Q9, run 2026-11-04-1712-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 E07 is withdrawn (A19), and VD has only a country ceiling.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 (E03 is the same entity), E05, E06, E08, E09, E10, E12, E13, E14, CV, E15 and E16. E07 was withdrawn (A19), and the CC and CO rows are not issuer ratings.

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 E07 was withdrawn (A19), and VD has only a country ceiling.

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ R1 csv run 4 graded by code

13. They 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 E07 is withdrawn (A19).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 LTIDR. VD only has a country ceiling (CC), not an issuer rating.

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, E15, E16 and CV. E07 is withdrawn, VD has only a country ceiling, and E11 has only a "CO" rating, which I did not count as an issuer rating.

JSON: {"count": 13}

Why: count: expected 12, got 13

✅ R10 executed run 1 graded by code

12. These are CV, E01, E02, E05, E06, E08, E09, E10, E12, E13, E14 and E15, each with an open LTIDR. E07 is excluded because its rating was withdrawn (A19).

JSON: {"count": 12}

✅ R10 executed run 2 graded by code

12. These are CV, E01, E02, E05, E06, E08, E09, E10, E12, E13, E14 and E15. E07's rating was withdrawn (A19), and E04 and E11 have no issuer rating.

JSON: {"count": 12}

✅ R10 executed run 3 graded by code

12. These are CV, E01, E02, E05, E06, E08, E09, E10, E12, E13, E14 and E15. E07 is excluded because its rating was withdrawn (A19).

JSON: {"count": 12}

✅ R10 executed run 4 graded by code

12. The count covers CV, E01, E02, E05, E06, E08, E09, E10, E12, E13, E14 and E15. E07's rating is withdrawn (A19), and E04 and E11 have no issuer rating of their own.

JSON: {"count": 12}

✅ R10 executed run 5 graded by code

12. These are CV, E01, E02, E05, E06, E08, E09, E10, E12, E13, E14 and E15, each with an open LTIDR on 1 Oct 2026. E07's rating is withdrawn (A19), and E04 and E11 have none.

JSON: {"count": 12}