Q9, run 2026-11-06-0935-sonnet-query

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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

❌ D1 sql run 1 graded by code · query session

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 E07's rating was withdrawn, E11 has only a credit opinion (CO), and VD has only a country ceiling.

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ D1 sql run 2 graded by code · query session

13. These are CV, E01, E02 (E03 is the same entity), E05, E06, E08, E09, E10, E12, E13, E14, E15 and E16. E07 was withdrawn (A19), E11 has only a CO record (A46), and VD has only a country ceiling (A12).

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ D1 sql run 3 graded by code · query session

13. These are CV, E01, E02/E03 (one entity), E05, E06, E08, E09, E10, E12, E13, E14, E15 and E16. E07 was withdrawn, and E11 has only a "CO" rating.

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ D1 sql run 4 graded by code · query session

13. These are E01, E02 (E03 is the same entity), E05, E06, E08, E09, E10, E12, E13, E14, E15, E16 and CV. E07's rating is withdrawn, and E11 and VD have no LTIDR.

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ D1 sql run 5 graded by code · query session

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 E07 is withdrawn, E11 has only a "CO" record, and VD has only a country ceiling.

JSON: {"count": 13}

Why: count: expected 12, got 13

✅ D2 sql+markdown run 1 graded by code · query session

12. These are E01, E02/E03, E05, E06, E08, E09, E10/E17, E12, E13, E14, E15 and CV. E07 was withdrawn, E11 has only a credit opinion, VD has only a ceiling, and E16 is QA.

JSON: {"count": 12}

✅ D2 sql+markdown run 2 graded by code · query session

12. These are CV, E01, E02 (with E03), E05, E06, E08, E09, E10 (with E17), E12, E13, E14 and E15. E07 is withdrawn, E11 has only a credit opinion, VD has only a Country Ceiling, and E16 is QA.

JSON: {"count": 12}

✅ D2 sql+markdown run 3 graded by code · query session

12. Counting entities once by LEI, the issuers holding an LTIDR are CV, E01, E02/E03, E05, E06, E08, E09, E10/E17, E12, E13, E14 and E15. E07 was withdrawn, E11 has only a credit opinion, VD has only a ceiling, and E16 is QA.

JSON: {"count": 12}

✅ D2 sql+markdown run 4 graded by code · query session

12. These are E01, E02/E03 (one entity), E05, E06, E08, E09, E10, E12, E13, E14, E15 and CV. E07 was withdrawn, E11 has only a credit opinion, VD has only a ceiling, and E16 is QA.

JSON: {"count": 12}

✅ D2 sql+markdown run 5 graded by code · query session

12. These are E01, E02/E03, E05, E06, E08, E09, E10/E17, E12, E13, E14, E15 and CV. E07 is withdrawn, VD has only a Country Ceiling, and E16 is QA.

JSON: {"count": 12}

❌ D4 sparql run 1 graded by code · query session

13. The issuers are E01, E02 (with E03 as the same entity), E05, E06, E08, E09, E10, E12, E13, E14, E15, E16 and CV. E07 is excluded because its rating was withdrawn (A19).

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ D4 sparql run 2 graded by code · query session

13. The issuers are E01, E02 (counting E03 as the same entity), E05, E06, E08, E09, E10, E12, E13, E14, E15, E16 and CV. E07 is excluded because its rating was withdrawn (A19), and E11 has only a "CO" rating (A46), which I did not treat as an issuer rating.

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ D4 sparql run 3 graded by code · query session

13. These are E01, E02 (with E03), E05, E06, E08, E09, E10, E12, E13, E14, E15, E16 and CV. E07 was withdrawn (A19). VD has only a Country Ceiling, and E11 has only a type-CO rating, which I did not count as an issuer rating.

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ D4 sparql run 4 graded by code · query session

13. These are E01, E02 (E03 is the same entity), E05, E06, E08, E09, E10, E12, E13, E14, E15, E16 and CV. E07 is withdrawn, E11 has only a CO-type rating, and VD has only a ceiling.

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ D4 sparql run 5 graded by code · query session

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

JSON: {"count": 13}

Why: count: expected 12, got 13

✅ D5 sparql+ontology run 1 graded by code · query session

12. These are CV, E01, E02, E05, E06, E08, E09, E10, E12, E13, E14 and E15. E07 is withdrawn, E16 is QA, and VD has only a Country Ceiling.

JSON: {"count": 12}

✅ D5 sparql+ontology run 2 graded by code · query session

12. These are CV, E01, E02 (with E03), E05, E06, E08, E09, E10, E12, E13, E14 and E15. E07's rating was withdrawn, and VD has only a Country Ceiling, not an issuer rating.

JSON: {"count": 12}

✅ D5 sparql+ontology run 3 graded by code · query session

12. These are CV, E01, E02, E05, E06, E08, E09, E10, E12, E13, E14 and E15. E07 is withdrawn, E11 has only a credit opinion, VD has only a ceiling, and E16 is QA.

JSON: {"count": 12}

✅ D5 sparql+ontology run 4 graded by code · query session

12. These are CV, E01, E02 (with E03), E05, E06, E08, E09, E10 (with E17), E12, E13, E14 and E15. E07 is withdrawn, E11 has only a credit opinion, VD has only a ceiling, and E16 is QA.

JSON: {"count": 12}

✅ D5 sparql+ontology run 5 graded by code · query session

12. The issuers with a live issuer rating on 1 Oct 2026 are CV, E01, E02 (with E03), E05, E06, E08, E09, E10 (with E17), E12, E13, E14 and E15. E07's rating was withdrawn, E11 has only a credit opinion, VD has only a ceiling, and E16 is QA.

JSON: {"count": 12}

✅ D3 sql+executed run 1 graded by code · query session

12. These are CV, E01, E02, E05, E06, E08, E09, E10, E12, E13, E14 and E15. E07's rating was withdrawn (A19), and E02 and E03 are one merged entity.

JSON: {"count": 12}

✅ D3 sql+executed run 2 graded by code · query session

12. These are CV, E01, E02, E05, E06, E08, E09, E10, E12, E13, E14 and E15. E07's rating was withdrawn (A19), and VD has no rating.

JSON: {"count": 12}

✅ D3 sql+executed run 3 graded by code · query session

12. Issuer ratings in force and not withdrawn: CV, E01, E02, E05, E06, E08, E09, E10, E12, E13, E14, E15. E07 is withdrawn (A19), and VD has none.

JSON: {"count": 12}

✅ D3 sql+executed run 4 graded by code · query session

12. These are CV, E01, E02, E05, E06, E08, E09, E10, E12, E13, E14 and E15, each with an issuer rating in force. E07 is excluded because its rating was withdrawn (A19). I counted the sovereign CV as an issuer; if sovereigns are excluded, the count is 11.

JSON: {"count": 12}

✅ D3 sql+executed run 5 graded by code · query session

12. Current non-withdrawn issuer ratings are held by CV, E01, E02, E05, E06, E08, E09, E10, E12, E13, E14 and E15. E07's was withdrawn (A19).

JSON: {"count": 12}

❌ D6 sparql+axioms run 1 graded by code · query session

13. These are E01, E02/E03, E05, E06, E08, E09, E10, E12, E13, E14, E15, E16 and CV. VD has only a Country Ceiling, and E07's rating was withdrawn. E16 is included even though A44 lacks the in-force flag; it has no end date and nothing replaces it.

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ D6 sparql+axioms run 2 graded by code · query session

13. These are CV, E01, E02 (the same entity as E03), E05, E06, E08, E09, E10 (the same entity as E17), E12, E13, E14, E15 and E16. A44 for E16 is not flagged as in force, although nothing supersedes it, and I counted it. Without E16 the count is 12.

JSON: {"count": 13}

Why: count: expected 12, got 13

❌ D6 sparql+axioms run 3 graded by code · query session

13. These are E01, E02/E03 (one entity), E05, E06, E08, E09, E10, E12, E13, E14, CV, E15 and E16. A44 for E16 is not in the in-force class, but it has no end date, so I counted it.

JSON: {"count": 13}

Why: count: expected 12, got 13

✅ D6 sparql+axioms run 4 graded by code · query session

12 entities held an issuer rating in force: CV, E01, E02/E03, E05, E06, E08, E09, E10/E17, E12, E13, E14 and E15. E16 is excluded because A44 is not flagged in force, and the count falls to 11 if the sovereign CV is excluded.

JSON: {"count": 12}

❌ D6 sparql+axioms run 5 graded by code · query session

13. They are E01, E02 (same as E03), E05, E06, E08, E09, E10, E12, E13, E14, E15, E16 and CV.

JSON: {"count": 13}

Why: count: expected 12, got 13