Q7, run 2026-11-04-1526-sonnet

Which issuers were downgraded in 2026?

Tests: Action types: outlook changes, Watch placements and withdrawals are not downgrades.

Expected: issuers = ['E08']

✅ R1 csv run 1 graded by code

E08 (Saxby Shipping) was downgraded twice in 2026: to CCC (A21) and to RD (A22). E06's rating watch negative (A17) is not a downgrade.

JSON: {"issuers": ["E08"]}

✅ R1 csv run 2 graded by code

E08 (Saxby Shipping). A21 (CCC) and A22 (RD) are downgrades in 2026. E06's A17 is a Rating Watch, not a downgrade, and E01's A03 is an affirmation.

JSON: {"issuers": ["E08"]}

✅ R1 csv run 3 graded by code

E08. A21 (CCC) and A22 (RD) are both downgrades in 2026. E06's A17 is a Rating Watch Negative, not a downgrade, and E01's actions are affirmations.

JSON: {"issuers": ["E08"]}

✅ R1 csv run 4 graded by code

Only Saxby Shipping (E08). It was downgraded to CCC (A21) and then to RD (A22). E06's action in 2026 (A17) is a rating watch, not a downgrade.

JSON: {"issuers": ["E08"]}

✅ R1 csv run 5 graded by code

E08 (Saxby Shipping). It was downgraded to CCC (A21) and then to RD (A22) in 2026. E06's rating watch negative (A17) is not a downgrade.

JSON: {"issuers": ["E08"]}

✅ R2 rdf run 1 graded by code

E08. It was downgraded to CCC (A21, 2026-01-20) and then to RD (A22, 2026-07-08). E06's rating watch (A17) is not a downgrade, and E07's withdrawal (A19) is not one either.

JSON: {"issuers": ["E08"]}

✅ R2 rdf run 2 graded by code

E08. It was downgraded to CCC (A21, 2026-01-20) and then to RD (A22, 2026-07-08). The other 2026 actions are affirmations (A03, A04), a Rating Watch (A17) and a withdrawal (A19), none of which is a downgrade.

JSON: {"issuers": ["E08"]}

✅ R2 rdf run 3 graded by code

E08. It was downgraded to CCC (A21, 2026-01-20) and then to RD (A22, 2026-07-08). No other issuer has a 2026 downgrade.

JSON: {"issuers": ["E08"]}

✅ R2 rdf run 4 graded by code

E08 only. It was downgraded to CCC (A21) and then to RD (A22) in 2026. E06 was only placed on Rating Watch (A17) and E07's rating was withdrawn (A19), neither of which is a downgrade.

JSON: {"issuers": ["E08"]}

✅ R2 rdf run 5 graded by code

E08. It was downgraded to CCC (A21, 2026-01-20) and then to RD (A22, 2026-07-08). No other issuer had a 2026 downgrade.

JSON: {"issuers": ["E08"]}

✅ R6 rdf+ontology run 1 graded by code

E08. A21 (CCC, 2026-01-20) and A22 (RD, 2026-07-08) are both downgrades. E06's Rating Watch (A17) and E07's withdrawal (A19) are not downgrades.

JSON: {"issuers": ["E08"]}

✅ R6 rdf+ontology run 2 graded by code

E08 was the only issuer downgraded in 2026 (A21 to CCC on 2026-01-20 and A22 to RD on 2026-07-08). E01's 2026 actions are affirmations, E06's is a Rating Watch, and E07's is a withdrawal.

JSON: {"issuers": ["E08"]}

✅ R6 rdf+ontology run 3 graded by code

E01 is not among them (A03 is an affirmation). The 2026 downgrades are on E08 (A21 to CCC, A22 to RD), so the issuer is E08. No instrument downgrades occurred in 2026.

JSON: {"issuers": ["E08"]}

✅ R6 rdf+ontology run 4 graded by code

**E08** (and no others). In 2026 the only downgrades are A21 and A22, both on E08. A22 is the move to RD. Instrument downgrades in 2025 (I01, I02) are outside 2026.

JSON: {"issuers": ["E08"]}

✅ R6 rdf+ontology run 5 graded by code

E08. Its downgrades are A21 (to CCC, 2026-01-20) and A22 (to RD, 2026-07-08). E06's Rating Watch Negative (A17) is not a downgrade.

JSON: {"issuers": ["E08"]}

✅ R5 csv+ontology run 1 graded by code

E08 (Saxby Shipping). It was downgraded to CCC (A21) and then to RD (A22) in 2026. Kestrel's A03 was an affirmation, and Orrin's A17 was only a Rating Watch (RW), not a downgrade.

JSON: {"issuers": ["E08"]}

✅ R5 csv+ontology run 2 graded by code

E08 only. A21 (2026-01-20, CCC) and A22 (2026-07-08, RD) are DG actions in 2026. E01 had only affirmations, and E06's A17 is a Rating Watch (RW), not a downgrade.

JSON: {"issuers": ["E08"]}

✅ R5 csv+ontology run 3 graded by code

Only E08. A21 (2026-01-20, to CCC) and A22 (2026-07-08, to RD) are both downgrades. E06's A17 is a Rating Watch, not a downgrade.

JSON: {"issuers": ["E08"]}

✅ R5 csv+ontology run 4 graded by code

E08 only. Saxby Shipping was downgraded in 2026 twice (A21 to CCC, A22 to RD). Kestrel's 2026 actions were affirmations (A03, A04), and Orrin's A17 was a Rating Watch, not a downgrade.

JSON: {"issuers": ["E08"]}

✅ R5 csv+ontology run 5 graded by code

E08 (Saxby Shipping). Downgrades (DG) in 2026 are A21 (CCC) and A22 (RD), both on E08. E06's A17 is a Rating Watch, not a downgrade.

JSON: {"issuers": ["E08"]}