Q16, run 2026-11-04-1738-sonnet

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Has Marlow Utilities' rating changed since 1 January 2025?

Tests: Watch versus rating: a Watch placement and an affirmation leave the rating where it was.

Expected: changed = no

✅ R1 csv run 1 graded by code

No. E14 was BBB+ on 2025-01-01 and is BBB+ now (A33).

JSON: {"changed": "no"}

✅ R1 csv run 2 graded by code

No. It was BBB+ on 2025-01-01, after A36, and it is still BBB+ (A35 and A33 are watch and affirmation only).

JSON: {"changed": "no"}

✅ R1 csv run 3 graded by code

No. E14 was BBB+ on 2025-01-01 and BBB+ now; the RWN (A35) was resolved by the affirmation on 2026-05-01 (A33).

JSON: {"changed": "no"}

✅ R1 csv run 4 graded by code

No. It was BBB+ on 2025-01-01 and is still BBB+ after A35 (RWN) and A33 (affirmed).

JSON: {"changed": "no"}

✅ R1 csv run 5 graded by code

No. It was BBB+ on 2025-01-01 and is BBB+ now (A33, 2026-05-01). The 2025-11 RWN (A35) was not a rating change.

JSON: {"changed": "no"}

✅ R4 csv+markdown run 1 graded by code

No. E14 was BBB+ on 2025-01-01 and is still BBB+ after A35 (Watch) and A33 (affirmation).

JSON: {"changed": "no"}

✅ R4 csv+markdown run 2 graded by code

No. E14 was BBB+ on 2025-01-01 and is still BBB+; A35 is only a watch and A33 an affirmation.

JSON: {"changed": "no"}

✅ R4 csv+markdown run 3 graded by code

No. E14 was BBB+ on 2025-01-01 and is BBB+ now (A33).

JSON: {"changed": "no"}

✅ R4 csv+markdown run 4 graded by code

No. E14 was BBB+ on 2025-01-01 and is BBB+ now (A33).

JSON: {"changed": "no"}

✅ R4 csv+markdown run 5 graded by code

No. E14 was BBB+ on 2025-01-01 and is BBB+ now; the RW and AF actions left the rating unchanged.

JSON: {"changed": "no"}

✅ R10 executed run 1 graded by code

No. E14 was BBB+ on 1 Jan 2025 and is BBB+ now (A33). Only the watch status and outlook moved in between.

JSON: {"changed": "no"}

✅ R10 executed run 2 graded by code

No. E14 was BBB+ on 1 Jan 2025 and is BBB+ now. It spent time on watch (A35) and was then affirmed (A33).

JSON: {"changed": "no"}

✅ R10 executed run 3 graded by code

No. E14 was BBB+ on 2025-01-01 and is BBB+ now (A33), with only a watch period in between (A35).

JSON: {"changed": "no"}

✅ R10 executed run 4 graded by code

No. E14 was BBB+ on 2025-01-01 and is BBB+ now; the watch period (A35) did not change the rating.

JSON: {"changed": "no"}

✅ R10 executed run 5 graded by code

No. E14 was BBB+ on 2025-01-01 and is BBB+ now (A33). Only the watch status changed in between (A35).

JSON: {"changed": "no"}