Q7, run 2026-11-04-1723-haiku

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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']

✅ R5 csv+ontology run 1 graded by code

E08 and E10. A21 and A22 downgraded E08 in 2026, and A27 downgraded E10 (Halden Bank) to BBB+. The 2026 downgrade of instrument I05 (A29) is an instrument action, not an issuer one.

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

✅ R5 csv+ontology run 2 graded by code

E08 and E10. E08 was downgraded to CCC (A21) and then to RD (A22), and E10 was downgraded to BBB+ (A27). The 2026 downgrade of instrument I05 (A29) is not an issuer action.

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

✅ R5 csv+ontology run 3 graded by code

E08 (A21, A22) and E10 (A27). I05 was downgraded (A29), but it is an instrument rating, and its issuer is E11.

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

✅ R5 csv+ontology run 4 graded by code

E08 (A21, A22) and E10 (A27). I05 was also downgraded in 2026 (A29), but it is an instrument, and E16 (A44) is QA data.

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

✅ R5 csv+ontology run 5 graded by code

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

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

✅ R7 csv+neutral run 1 graded by code

E08 (A21, A22) and E10 (A27). I05 (A29) is an instrument, so it is not an issuer. E16 is QA and is excluded.

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

✅ R7 csv+neutral run 2 graded by code

E08 (DG to CCC, A21; DG to RD, A22) and E10 (DG to BBB+, A27). I05 was also downgraded (A29), but it is an instrument whose issuer is E11, so it is not listed.

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

✅ R7 csv+neutral run 3 graded by code

E08 and E10. A21 and A22 downgrade E08, and A27 downgrades E10. A29 downgrades instrument I05, not an issuer, and A44 is QA data.

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

✅ R7 csv+neutral run 4 graded by code

E08 (DG to CCC on 2026-01-20, and DG to RD on 2026-07-08) and E10 (DG to BBB+ on 2026-04-15). The 2026 downgrade of I05 (A29) is an instrument action, not an issuer action, so it is excluded.

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

✅ R7 csv+neutral run 5 graded by code

E08, E10.
A21 and A22 downgrade E08 in 2026, and A27 (2026-04-15) downgrades E10. A29 downgrades an instrument, not an issuer.

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