Q7, run 2026-11-06-0935-sonnet-query
Which issuers were downgraded in 2026?
Tests: Action types: outlook changes, Watch placements and withdrawals are not downgrades.
Expected: issuers = ['E08', 'E10']
sql run 1
E08 (A21, A22), E10 (A27) and E16 (A44) were downgraded in 2026. E06's action (A17) was a watch, not a downgrade.
JSON: {"issuers": ["E08", "E10", "E16"]}
Why: issuers: expected ['E08', 'E10'], got ['E08', 'E10', 'E16']
sql run 2
E08 (A21, A22), E10 (A27) and E16 (A44).
JSON: {"issuers": ["E08", "E10", "E16"]}
Why: issuers: expected ['E08', 'E10'], got ['E08', 'E10', 'E16']
sql run 3
E08, E10 and E16 were downgraded in 2026 (A21 and A22, A27, A44). E11's I05 downgrade is an instrument rating, not an issuer downgrade.
JSON: {"issuers": ["E08", "E10", "E16"]}
Why: issuers: expected ['E08', 'E10'], got ['E08', 'E10', 'E16']
sql run 4
E08, E10 and E16. The downgrades are A21 and A22 for E08, A27 for E10 and A44 for E16. I05's downgrade (A29) is an instrument action, so E11 is not counted.
JSON: {"issuers": ["E08", "E10", "E16"]}
Why: issuers: expected ['E08', 'E10'], got ['E08', 'E10', 'E16']
sql run 5
E08, E10 and E16. They were downgraded in A21 and A22, A27, and A44 respectively. I05's downgrade (A29) is an instrument action only, driven by guarantor E10.
JSON: {"issuers": ["E08", "E10", "E16"]}
Why: issuers: expected ['E08', 'E10'], got ['E08', 'E10', 'E16']
sql+markdown run 1
E08 and E10. E08 was downgraded by A21 and A22, and E10 by A27. E16 is QA test data and is ignored.
JSON: {"issuers": ["E08", "E10"]}
sql+markdown run 2
E08 and E10. E08 was downgraded by A21 and A22 and E10 by A27. E16's downgrade is QA test data and is ignored.
JSON: {"issuers": ["E08", "E10"]}
sql+markdown run 3
E08 (A21, A22) and E10 (A27). E16's downgrade is QA test data and is ignored. The 2026 downgrade of I05 is an instrument, not an issuer.
JSON: {"issuers": ["E08", "E10"]}
sql+markdown run 4
E08 and E10. E08 has DG actions A21 and A22, and E10 has DG action A27. E16 is QA data and is ignored.
JSON: {"issuers": ["E08", "E10"]}
sql+markdown run 5
E08 and E10. E08 was downgraded by A21 and A22, and E10 by A27. E16 is QA and is ignored.
JSON: {"issuers": ["E08", "E10"]}
sparql run 1
E08, E10 and E16 had issuer-rating downgrades in 2026 (A21, A22, A27, A44). I05, the instrument issued by E11, was also downgraded (A29), but E11 itself has no issuer rating.
JSON: {"issuers": ["E08", "E10", "E16"]}
Why: issuers: expected ['E08', 'E10'], got ['E08', 'E10', 'E16']
sparql run 2
E08, E10 and E16. The downgrades are A21 and A22 for E08, A27 for E10 and A44 for E16. E11's downgrade (A29) was on an instrument, not an issuer rating. E06 was only placed on watch.
JSON: {"issuers": ["E08", "E10", "E16"]}
Why: issuers: expected ['E08', 'E10'], got ['E08', 'E10', 'E16']
sparql run 3
E08, E10 and E16. They were downgraded in A21/A22, A27 and A44 respectively. A17 (E06) is only a watch action, and I05's downgrade (A29) is an instrument rating.
JSON: {"issuers": ["E08", "E10", "E16"]}
Why: issuers: expected ['E08', 'E10'], got ['E08', 'E10', 'E16']
sparql run 4
E08 (A21, A22), E10 (A27) and E16 (A44).
JSON: {"issuers": ["E08", "E10", "E16"]}
Why: issuers: expected ['E08', 'E10'], got ['E08', 'E10', 'E16']
sparql run 5
E08 (A21, A22), E10 (A27) and E16 (A44). I05's 2026 downgrade is an instrument rating, not an issuer downgrade.
JSON: {"issuers": ["E08", "E10", "E16"]}
Why: issuers: expected ['E08', 'E10'], got ['E08', 'E10', 'E16']
sparql+ontology run 1
E08 and E10. Both were downgraded in 2026 (A21 and A22 for E08, A27 for E10). E16's downgrade is a QA record and is ignored.
JSON: {"issuers": ["E08", "E10"]}
sparql+ontology run 2
E08 and E10. E08 was downgraded by A21 and A22, and E10 by A27. E16 is a QA record and is ignored.
JSON: {"issuers": ["E08", "E10"]}
sparql+ontology run 3
E08 and E10. E08 was downgraded in A21 and A22, and E10 in A27. The E16 downgrade is QA test data and is ignored.
JSON: {"issuers": ["E08", "E10"]}
sparql+ontology run 4
E08 and E10. E08 was downgraded by A21 and A22. E10 was downgraded by A27, and E17 is the same entity. E16's downgrade is a QA record, so I ignored it.
JSON: {"issuers": ["E08", "E10"]}
sparql+ontology run 5
E08 (A21, A22) and E10 (A27). E16 is QA data and is ignored.
JSON: {"issuers": ["E08", "E10"]}
sql+executed run 1
E08 and E10. E08 went to CCC (A21) and then RD (A22), and E10 went from A- to BBB+ (A27).
JSON: {"issuers": ["E08", "E10"]}
sql+executed run 2
E08 and E10. E08 was downgraded on 2026-01-20 and 2026-07-08 (A21, A22), and E10 on 2026-04-15 (A27). I count issuer ratings only. The I05 instrument downgrade (A29) is for E11, which has no issuer rating.
JSON: {"issuers": ["E08", "E10"]}
sql+executed run 3
E08 and E10. E08 was downgraded on 2026-01-20 and 2026-07-08 (A21, A22), and E10 on 2026-04-15 (A27). I05, the Halden Leasing note, was also downgraded on 2026-04-15, but that is an instrument rating and E11 has no issuer rating.
JSON: {"issuers": ["E08", "E10"]}
sql+executed run 4
E08 and E10. E08 was downgraded in January and July 2026 (A21, A22) and E10 in April 2026 (A27).
JSON: {"issuers": ["E08", "E10"]}
sql+executed run 5
E08 and E10. E08 was downgraded in 2026 (A21, A22) and E10 on 2026-04-15 (A27). E06's Rating Watch Negative (RWN) is not a downgrade.
JSON: {"issuers": ["E08", "E10"]}
sparql+axioms run 1
E08, E10 and E16. Their issuer ratings were downgraded in 2026 (A21/A22, A27, A44). I did not count the I05 downgrade (A29), because it is an instrument rating.
JSON: {"issuers": ["E08", "E10", "E16"]}
Why: issuers: expected ['E08', 'E10'], got ['E08', 'E10', 'E16']
sparql+axioms run 2
E08 (A21, A22), E10 (A27) and E16 (A44) were downgraded in 2026.
JSON: {"issuers": ["E08", "E10", "E16"]}
Why: issuers: expected ['E08', 'E10'], got ['E08', 'E10', 'E16']
sparql+axioms run 3
E08, E10 and E16. They were downgraded by A21/A22, A27 and A44. The I05 downgrade (A29) is an instrument action.
JSON: {"issuers": ["E08", "E10", "E16"]}
Why: issuers: expected ['E08', 'E10'], got ['E08', 'E10', 'E16']
sparql+axioms run 4
E08, E10 and E16 were downgraded in 2026 (A21, A22, A27, A44). E17 is the same entity as E10.
JSON: {"issuers": ["E08", "E10", "E16"]}
Why: issuers: expected ['E08', 'E10'], got ['E08', 'E10', 'E16']
sparql+axioms run 5
E08 (A21, A22), E10 (A27) and E16 (A44). A29 is also a 2026 downgrade, but it is an instrument rating.
JSON: {"issuers": ["E08", "E10", "E16"]}
Why: issuers: expected ['E08', 'E10'], got ['E08', 'E10', 'E16']