Q7, run 2026-11-04-1825-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. They received issuer downgrades in 2026 (A21, A22, A27, A44). Instrument I05's downgrade (A29) is not counted here.

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

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

❌ R1 csv run 2 graded by code

E08, E10 and E16. The 2026 downgrades are A21 and A22 (E08), A27 (E10) and A44 (E16). A29 downgrades the I05 instrument, not an issuer.

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 by A21/A22, A27 and A44. The I05 downgrade (A29) is an instrument action, and A17 is a watch, not a downgrade.

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 had issuer-rating downgrades in 2026 (A21 and A22, A27, A44). E06's A17 is a watch, not a downgrade. I05's downgrade (A29) is an instrument rating.

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

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

❌ R1 csv run 5 graded by code

E08, E10 and E16. E08 was downgraded in A21 and A22, E10 in A27, and E16 in A44. A29 is an instrument downgrade (I05), not an issuer one, and A17 is only a watch.

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 in A21 and A22, and E10 in A27. The E16 downgrade (A44) is QA test data and is ignored.

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

✅ R5 csv+ontology run 2 graded by code

E08 and E10. E08 was downgraded in A21 and A22, and E10 in A27. E16's A44 is a QA record and is ignored, and I05's A29 is an instrument rating.

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

✅ R5 csv+ontology run 3 graded by code

E08 and E10. E08 was downgraded by A21 and A22, and E10 by A27. A29 downgrades the instrument I05, not an issuer. A44 is on QA record E16 and is ignored.

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

✅ R5 csv+ontology run 4 graded by code

E08 and E10. E08 was downgraded in A21 and A22, and E10 in A27. A29 is an instrument rating, and A44 is on QA record E16, so it is ignored.

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

✅ R5 csv+ontology run 5 graded by code

E08 (A21, A22) and E10 (A27). A29 is an instrument downgrade, and A44 is on QA record E16, which is ignored.

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

✅ R8 csv+axioms run 1 graded by code

E08 and E10. E08 was downgraded in A21 and A22, and E10 in A27. E16's downgrade (A44) is excluded because it is a QA test record. E06's A17 is a watch placement, not a downgrade.

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

✅ R8 csv+axioms run 2 graded by code

E08 and E10. E08 was downgraded in A21 and A22 and E10 in A27. E16's downgrade (A44) is excluded because it is a QA test record.

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

✅ R8 csv+axioms run 3 graded by code

E08 and E10. E08 was downgraded in A21 and A22, and E10 in A27. A29 is an instrument, and A44 is E16, a QA test record.

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

✅ R8 csv+axioms run 4 graded by code

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

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

✅ R8 csv+axioms run 5 graded by code

E08 and E10. E08 went to CCC and then RD in 2026 (A21, A22), and E10 went to BBB+ (A27). E16's downgrade (A44) is excluded because it is a QA test record. I05's downgrade (A29) is an instrument action.

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

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

E08 and E10. E08 was downgraded in A21 and A22, and E10 in A27. A44 (E16) is QA data and is ignored.

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

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

E08 and E10. E08 had downgrades A21 and A22, and E10 had A27. A29 is an instrument rating, and A44 is on QA record E16, which is ignored.

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

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

E08 and E10. E08 was downgraded in A21 and A22, and E10 in A27. A29 is an instrument action, and A44 is a QA record that is ignored.

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

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

E08 and E10. E08 was downgraded by A21 and A22, and E10 by A27. A29 is an instrument rating and A44 is a QA record, so both are excluded.

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

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

E08 and E10. E08 was downgraded by A21 and A22, and E10 by A27. A29 is an instrument action, and A44 is a QA record, so it is ignored.

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