Q9, run 2026-11-04-1643-sonnet

← back to the run

As of 1 October 2026, how many distinct issuers hold an issuer rating?

Tests: Everything at once: identity, withdrawal, instrument versus issuer, ceiling versus rating.

Expected: count = 12

❌ R1 csv run 1 graded by code

13. These are E01, E02 (E03 is the same LEI), E05, E06, E08, E09, E10, E12, E13, E14, E15, E16 and CV. E07 was withdrawn, and VD has only a country ceiling.

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ R1 csv run 2 graded by code

13. These are E01, E02, E05, E06, E08, E09, E10, E12, E13, E14, E15, E16 and CV. E07 is withdrawn (A19), E11 has only a CO rating, VD has only a country ceiling, and E03 duplicates E02.

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ R1 csv run 3 graded by code

13. These are E01, E02 (E03 is a duplicate), E05, E06, E08, E09, E10, E12, E13, E14, E15, E16 and CV. E07 is excluded because it was withdrawn (A19), and VD only has a Country Ceiling (A12), not an issuer rating.

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ R1 csv run 4 graded by code

13. E01, E02 (E03 is a duplicate), E05, E06, E08, E09, E10, E12, E13, E14, CV, E15 and E16 hold an issuer rating. E07's was withdrawn (A19), and VD (a Country Ceiling only) and E11 (a "CO" rating) don't count.

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ R1 csv run 5 graded by code

13. These are E01, E02 (E03 is a duplicate), E05, E06, E08, E09, E10, E12, E13, E14, CV, E15 and E16. E07 is excluded because its rating was withdrawn (A19). VD has only a Country Ceiling and E11 only a CO rating, so neither counts as an issuer rating.

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ R2 rdf run 1 graded by code

13 (E01, E02/E03, E05, E06, E08, E09, E10, E12, E13, E14, E15, E16, CV). E07 is withdrawn (A19), E06 is on watch but still rated (A17), and E11 has only a CO rating (A46).

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ R2 rdf run 2 graded by code

13. These are E01, E02 (=E03), E05, E06, E08, E09, E10, E12, E13, E14, E15, E16 and CV. E07 was withdrawn (A19), VD has only a CC rating (A12), and E11 has only a CO-type rating (A46).

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ R2 rdf run 3 graded by code

13. They are E01, E02 (=E03), E05, E06, E08, E09, E10, E12, E13, E14, E15, E16 and CV. E07 was withdrawn (A19), VD has only a country ceiling, and E11's "CO" rating type isn't defined as an issuer rating.

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ R2 rdf run 4 graded by code

13. These are E01, E02 (same entity as E03), E05, E06, E08, E09, E10, E12, E13, E14, E15, E16 and CV. I excluded E07, whose rating was withdrawn (A19). I also excluded VD (country ceiling only) and E11 (type CO only).

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ R2 rdf run 5 graded by code

13. These are E01, E02 (same entity as E03), E05, E06, E08, E09, E10, E12, E13, E14, E15, E16 and CV. E07 is withdrawn (A19). VD has only a country ceiling (A12). E11 has only a CO-type rating (A46), which I did not count as an issuer rating.

JSON: {"count": 13}

Why: count: expected 12, got 13

✅ R6 rdf+ontology run 1 graded by code

12. These are E01, E02 (same entity as E03), E05, E06, E08, E09, E10 (same entity as E17), E12, E13, E14, E15 and CV. E07 was withdrawn, E11 has only a credit opinion, VD has only a ceiling, and E16 is QA.

JSON: {"count": 12}

✅ R6 rdf+ontology run 2 graded by code

12. These are E01, E02 (with E03), E05, E06, E08, E09, E10, E12, E13, E14, E15 and CV. E07's rating was withdrawn (A19). E11 has only a credit opinion, VD has only a ceiling, and E16 is QA.

JSON: {"count": 12}

✅ R6 rdf+ontology run 3 graded by code

12. The issuers holding an LTIDR are E01, E02 (same entity as E03), E05, E06, E08, E09, E10, E12, E13, E14, E15 and CV. E07 was withdrawn, E11 has only a credit opinion, VD has only a ceiling, and E16 is QA.

JSON: {"count": 12}

✅ R6 rdf+ontology run 4 graded by code

12. These are E01, E02 (=E03), E05, E06, E08, E09, E10, E12, E13, E14, CV and E15. E07 was withdrawn (A19), E11 has only a credit opinion, VD has only a ceiling, and E16 is QA.

JSON: {"count": 12}

✅ R6 rdf+ontology run 5 graded by code

12. They are E01, E02 (including E03), E05, E06, E08, E09, E10, E12, E13, E14, E15 and CV. E07 was withdrawn (A19), E11 has only a credit opinion, VD has only a ceiling, and E16 is QA.

JSON: {"count": 12}

✅ R5 csv+ontology run 1 graded by code

12. The holders are E01, E02 (E03 is the same entity), E05, E06, E08, E09, E10, E12, E13, E14, CV and E15. E07 was withdrawn, E16 is QA, and E04, E11 and VD have no issuer rating.

JSON: {"count": 12}

✅ R5 csv+ontology run 2 graded by code

12. These are E01, E02 (with E03), E05, E06, E08, E09, E10 (with E17), E12, E13, E14, E15 and CV. E04 and E11 have no issuer rating, E07 was withdrawn (A19), VD has only a ceiling, and E16 is QA.

JSON: {"count": 12}

✅ R5 csv+ontology run 3 graded by code

12. These are E01, E02 (E03 is the same entity), E05, E06, E08, E09, E10 (E17 is the same entity), E12, E13, E14, CV and E15. E07 was withdrawn. E04, E11 and VD hold no issuer rating (E11 has only a credit opinion and VD only a ceiling).

JSON: {"count": 12}

✅ R5 csv+ontology run 4 graded by code

12. These are E01, E02 (with E03), E05, E06, E08, E09, E10 (with E17), E12, E13, E14, CV and E15. E07 is withdrawn, and E11 and VD hold only a credit opinion (A46) or a Country Ceiling (A12), neither of which is an issuer rating.

JSON: {"count": 12}

✅ R5 csv+ontology run 5 graded by code

12. These are E01, E02 (with E03), E05, E06, E08, E09, E10, E12, E13, E14, CV and E15. E07 was withdrawn, E11 has only a credit opinion, VD has only a ceiling, and E16 is QA.

JSON: {"count": 12}

✅ R4 csv+markdown run 1 graded by code

12. The issuers are E01, E02 (same entity as E03), E05, E06, E08, E09, E10, E12, E13, E14, CV and E15. E07 was withdrawn. VD has only a Country Ceiling, E11 only a credit opinion, and E16 is QA.

JSON: {"count": 12}

✅ R4 csv+markdown run 2 graded by code

12. These are E01, E02 (with E03), E05, E06, E08, E09, E10 (with E17), E12, E13, E14, CV and E15. E07 is withdrawn, VD has only a ceiling, E11 has only a credit opinion, and E04 and E16 have no usable issuer rating.

JSON: {"count": 12}

✅ R4 csv+markdown run 3 graded by code

12. Counting distinct entities that hold an LTIDR/STIDR on 1 Oct 2026: E01, E02 (with E03), E05, E06, E08, E09, E10, E12, E13, E14, CV and E15. E07 is withdrawn. E11 has only a credit opinion, and VD has only a ceiling.

JSON: {"count": 12}

✅ R4 csv+markdown run 4 graded by code

12. These are E01, E02 (E03 is a duplicate), E05, E06, E08, E09, E10, E12, E13, E14, CV and E15. E07 was withdrawn. E11 has only a credit opinion. VD has only a ceiling. E16 is QA.

JSON: {"count": 12}

✅ R4 csv+markdown run 5 graded by code

12. These are E01, E02 (with E03), E05, E06, E08, E09, E10, E12, E13, E14, CV and E15. E07 was withdrawn. E11 has only a credit opinion. VD has only a ceiling. E16 is QA.

JSON: {"count": 12}

❌ R3 csv+padding run 1 graded by code

13. These are E01, E02 (E03 is the same entity), E05, E06, E08, E09, E10 (E17 is the same entity), E12, E13, E14, E15, E16 and CV. E07 is withdrawn, and VD only has a country ceiling, not an issuer rating.

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ R3 csv+padding run 2 graded by code

13. These are E01, E02 (with E03), E05, E06, E08, E09, E10 (with E17), E12, E13, E14, E15, E16 and CV. E07 was withdrawn (A19), and VD has only a country ceiling.

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ R3 csv+padding run 3 graded by code

13. These are E01, E02 (E03 is the same entity), E05, E06, E08, E09, E10, E12, E13, E14, CV, E15 and E16. E07 was withdrawn (A19), E11 has only a CO-type record, and VD has only a country ceiling.

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ R3 csv+padding run 4 graded by code

13. These are E01, E02 (with E03), E05, E06, E08, E09, E10 (with E17), E12, E13, E14, CV, E15 and E16. E07 is withdrawn, E04 and E11 have no issuer rating, and VD has only a country ceiling.

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ R3 csv+padding run 5 graded by code

13. These are E01, E02 (E03 is the same entity), E05, E06, E08, E09, E10, E12, E13, E14, CV, E15 and E16. I excluded E07 (withdrawn, A19), E11 (only a "CO" rating, which the data does not define) and VD (only a country ceiling).

JSON: {"count": 13}

Why: count: expected 12, got 13