Q9, run 2026-11-04-2013-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 (E03 is a duplicate), E05, E06, E08, E09, E10, E12, E13, E14, E15, E16 and CV. E07 was withdrawn (A19), and VD (country ceiling only), E04 and E11 (CO row only) have no issuer rating.

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, E15, E16 and CV. E07 was withdrawn (A19). VD has only a Country Ceiling (CC) record, and E11 has only a "CO" record (A46), so neither counts as having an issuer rating.

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 (E17 is a duplicate), E12, E13, E14, CV, E15 and E16. E07 was withdrawn, and E04, E11 and VD have no LTIDR.

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ R1 csv run 4 graded by code

13. These are E01, E02 (E03 is a duplicate), E05, E06, E08, E09, E10 (E17 is a duplicate), E12, E13, E14, E15, E16 and CV. E07 was withdrawn (A19), E11 has only a "CO" row, and VD has only a country ceiling.

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ R1 csv run 5 graded by code

13. These are E01, E02 (E03 is the same entity), E05, E06, E08, E09, E10, E12, E13, E14, E15, E16 and CV. VD has only a country ceiling, E07's rating was withdrawn, and E11's "CO" type is not an issuer rating.

JSON: {"count": 13}

Why: count: expected 12, got 13

✅ R5 csv+ontology run 1 graded by code

12. The issuers are E01, E02, E05, E06, E08, E09, E10, E12, E13, E14, CV and E15. I excluded:
- E03 and E17, which duplicate E02 and E10;
- E04, which has no rating of its own;
- E07, whose rating was withdrawn in A19;
- E11, which has only a credit opinion;
- VD, which has only a ceiling;
- E16, which is QA.

JSON: {"count": 12}

✅ R5 csv+ontology run 2 graded by code

12. These are E01, E02, E05, E06, E08, E09, E10, E12, E13, E14, E15 and CV. E07 was withdrawn (A19), E11 has only a credit opinion, E04 and VD have no issuer rating, and E16 is QA.

JSON: {"count": 12}

✅ R5 csv+ontology run 3 graded by code

12. These are E01, E02 (with E03), E05, E06, E08, E09, E10 (with E17), E12, E13, E14, CV and E15. E07 was withdrawn, E04 has no rating, E11 has only a credit opinion, VD has only a Country Ceiling, and E16 is QA.

JSON: {"count": 12}

✅ R5 csv+ontology run 4 graded by code

12. These are E01, E02 (E03 is the same entity), E05, E06, E08 (RD still counts as a rating), E09, E10, E12, E13, E14, E15 and CV. E07 was withdrawn (A19), E11 has only a credit opinion, and E04 and VD have no issuer rating.

JSON: {"count": 12}

✅ R5 csv+ontology run 5 graded by code

12. The issuers with an issuer rating are E01, E02 (E03 is the same entity), E05, E06, E08 (RD), E09, E10, E12, E13, E14, CV and E15. E07 was withdrawn, E11 has only a credit opinion, and VD has only a ceiling.

JSON: {"count": 12}

✅ R4 csv+markdown run 1 graded by code

12. The issuers are E01, E02 (with E03), E05, E06, E08, E09, E10, E12, E13, E14, E15 and CV. E07 was withdrawn. E11 has only a credit opinion and VD only a ceiling. E04 and E16 have no issuer rating.

JSON: {"count": 12}

✅ R4 csv+markdown run 2 graded by code

12. These are E01, E02 (same entity as E03), E05, E06, E08, E09, E10 (same entity as E17), E12, E13, E14, CV and E15. E07 was withdrawn, E04 and E11 have no issuer rating, and VD has only a Country Ceiling.

JSON: {"count": 12}

✅ R4 csv+markdown run 3 graded by code

12. These are E01, E02 (with E03), E05, E06, E08, E09, E10, E12, E13, E14, CV and E15. E07 is withdrawn, E11 has only a credit opinion, E04 has no rating, VD has only a Country Ceiling, and E16 is QA.

JSON: {"count": 12}

✅ R4 csv+markdown run 4 graded by code

12. These are E01, E02, E05, E06, E08, E09, E10, E12, E13, E14, CV and E15. E07 was withdrawn (A19). E11 has only a credit opinion (CO), and VD has only a Country Ceiling (CC). E16 is QA.

JSON: {"count": 12}

✅ R4 csv+markdown run 5 graded by code

12. These are E01, E02 (with E03), E05, E06, E08 (RD), E09, E10, E12, E13, E14, E15 and CV. E07 was withdrawn. E11 has only a credit opinion. VD has only a Country Ceiling. E04 has no rating of its own.

JSON: {"count": 12}

✅ R8 csv+axioms run 1 graded by code

12. These are E01, E02 (with E03), E05, E06, E08, E09, E10 (with E17), E12, E13, E14, E15 and CV. E07 is withdrawn (A19), E16 is a QA record, and VD has only a ceiling.

JSON: {"count": 12}

✅ R8 csv+axioms run 2 graded by code

12. These are E01, E02 (with E03), E05, E06, E08, E09, E10 (with E17), E12, E13, E14, E15 and CV. E07 is excluded (withdrawn in A19), as are E16 (test record), E11 (credit opinion only) and VD (country ceiling only).

JSON: {"count": 12}

✅ R8 csv+axioms run 3 graded by code

12. These are E01, E02 (E03 is the same entity), E05, E06, E08, E09, E10 (E17 is the same entity), E12, E13, E14, CV and E15. E07 is withdrawn (A19), VD has only a ceiling, E11 has only a credit opinion (A46), and E16 is a test record.

JSON: {"count": 12}

✅ R8 csv+axioms run 4 graded by code

12. These are E01, E02 (=E03), E05, E06, E08, E09, E10 (=E17), E12, E13, E14, CV and E15. E07 is withdrawn (A19), E16 is a test record, and E04, E11 and VD have no issuer rating.

JSON: {"count": 12}

✅ R8 csv+axioms run 5 graded by code

12. They are E01, E02 (= E03), E05, E06, E08, E09, E10, E12, E13, E14, CV and E15. E07 is withdrawn (A19), E16 is a test record, and E11 has only a credit opinion (A46).

JSON: {"count": 12}