Q7, run 2026-11-05-1233-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 and E16. Each was downgraded in 2026 (A21/A22, A27, A44).

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

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

❌ R1 csv run 2 graded by code

E08 (DG to CCC on 2026-01-20 and to RD on 2026-07-08), E10 (DG to BBB+ on 2026-04-15), and E16 (DG to BB+ on 2026-06-01).

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

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

❌ R1 csv run 3 graded by code

E08, E10, E16. E08 was downgraded to CCC (A21) and then RD (A22), E10 to BBB+ (A27), and E16 to BB+ (A44). The I05 downgrade (A29) is at instrument level.

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

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

❌ R1 csv run 4 graded by code

E08, E10, E16. Their 2026 downgrades are 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. E08 was downgraded to CCC (A21) and then RD (A22), E10 to BBB+ (A27), and E16 to BB+ (A44). The I05 downgrade (A29) is an instrument action on E11's notes.

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

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

❌ R2 rdf run 1 graded by code

E08, E10 and E16. Each had a downgrade dated 2026 (A21/A22, A27, A44). I05 was also downgraded, but it is an instrument, not an issuer.

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

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

❌ R2 rdf run 2 graded by code

E08 (A21, A22), E10 (A27), and E16 (A44) were downgraded in 2026. E11 is included only because its instrument I05 was downgraded (A29), and its issuer-level rating was not.

JSON: {"issuers": ["E08", "E10", "E11", "E16"]}

Why: issuers: expected ['E08', 'E10'], got ['E08', 'E10', 'E11', 'E16']

❌ R2 rdf run 3 graded by code

E08, E10, E11, E16
Downgrades in 2026 are E08 (A21, A22), E10 (A27), and E16 (A44). E11 is included only through I05, which is its instrument and was downgraded to BBB+ (A29).

JSON: {"issuers": ["E08", "E10", "E11", "E16"]}

Why: issuers: expected ['E08', 'E10'], got ['E08', 'E10', 'E11', 'E16']

❌ R2 rdf run 4 graded by code

E08, E10 and E16. A21 and A22 (E08), A27 (E10) and A44 (E16) are 2026 downgrades. A29 also downgrades instrument I05, whose issuer is E11, but that is an instrument action.

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

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

❌ R2 rdf run 5 graded by code

E08 (A21 CCC, A22 RD), E10 (A27 BBB+) and E16 (A44 BB+). I05 was also downgraded in 2026 (A29), but it is an instrument, not an issuer.

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

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

✅ R6 rdf+ontology run 1 graded by code

E08 and E10. E08 was downgraded to CCC (A21) and RD (A22); E10 was downgraded to BBB+ (A27). I05 is an instrument, and E16 is a QA record, so both are excluded.

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

✅ R6 rdf+ontology run 2 graded by code

E08 and E10
E08 was downgraded to CCC (A21) and then RD (A22) in 2026, and E10 to BBB+ (A27) on 2026-04-15. E16's 2026 downgrade (A44) is QA data and is ignored.

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

✅ R6 rdf+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). The 2026 downgrade of instrument I05 (A29) is not an issuer downgrade.

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

✅ R6 rdf+ontology run 4 graded by code

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

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

✅ R6 rdf+ontology run 5 graded by code

E08, E10
A21 and A22 downgrade E08 in 2026, and A27 downgrades E10 to BBB+. I05 (A29) is also downgraded in 2026, but it is an instrument, not an issuer.

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

✅ R5 csv+ontology run 1 graded by code

E08 and E10. A21 and A22 downgrade E08 in 2026, and A27 (2026-04-15) downgrades E10 (also E17) to BBB+. E11 is excluded because its 2026 downgrade (A29) is of an instrument, and it has no issuer rating.

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

✅ R5 csv+ontology run 2 graded by code

E08 and E10. A21 and A22 downgraded E08 in 2026, and A27 (2026-04-15) downgraded E10 from A- to BBB+.

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

✅ R5 csv+ontology run 3 graded by code

E08 (A21, A22) and E10 (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. A21 and A22 downgrade E08 in 2026, and A27 downgrades E10 to BBB+. A29 (I05) is an instrument, and A44 (E16) is QA data, so both are excluded.

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

✅ R5 csv+ontology run 5 graded by code

E08 (Saxby Shipping, downgraded to CCC on 2026-01-20 by A21, and to RD on 2026-07-08 by A22) and E10 (Halden Bank AG, downgraded to BBB+ on 2026-04-15 by A27). The instrument downgrade A29 is excluded because it is not an issuer; the E16 action A44 is excluded because E16 is QA data.

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

✅ R4 csv+markdown run 1 graded by code

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

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

✅ R4 csv+markdown run 2 graded by code

E08 and E10. E08 was downgraded to CCC (A21) and then RD (A22) in 2026, and E10 was downgraded to BBB+ (A27). I05 (A29) is an instrument, not an issuer, and E16 (A44) is QA data.

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

✅ R4 csv+markdown run 3 graded by code

E08 (Saxby Shipping, A21 and A22) and E10 (Halden Bank, A27). The 2026 instrument downgrade (A29) is excluded because it concerns I05, not an issuer.

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

✅ R4 csv+markdown run 4 graded by code

E08 (Saxby Shipping, A21 and A22) and E10 (Halden Bank, A27). I05 was downgraded too, but it is an instrument, not an issuer.

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

✅ R4 csv+markdown run 5 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 that is an instrument action, not an issuer.

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

❌ R3 csv+padding run 1 graded by code

E08 (A21, A22), E10 (A27) and E16 (A44). E11 is also named through I05 (A29), but that is an instrument downgrade, not an issuer downgrade.

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

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

❌ R3 csv+padding run 2 graded by code

E08 (DG to CCC in January, then RD in July; A21, A22), E10 (DG to BBB+; A27), and E16 (DG to BB+; A44). I05 (E11's note) was also downgraded (A29), but that is an instrument action, not an issuer rating.

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

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

❌ R3 csv+padding run 3 graded by code

E08, E10, E16. These issuers had downgrade actions in 2026 (A21, A22, A27, A44). The I05 instrument downgrade (A29) is excluded because it is not an issuer.

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

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

❌ R3 csv+padding run 4 graded by code

E08, E10, E16. E08 was downgraded to CCC (A21) and then RD (A22), E10 to BBB+ (A27), and E16 to BB+ (A44). I05 (issuer E11) was also downgraded to BBB+ (A29), but that is an instrument action, so E11 is excluded.

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

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

❌ R3 csv+padding run 5 graded by code

E08, E10 and E16. A21 and A22 downgrade E08, A27 downgrades E10, and A44 downgrades E16 (all 2026). (I05 was also downgraded in 2026, but that is an instrument.)

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

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

✅ R10 executed 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). E07 was withdrawn (WD, A19), which I did not count as a downgrade.

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

✅ R10 executed run 2 graded by code

E08 and E10. E08 was downgraded to CCC (A21) and then RD (A22) in 2026, and E10 was downgraded to BBB+ on 2026-04-15 (A27). E06's 2026 RW and E07's WD are not downgrades.

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

✅ R10 executed run 3 graded by code

Orrin's Halden group peers E08 and E10 were downgraded in 2026: E08 to CCC (A21, 2026-01-20) and then RD (A22, 2026-07-08), and E10 to BBB+ (A27, 2026-04-15). E07's move to WD (A19) is a withdrawal, not a downgrade.

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

✅ R10 executed run 4 graded by code

E08 and E10. E08 went B → CCC (2026-01-20, A21) and then to RD (2026-07-08, A22). E10 went A- → BBB+ (2026-04-15, A27).

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

✅ R10 executed run 5 graded by code

Halden Bank (E10) and Saxby Shipping (E08). E08 was downgraded to CCC (A21) and then RD (A22), and E10 was downgraded to BBB+ (A27). E07's move to WD (A19) is not coded as a downgrade, so I excluded it.

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

✅ R7 csv+neutral run 1 graded by code

Saxby Shipping (E08) and Halden Bank (E10). E08 was downgraded to CCC (A21) and then RD (A22), and E10 was downgraded to BBB+ (A27). The Halden Leasing instrument downgrade (A29) is excluded because the question asks about issuers.

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

✅ R7 csv+neutral 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 2026 downgrade on I05 (A29) is an instrument action, not an issuer one.

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

✅ R7 csv+neutral run 3 graded by code

E08 and E10. Saxby Shipping was downgraded to CCC (A21) and then RD (A22) in 2026, and Halden Bank (E10; E17 is the same LEI) was downgraded to BBB+ on 2026-04-15 (A27). The 2026 downgrade of I05 (A29) is an instrument action, and Halden Leasing (E11) is not itself downgraded.

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

✅ R7 csv+neutral run 4 graded by code

E08, E10
Saxby Shipping was downgraded to CCC (A21) and then RD (A22) in 2026, and Halden Bank was downgraded to BBB+ on 2026-04-15 (A27). The I05 downgrade (A29) is an instrument action, and the E16 downgrade (A44) is QA data, so both are excluded.

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

✅ R7 csv+neutral run 5 graded by code

E08 (Saxby) and E10 (Halden Bank). Both were downgraded in 2026 (A21, A22, A27). E16 is a QA record and is excluded.

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

✅ R8 csv+axioms run 1 graded by code

E08 and E10. Both were downgraded in 2026 (A22 and A27). E16 is also downgraded (A44), but it is a QA test record, so I have excluded it from issuers.

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

✅ R8 csv+axioms run 2 graded by code

E08 and E10. Saxby (E08) was downgraded to CCC (A21) and then to RD (A22), and Halden Bank AG (E10) was downgraded to BBB+ (A27). E16 is a QA test record, so it is excluded.

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

✅ R8 csv+axioms 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). E16 (A44) is excluded because it is a QA test record.

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

✅ R8 csv+axioms 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). E16 was also downgraded (A44), but it is a QA test record, so it is not an issuer.

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

✅ R8 csv+axioms run 5 graded by code

E08, E10
The 2026 downgrades are A21 and A22 (E08) and A27 (E10). A44 (E16) is a QA test record, so it is excluded.

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

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

E08 and E10. Downgrades dated 2026 are A21 and A22 (E08) and A27 (E10). The I05 downgrade (A29) is on an instrument, not an issuer, and A44 is on QA record E16, which is ignored.

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), and E10 was downgraded to BBB+ (A27), all in 2026.

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

✅ R9 csv+axioms+markdown 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 (A29) is an instrument, and E16 (A44) is a QA record.

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

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

E08 and E10. A21 and A22 downgrade E08 in 2026, and A27 downgrades E10 (with E17, the same entity). The 2026 instrument downgrade A29 is excluded because it is not an issuer.

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

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

Saxby Shipping (E08) and Halden Bank (E10). A21 and A22 downgraded E08 in 2026, and A27 downgraded E10 in 2026. The 2026 downgrade of instrument I05 (A29) is excluded because it is an instrument rating, and the 2026 downgrade of E16 (A44) is excluded because E16 is QA.

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