFinite(arrival)) return true;
 
   return arrival <= deadline;