Q7, run 2026-11-04-1616-sonnet

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Which issuers were downgraded in 2026?

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

Expected: issuers = ['E08', 'E10']

✅ R1 csv run 1 graded by code

E08 and E10. E08 was downgraded in A21 and A22, and E10 in A27. A29 downgraded an instrument (I05), not an issuer rating.

JSON: {"issuers": ["E08", "E10"]}

✅ R1 csv run 2 graded by code

E08 and E10. E08 was downgraded in A21 and A22, and E10 in A27. A29 downgraded instrument I05, not its issuer.

JSON: {"issuers": ["E08", "E10"]}

✅ R1 csv run 3 graded by code

E08 and E10. E08 was downgraded in A21 and A22, and E10 in A27. A29 is an instrument downgrade (I05), not an issuer downgrade.

JSON: {"issuers": ["E08", "E10"]}

✅ R1 csv run 4 graded by code

E08 and E10. E08 was downgraded in A21 and A22, and E10 in A27. E06's A17 is a watch placement, not a downgrade.

JSON: {"issuers": ["E08", "E10"]}

✅ R1 csv run 5 graded by code

E08 and E10. E08 was downgraded in A21 and A22, and E10 in A27. A29 is an instrument downgrade, and E11 has no issuer rating of its own.

JSON: {"issuers": ["E08", "E10"]}

✅ R2 rdf run 1 graded by code

E08 and E10. E08 was downgraded in A21 and A22, and E10 in A27. A29 downgraded the instrument I05, not an issuer.

JSON: {"issuers": ["E08", "E10"]}

✅ R2 rdf run 2 graded by code

E08 and E10. E08 was downgraded to CCC and then RD (A21, A22), and E10 to BBB+ (A27). I05 was also downgraded (A29), but that is an instrument rating, not an issuer rating.

JSON: {"issuers": ["E08", "E10"]}

✅ R2 rdf run 3 graded by code

E08 and E10. E08 was downgraded in A21 and A22, and E10 in A27. I05's downgrade (A29) is an instrument rating, not an issuer rating, so I excluded it.

JSON: {"issuers": ["E08", "E10"]}

✅ R2 rdf run 4 graded by code

E08 and E10. E08 was downgraded in A21 and A22, and E10 in A27. I05's downgrade (A29) is an instrument rating, not an issuer.

JSON: {"issuers": ["E08", "E10"]}

✅ R2 rdf run 5 graded by code

E08 and E10. The 2026 issuer downgrades are A21 and A22 (E08) and A27 (E10). A29 downgraded the I05 instrument, not an issuer.

JSON: {"issuers": ["E08", "E10"]}

✅ R6 rdf+ontology run 1 graded by code

E08 and E10. E08 was downgraded in A21 and A22, and E10 in A27. A29 downgraded instrument I05, which is not an issuer rating.

JSON: {"issuers": ["E08", "E10"]}

✅ R6 rdf+ontology run 2 graded by code

E08 and E10. E08 was downgraded in A21 and A22 and E10 in A27. A29 is an instrument downgrade (I05), not an issuer downgrade.

JSON: {"issuers": ["E08", "E10"]}

✅ R6 rdf+ontology run 3 graded by code

E08 and E10. The 2026 downgrades are A21 and A22 for E08 and A27 for E10. A29 is a downgrade of instrument I05, not an issuer.

JSON: {"issuers": ["E08", "E10"]}

✅ R6 rdf+ontology run 4 graded by code

E08 and E10. The 2026 downgrades of issuers are A21 and A22 (E08) and A27 (E10). A29 downgrades an instrument (I05), not an issuer.

JSON: {"issuers": ["E08", "E10"]}

✅ R6 rdf+ontology run 5 graded by code

E08 and E10. E08 was downgraded in A21 and A22, and E10 in A27. A29 downgrades the instrument I05, not its issuer.

JSON: {"issuers": ["E08", "E10"]}

✅ R5 csv+ontology run 1 graded by code

E08 and E10. E08 was downgraded in A21 and A22, and E10 in A27. I05's downgrade (A29) is an instrument rating, not an issuer's.

JSON: {"issuers": ["E08", "E10"]}

✅ R5 csv+ontology run 2 graded by code

E08 and E10. E08 was downgraded in A21 and A22, and E10 in A27. I05's downgrade (A29) is an instrument action, not an issuer one.

JSON: {"issuers": ["E08", "E10"]}

✅ R5 csv+ontology run 3 graded by code

E08 and E10. E08 was downgraded by A21 and A22, and E10 by A27. The 2026 downgrade of I05 (A29) is an instrument rating.

JSON: {"issuers": ["E08", "E10"]}

✅ R5 csv+ontology run 4 graded by code

E08 and E10. E08 was downgraded in A21 and A22, and E10 in A27. E06's action (A17) is only a Watch, and the instrument downgrade (A29) is not an issuer downgrade.

JSON: {"issuers": ["E08", "E10"]}

✅ R5 csv+ontology run 5 graded by code

E08 and E10. E08 was downgraded in A21 and A22, and E10 in A27. I05's downgrade (A29) is an instrument rating, not an issuer one.

JSON: {"issuers": ["E08", "E10"]}