Q7, run 2026-11-04-1824-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']

❌ R1 csv run 1 graded by code

E08, E10, E16. These are the issuer downgrades dated 2026 (A21, A22, A27, A44). The 2026 downgrade of instrument I05 (A29) is not counted as an issuer downgrade.

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

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

❌ R1 csv run 2 graded by code

E08, E10, E16. E08 was downgraded to CCC and then RD (A21, A22), E10 to BBB+ (A27), and E16 to BB+ (A44). The 2026 downgrade of I05 (A29) is an instrument action, not an issuer one.

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

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

❌ R1 csv run 3 graded by code

E08, E10, E16. These are the 2026 issuer downgrades: A21 and A22 (E08), A27 (E10), and A44 (E16).

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

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

❌ R1 csv run 4 graded by code

E08, E10, E16. These are the 2026 downgrades in A21/A22, A27 and A44.

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

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

❌ R1 csv run 5 graded by code

E08, E10, E16. These were downgraded in 2026 by A21/A22, A27 and A44 respectively.

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

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

✅ R5 csv+ontology run 1 graded by code

E08 and E10. E08 was downgraded to CCC (A21) and then RD (A22), and E10 was downgraded to BBB+ (A27). E17 is the same entity as E10, and the QA record E16 is ignored.

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

✅ R5 csv+ontology run 2 graded by code

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

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

✅ R5 csv+ontology run 3 graded by code

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

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

✅ R5 csv+ontology run 4 graded by code

E08 and E10.
E08 was downgraded to CCC (A21) and then RD (A22), and E10 was downgraded to BBB+ (A27), all in 2026.

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

✅ R5 csv+ontology run 5 graded by code

E08 (Saxby, DG to CCC on A21 and to RD on A22) and E10 (Halden Bank, DG to BBB+ on A27). I05 was also downgraded in 2026, but it is an instrument, not an issuer.

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

✅ R8 csv+axioms run 1 graded by code

E08 and E10. Both were downgraded in 2026 (A21/A22 and A27). E16 is excluded because it is a QA test record, whose actions the axioms say are not rating actions (A44).

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

✅ R8 csv+axioms run 2 graded by code

E08, E10
E08 was downgraded to CCC (A21) and then RD (A22). E10 was downgraded to BBB+ (A27). E16's 2026 downgrade (A44) is excluded because E16 is a QA test record.

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

✅ R8 csv+axioms run 3 graded by code

E08 and E10. Both were downgraded in 2026 (A21/A22 and A27). E16 also has a 2026 downgrade (A44), but it is a QA test record, so I excluded it.

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

✅ R8 csv+axioms run 4 graded by code

E08, E10
A21 and A22 downgrade E08, and A27 downgrades E10 in April 2026. E16's 2026 downgrade (A44) is excluded because E16 is a QA test record.

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

✅ R8 csv+axioms run 5 graded by code

E08 (DG to CCC on 2026-01-20, A21; DG to RD on 2026-07-08, A22) and E10 (DG to BBB+ on 2026-04-15, A27). E16 is excluded because it is a QA test record (A44 is not a rating action), and I05's downgrade (A29) is an instrument action.

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

✅ R9 csv+axioms+markdown run 1 graded by code

E08, E10. Saxby Shipping was downgraded to CCC and then RD (A21, A22), and Halden Bank was downgraded to BBB+ (A27). I05 was also downgraded in 2026 (A29), but it is an instrument, not an issuer.

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

✅ R9 csv+axioms+markdown run 2 graded by code

E08 and E10. E08 was downgraded to CCC (A21) and then RD (A22); E10 was downgraded to BBB+ (A27).

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

✅ R9 csv+axioms+markdown run 3 graded by code

E08 and E10. E08 was downgraded in 2026 (A21, A22), and E10 was downgraded to BBB+ (A27, 2026-04-15). E16 (A44) is QA and is ignored.

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

✅ R9 csv+axioms+markdown run 4 graded by code

E08 and E10. A21 and A22 downgrade E08 and A27 downgrades E10 in 2026. A29 downgrades I05, which is an instrument rating, not an issuer rating; A44 is a QA record and is excluded.

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

✅ R9 csv+axioms+markdown run 5 graded by code

E08, E10
E08 was downgraded to CCC (A21) and then RD (A22) in 2026. E10 (Halden Bank, same entity as E17) was downgraded to BBB+ (A27). The 2026 downgrade of I05 is an instrument, not an issuer, so it is excluded.

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