Q9, run 2026-11-04-1711-sonnet

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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, E05, E06, E08, E09, E10, E12, E13, E14, E15, E16 and CV. E07's rating was withdrawn, and E04, E11 and VD have no LTIDR.

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ R1 csv run 2 graded by code

13. These are E01, E02 (with E03), E05, E06, E08, E09, E10, E12, E13, E14, E15, E16 and CV. I excluded E07 (withdrawn in A19), E11 (only a CO record), and VD (only a country-ceiling record).

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, CV, E15 and E16. E07 is withdrawn (A19), VD has only a country ceiling, and E11's CO record is not an issuer rating.

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ R1 csv run 4 graded by code

13. The issuers are E01, E02 (E03 is a duplicate), E05, E06, E08, E09, E10 (E17 is a duplicate), E12, E13, E14, E15, E16 and CV. E07 is withdrawn (A19), E04 and E11 have no issuer rating (A46 is a CO), and VD has only a CC.

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ R1 csv run 5 graded by code

13. They are E01, E02 (with E03), E05, E06, E08, E09, E10, E12, E13, E14, E15, E16 and CV. E07 is withdrawn, and VD has only a country ceiling (CC). E11 has only a "CO" record, not an issuer rating.

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ R2 rdf run 1 graded by code

13. These are E01, E02/E03 (one entity), E05, E06, E08, E09, E10, E12, E13, E14, E15, E16 and CV, each holding a long-term IDR. E07 was withdrawn (A19), VD has only a country ceiling, and E11 has only a type-CO rating.

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ R2 rdf run 2 graded by code

13. These are E01, E02 (with E03 as a duplicate), E05, E06, E08, E09, E10, E12, E13, E14, E15, E16 and CV. E07 was withdrawn (A19). VD has only a country-ceiling record and E11 only a counterparty rating, so neither counts.

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ R2 rdf run 3 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 E07 was withdrawn (A19), and VD has only a country ceiling.

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ R2 rdf run 4 graded by code

13. They are E01, E02 (the same entity as E03), E05, E06, E08, E09, E10, E12, E13, E14, E15, E16 and CV. E07 is excluded because its rating was withdrawn (A19). E11 is excluded because its only rating is of type CO (A46), which the data does not define. VD is excluded because its only rating is a country ceiling.

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ R2 rdf run 5 graded by code

13. These are E01, E02 (E03 is the same entity), E05, E06, E08, E09, E10, E12, E13, E14, E15, E16 and CV. E07 was withdrawn (A19). VD has only a country-ceiling rating (A12), which I did not count as an issuer rating. E11's rating is of a different type (A46), and E04 has none.

JSON: {"count": 13}

Why: count: expected 12, got 13

✅ R6 rdf+ontology run 1 graded by code

12. The issuers holding a rating are E01, E02 (E03 is the same entity), 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 2 graded by code

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

JSON: {"count": 12}

✅ R6 rdf+ontology run 3 graded by code

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

JSON: {"count": 12}

✅ R6 rdf+ontology run 4 graded by code

12. These are E01, E02 (with E03), E05, E06, E08, E09, E10 (with E17), E12, E13, E14, E15 and CV. E07 was withdrawn (A19), E16 is QA, E11 has only a credit opinion, and VD has only a Country Ceiling.

JSON: {"count": 12}

✅ R6 rdf+ontology run 5 graded by code

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

JSON: {"count": 12}

✅ R5 csv+ontology run 1 graded by code

12. Issuers with a long-term or short-term rating on 2026-10-01: E01, E02 (E03 is the same entity), E05, E06, E08, E09, E10, E12, E13, E14, CV, E15. E07 was withdrawn (A19), VD has only a ceiling, E11 has only a credit opinion, and E16 is QA.

JSON: {"count": 12}

✅ R5 csv+ontology run 2 graded by code

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

JSON: {"count": 12}

✅ R5 csv+ontology run 3 graded by code

12. These are E01, E02, E05, E06, E08, E09, E10, E12, E13, E14, CV and E15. E04 and E11 have none (E11 has only a CO, A46), VD has only a Country Ceiling, E07 was withdrawn, and E16 is QA.

JSON: {"count": 12}

✅ R5 csv+ontology run 4 graded by code

12. These are E01, E02 (including 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, E04 has no rating, and E16 is QA.

JSON: {"count": 12}

✅ R5 csv+ontology run 5 graded by code

12. These are E01, E02, E05, E06, E08, E09, E10, E12, E13, E14, CV and E15. E07 was withdrawn (A19), E16 is QA, and E11 and VD have only a credit opinion (CO) or a Country Ceiling (CC), which are not issuer ratings.

JSON: {"count": 12}

✅ R4 csv+markdown run 1 graded by code

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

JSON: {"count": 12}

✅ R4 csv+markdown run 2 graded by code

12. These are E01, E02 (including E03), E05, E06, E08, E09, E10 (including E17), E12, E13, E14, E15 and CV. E07 was withdrawn, and E04, E11, VD and E16 have no issuer rating of their own (or are QA).

JSON: {"count": 12}

✅ R4 csv+markdown run 3 graded by code

12 issuers: E01, E02, E05, E06, E08, E09, E10, E12, E13, E14, E15 and CV. E07 was withdrawn (A19). E11 has only a credit opinion (A46). E04 and VD have no issuer rating (VD has only a Country Ceiling).

JSON: {"count": 12}

✅ R4 csv+markdown 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 was withdrawn. VD has only a ceiling, E11 only a credit opinion, and E04 and E16 have no issuer rating.

JSON: {"count": 12}

✅ R4 csv+markdown run 5 graded by code

12. The issuers are E01, E02 (with E03), E05, E06, E08, E09, E10, E12, E13, E14, CV and E15. E07 is withdrawn (A19), VD has only a Country Ceiling, E11 has only a credit opinion, E04 has no rating, and E16 is QA.

JSON: {"count": 12}

❌ R3 csv+padding run 1 graded by code

13. These are E01, E02 (E03 is a duplicate), E05, E06, E08, E09, E10 (E17 is a duplicate), E12, E13, E14, E15, E16 and CV. E07 was withdrawn (A19). VD has only a country ceiling, and E11 has only a "CO" rating, which the data doesn't define.

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ R3 csv+padding run 2 graded by code

13. These are E01, E02 (E03 is the same entity), E05, E06, E08, E09, E10, E12, E13, E14, E15, E16 and CV. E07 was withdrawn (A19), and VD has only a country ceiling, which is not an issuer rating.

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ R3 csv+padding run 3 graded by code

13. These are E01, E02, E05, E06, E08, E09, E10, E12, E13, E14, CV, E15 and E16. E07 is withdrawn, VD has only a country ceiling, and E11 has only a "CO" record.

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ R3 csv+padding run 4 graded by code

13. These are E01, E02 (E03 is a duplicate), E05, E06, E08, E09, E10 (E17 is a duplicate), E12, E13, E14, E15, E16 and CV. E07 is withdrawn (A19). VD has only a Country Ceiling, and E11 has only a "CO" record, which the data does not define. I did not count either as an issuer rating.

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ R3 csv+padding run 5 graded by code

13. Issuers with a current LTIDR are E01, E02 (including E03), E05, E06, E08, E09, E10, E12, E13, E14, E15, E16 and CV. E07 was withdrawn (A19). E04 and E11 have no issuer rating, and VD only has a country ceiling.

JSON: {"count": 13}

Why: count: expected 12, got 13