Q7, run 2026-11-04-2013-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 were downgraded by A21 and A22, A27, and A44. E06's A17 is only a watch, not a downgrade.

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 downgrades are A21/A22 (E08), A27 (E10) and A44 (E16). E06's action (A17) is only a watch, and E14's (A33) is an affirmation.

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

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 were downgraded in 2026 (A21, A22, A27, A44). I counted issuer ratings only.

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 were downgraded in 2026 (A21/A22, A27, A44). E06's A17 is a watch placement, not a downgrade.

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. E16's downgrade (A44) is QA test data and is ignored.

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

✅ R5 csv+ontology run 2 graded by code

E08 and E10. They were downgraded in 2026 (A21, A22, A27). E16's downgrade (A44) is QA data and is ignored, and A29 is an instrument rating.

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

✅ R5 csv+ontology run 3 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, which is ignored.

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

✅ R5 csv+ontology 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, which is ignored.

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

✅ R5 csv+ontology run 5 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, which is ignored.

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

✅ R4 csv+markdown run 1 graded by code

E08 and E10. E08 was downgraded by A21 and A22, and E10 by A27, which also covers E17, the same entity. A44 is on E16, a QA record, so it is ignored. I05's downgrade (A29) is an instrument action, not an issuer one.

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

✅ R4 csv+markdown run 2 graded by code

E08 and E10. E08 was downgraded in A21 and A22. E10 was downgraded in A27. The A44 downgrade of E16 is ignored because E16 is QA test data. A29 is an instrument downgrade, not an issuer downgrade.

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

✅ R4 csv+markdown run 3 graded by code

E08 and E10. E08 was downgraded in A21 and A22, and E10 in A27. E16's A44 is QA test data and is ignored.

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

✅ R4 csv+markdown run 4 graded by code

E08 and E10. E08 had downgrades A21 and A22. E10 had downgrade A27 (the Halden Bank record is the same entity as E17). The downgrade of I05 (A29) is an instrument rating, not an issuer downgrade. A44 on E16 is QA data and ignored.

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

✅ R4 csv+markdown run 5 graded by code

E08 and E10. E08 was downgraded in A21 and A22, and E10 in A27 (E17 is the same entity). E16's downgrade (A44) is QA data and is ignored. A29 is an instrument action, not an issuer one.

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 on a QA test record, and I05's (A29) is on an instrument.

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, while E16 (A44) is a QA test record, not an issuer. The downgrade A29 is on instrument I05, not an issuer.

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

✅ R8 csv+axioms run 3 graded by code

E08 and E10. A21 and A22 downgraded E08 in 2026, and A27 downgraded E10. A44 on E16 is a QA test record, and A29 is an instrument rating.

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

✅ R8 csv+axioms run 4 graded by code

E08 and E10. E08 was downgraded in A21 and A22, and E10 in 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 was downgraded in A21 and A22 and E10 in A27. I05's downgrade (A29) is an instrument action, and E16's (A44) is a QA test record.

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