Q7, run 2026-11-04-1712-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, E10 and E16. Their 2026 issuer-rating downgrades are A21/A22, A27 and A44. I05's downgrade (A29) is an instrument action, and its issuer E11 has no issuer rating.

JSON: {"issuers": ["E08", "E10", "E16"]}

Why: issuers: expected ['E08', 'E10'], got ['E08', 'E10', 'E16']

❌ R1 csv run 2 graded by code

E08, E10, E16. The downgrades are A21/A22 (E08), A27 (E10) and A44 (E16). A17 for E06 is a watch, not a downgrade.

JSON: {"issuers": ["E08", "E10", "E16"]}

Why: issuers: expected ['E08', 'E10'], got ['E08', 'E10', 'E16']

❌ R1 csv run 3 graded by code

E08, E10 and E16. They were downgraded in A21 and A22, A27, and A44 respectively. A17 for E06 is only a watch, and A29 is an instrument action.

JSON: {"issuers": ["E08", "E10", "E16"]}

Why: issuers: expected ['E08', 'E10'], got ['E08', 'E10', 'E16']

❌ R1 csv run 4 graded by code

E08, E10 and E16. These were downgraded in A21/A22, A27 and A44. E06's action (A17) is only a watch. I05 (E11's note) was downgraded in A29, but E11's issuer rating was not.

JSON: {"issuers": ["E08", "E10", "E16"]}

Why: issuers: expected ['E08', 'E10'], got ['E08', 'E10', 'E16']

❌ R1 csv run 5 graded by code

E08 (A21, A22), E10 (A27) and E16 (A44) were downgraded in 2026. E06's action is a Watch (A17), not a downgrade.

JSON: {"issuers": ["E08", "E10", "E16"]}

Why: issuers: expected ['E08', 'E10'], got ['E08', 'E10', 'E16']

✅ R10 executed run 1 graded by code

E08 and E10. E08 went B to CCC to RD (A21, A22) and E10 went A- to BBB+ (A27). I counted issuer ratings only. I05, the instrument issued by E11, was also downgraded (A29), but its credit risk is E10's.

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

✅ R10 executed run 2 graded by code

E08 and E10. E08 went to CCC (A21) and then RD (A22). E10 went to BBB+ (A27).

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

✅ R10 executed run 3 graded by code

E08 and E10. E08 went to CCC (A21) and then RD (A22), and E10 went to BBB+ (A27). I05 was also downgraded (A29), but its issuer E11 has no issuer rating.

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

✅ R10 executed run 4 graded by code

E08 and E10. E08 went B to CCC (A21) and then to RD (A22), and E10 went A- to BBB+ (A27).

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

✅ R10 executed run 5 graded by code

E08 and E10. E08 was cut to CCC (A21) and then RD (A22), and E10 was cut to BBB+ (A27). I05, the E11 note, was also downgraded (A29), but E11 holds no issuer rating.

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