Q19, run 2026-11-04-1738-sonnet

Which issuers had a Negative outlook on 1 October 2026?

Tests: Outlooks: set by affirmations, without a rating change.

Expected: issuers = ['E01', 'E09', 'E1005', 'E1029', 'E1034', 'E1046', 'E1055', 'E1056', 'E1059', 'E1064', 'E1072', 'E1079', 'E1080', 'E1105', 'E1118', 'E1158', 'E1160', 'E1188', 'E1190', 'E1211', 'E1228', 'E1248', 'E1261', 'E1263', 'E1271', 'E1282', 'E1294', 'E1300']

❌ R1 csv run 1 graded by code

35 issuers, listed in the JSON, whose latest outlook on 2026-10-01 was NEG. E1346, E1349 and E1341 are excluded because their NEG downgrades come after that date.

JSON: {"issuers": ["E01", "E09", "E1005", "E1029", "E1034", "E1046", "E1056", "E1064", "E1072", "E1079", "E1080", "E1105", "E1118", "E1158", "E1160", "E1188", "E1190", "E1211", "E1228", "E1248", "E1261", "E1263", "E1271", "E1282", "E1294", "E1300", "E1340", "E1342", "E1343", "E1344", "E1345", "E1347", "E1348", "E1350", "E1351"]}

Why: issuers: expected ['E01', 'E09', 'E1005', 'E1029', 'E1034', 'E1046', 'E1055', 'E1056', 'E1059', 'E1064', 'E1072', 'E1079', 'E1080', 'E1105', 'E1118', 'E1158', 'E1160', 'E1188', 'E1190', 'E1211', 'E1228', 'E1248', 'E1261', 'E1263', 'E1271', 'E1282', 'E1294', 'E1300'], got ['E01', 'E09', 'E1005', 'E1029', 'E1034', 'E1046', 'E1056', 'E1064', 'E1072', 'E1079', 'E1080', 'E1105', 'E1118', 'E1158', 'E1160', 'E1188', 'E1190', 'E1211', 'E1228', 'E1248', 'E1261', 'E1263', 'E1271', 'E1282', 'E1294', 'E1300', 'E1340', 'E1342', 'E1343', 'E1344', 'E1345', 'E1347', 'E1348', 'E1350', 'E1351']

❌ R1 csv run 2 graded by code

36 entities had a Negative outlook, listed in the JSON. I excluded entities whose latest action was a Rating Watch, since no outlook is shown, and actions dated after 2026-10-01 (A1730, A1736). E1158 is included on the date-based reading (A1338).

JSON: {"issuers": ["E01", "E09", "E1158", "E1282", "E1034", "E1228", "E1350", "E1347", "E1029", "E1160", "E1263", "E1118", "E1079", "E1046", "E1056", "E1343", "E1344", "E1345", "E1348", "E1351", "E1340", "E1342", "E1294", "E1271", "E1248", "E1080", "E1064", "E1261", "E1190", "E1005", "E1059", "E1300", "E1072", "E1211", "E1055", "E1105"]}

Why: issuers: expected ['E01', 'E09', 'E1005', 'E1029', 'E1034', 'E1046', 'E1055', 'E1056', 'E1059', 'E1064', 'E1072', 'E1079', 'E1080', 'E1105', 'E1118', 'E1158', 'E1160', 'E1188', 'E1190', 'E1211', 'E1228', 'E1248', 'E1261', 'E1263', 'E1271', 'E1282', 'E1294', 'E1300'], got ['E01', 'E09', 'E1158', 'E1282', 'E1034', 'E1228', 'E1350', 'E1347', 'E1029', 'E1160', 'E1263', 'E1118', 'E1079', 'E1046', 'E1056', 'E1343', 'E1344', 'E1345', 'E1348', 'E1351', 'E1340', 'E1342', 'E1294', 'E1271', 'E1248', 'E1080', 'E1064', 'E1261', 'E1190', 'E1005', 'E1059', 'E1300', 'E1072', 'E1211', 'E1055', 'E1105']

❌ R1 csv run 3 graded by code

37 issuers had a Negative outlook on 2026-10-01 (list in the JSON). E1059 is included on its foreign-currency outlook. E1346 and E1349 are not, because their Negative outlooks start after 1 October (A1730, A1736).

JSON: {"issuers": ["E01", "E09", "E1350", "E1118", "E1055", "E1064", "E1300", "E1079", "E1080", "E1034", "E1056", "E1072", "E1282", "E1347", "E1348", "E1345", "E1344", "E1343", "E1342", "E1340", "E1351", "E1005", "E1228", "E1263", "E1261", "E1160", "E1248", "E1271", "E1211", "E1190", "E1188", "E1046", "E1105", "E1029", "E1294", "E1158", "E1059"]}

Why: issuers: expected ['E01', 'E09', 'E1005', 'E1029', 'E1034', 'E1046', 'E1055', 'E1056', 'E1059', 'E1064', 'E1072', 'E1079', 'E1080', 'E1105', 'E1118', 'E1158', 'E1160', 'E1188', 'E1190', 'E1211', 'E1228', 'E1248', 'E1261', 'E1263', 'E1271', 'E1282', 'E1294', 'E1300'], got ['E01', 'E09', 'E1350', 'E1118', 'E1055', 'E1064', 'E1300', 'E1079', 'E1080', 'E1034', 'E1056', 'E1072', 'E1282', 'E1347', 'E1348', 'E1345', 'E1344', 'E1343', 'E1342', 'E1340', 'E1351', 'E1005', 'E1228', 'E1263', 'E1261', 'E1160', 'E1248', 'E1271', 'E1211', 'E1190', 'E1188', 'E1046', 'E1105', 'E1029', 'E1294', 'E1158', 'E1059']

❌ R1 csv run 4 graded by code

35 issuers have a Negative outlook as of 2026-10-01 (list in the JSON). E1346 (A1730) and E1349 (A1736) are excluded because their NEG downgrades fall after 1 October. E1059's negative outlook is on its foreign-currency rating, while its local-currency rating is on watch.

JSON: {"issuers": ["E01", "E09", "E1158", "E1118", "E1079", "E1228", "E1347", "E1350", "E1351", "E1343", "E1344", "E1342", "E1348", "E1340", "E1345", "E1300", "E1263", "E1056", "E1034", "E1080", "E1072", "E1046", "E1064", "E1029", "E1160", "E1190", "E1211", "E1261", "E1294", "E1005", "E1105", "E1055", "E1248", "E1271", "E1059"]}

Why: issuers: expected ['E01', 'E09', 'E1005', 'E1029', 'E1034', 'E1046', 'E1055', 'E1056', 'E1059', 'E1064', 'E1072', 'E1079', 'E1080', 'E1105', 'E1118', 'E1158', 'E1160', 'E1188', 'E1190', 'E1211', 'E1228', 'E1248', 'E1261', 'E1263', 'E1271', 'E1282', 'E1294', 'E1300'], got ['E01', 'E09', 'E1158', 'E1118', 'E1079', 'E1228', 'E1347', 'E1350', 'E1351', 'E1343', 'E1344', 'E1342', 'E1348', 'E1340', 'E1345', 'E1300', 'E1263', 'E1056', 'E1034', 'E1080', 'E1072', 'E1046', 'E1064', 'E1029', 'E1160', 'E1190', 'E1211', 'E1261', 'E1294', 'E1005', 'E1105', 'E1055', 'E1248', 'E1271', 'E1059']

❌ R1 csv run 5 graded by code

Negative outlook on 1 October 2026: E01, E09 and 30 others, listed in the JSON. Each entity's latest outlook on or before that date was NEG. E1346 and E1349 are excluded because their NEG actions came after 1 October.

JSON: {"issuers": ["E01", "E09", "E1158", "E1348", "E1347", "E1350", "E1344", "E1343", "E1342", "E1340", "E1345", "E1351", "E1294", "E1263", "E1080", "E1300", "E1160", "E1228", "E1056", "E1118", "E1029", "E1046", "E1190", "E1079", "E1072", "E1034", "E1064", "E1055", "E1211", "E1271", "E1261", "E1005"]}

Why: issuers: expected ['E01', 'E09', 'E1005', 'E1029', 'E1034', 'E1046', 'E1055', 'E1056', 'E1059', 'E1064', 'E1072', 'E1079', 'E1080', 'E1105', 'E1118', 'E1158', 'E1160', 'E1188', 'E1190', 'E1211', 'E1228', 'E1248', 'E1261', 'E1263', 'E1271', 'E1282', 'E1294', 'E1300'], got ['E01', 'E09', 'E1158', 'E1348', 'E1347', 'E1350', 'E1344', 'E1343', 'E1342', 'E1340', 'E1345', 'E1351', 'E1294', 'E1263', 'E1080', 'E1300', 'E1160', 'E1228', 'E1056', 'E1118', 'E1029', 'E1046', 'E1190', 'E1079', 'E1072', 'E1034', 'E1064', 'E1055', 'E1211', 'E1271', 'E1261', 'E1005']

❌ R4 csv+markdown run 1 graded by code

28 issuers, listed in the JSON. An outlook carries through a later Watch action that leaves the outlook blank (E1132, E1146).

JSON: {"issuers": ["E01", "E09", "E1158", "E1118", "E1056", "E1034", "E1046", "E1029", "E1064", "E1072", "E1160", "E1228", "E1248", "E1263", "E1261", "E1271", "E1294", "E1300", "E1079", "E1105", "E1190", "E1211", "E1282", "E1005", "E1080", "E1059", "E1146", "E1132"]}

Why: issuers: expected ['E01', 'E09', 'E1005', 'E1029', 'E1034', 'E1046', 'E1055', 'E1056', 'E1059', 'E1064', 'E1072', 'E1079', 'E1080', 'E1105', 'E1118', 'E1158', 'E1160', 'E1188', 'E1190', 'E1211', 'E1228', 'E1248', 'E1261', 'E1263', 'E1271', 'E1282', 'E1294', 'E1300'], got ['E01', 'E09', 'E1158', 'E1118', 'E1056', 'E1034', 'E1046', 'E1029', 'E1064', 'E1072', 'E1160', 'E1228', 'E1248', 'E1263', 'E1261', 'E1271', 'E1294', 'E1300', 'E1079', 'E1105', 'E1190', 'E1211', 'E1282', 'E1005', 'E1080', 'E1059', 'E1146', 'E1132']

✅ R4 csv+markdown run 2 graded by code

28 issuers had a NEG outlook, meaning their latest action carried NEG. The IDs are in the JSON. I excluded issuers whose latest action was an RW, since that action carries no outlook.

JSON: {"issuers": ["E01", "E09", "E1158", "E1034", "E1080", "E1064", "E1228", "E1263", "E1294", "E1300", "E1271", "E1160", "E1118", "E1079", "E1190", "E1046", "E1056", "E1029", "E1248", "E1261", "E1105", "E1005", "E1072", "E1211", "E1282", "E1188", "E1055", "E1059"]}

❌ R4 csv+markdown run 3 graded by code

26 issuers. This takes the latest outlook, carrying it forward through a watch action that has a blank outlook (E1146, E1132). The IDs are in the JSON.

JSON: {"issuers": ["E01", "E09", "E1158", "E1118", "E1056", "E1146", "E1034", "E1079", "E1190", "E1046", "E1029", "E1080", "E1228", "E1263", "E1294", "E1300", "E1160", "E1271", "E1261", "E1211", "E1248", "E1132", "E1059", "E1064", "E1005", "E1105"]}

Why: issuers: expected ['E01', 'E09', 'E1005', 'E1029', 'E1034', 'E1046', 'E1055', 'E1056', 'E1059', 'E1064', 'E1072', 'E1079', 'E1080', 'E1105', 'E1118', 'E1158', 'E1160', 'E1188', 'E1190', 'E1211', 'E1228', 'E1248', 'E1261', 'E1263', 'E1271', 'E1282', 'E1294', 'E1300'], got ['E01', 'E09', 'E1158', 'E1118', 'E1056', 'E1146', 'E1034', 'E1079', 'E1190', 'E1046', 'E1029', 'E1080', 'E1228', 'E1263', 'E1294', 'E1300', 'E1160', 'E1271', 'E1261', 'E1211', 'E1248', 'E1132', 'E1059', 'E1064', 'E1005', 'E1105']

❌ R4 csv+markdown run 4 graded by code

21 issuers had a Negative outlook on their latest action. Issuers whose latest action is a Watch placement have no outlook on that row, so they are excluded.

JSON: {"issuers": ["E01", "E09", "E1158", "E1118", "E1228", "E1034", "E1046", "E1056", "E1029", "E1059", "E1079", "E1160", "E1261", "E1263", "E1271", "E1248", "E1282", "E1294", "E1300", "E1080", "E1190"]}

Why: issuers: expected ['E01', 'E09', 'E1005', 'E1029', 'E1034', 'E1046', 'E1055', 'E1056', 'E1059', 'E1064', 'E1072', 'E1079', 'E1080', 'E1105', 'E1118', 'E1158', 'E1160', 'E1188', 'E1190', 'E1211', 'E1228', 'E1248', 'E1261', 'E1263', 'E1271', 'E1282', 'E1294', 'E1300'], got ['E01', 'E09', 'E1158', 'E1118', 'E1228', 'E1034', 'E1046', 'E1056', 'E1029', 'E1059', 'E1079', 'E1160', 'E1261', 'E1263', 'E1271', 'E1248', 'E1282', 'E1294', 'E1300', 'E1080', 'E1190']

❌ R4 csv+markdown run 5 graded by code

23 issuers had a Negative outlook on 2026-10-01 (see the JSON list). E1059 is included because its FC series (A1129) is NEG.

JSON: {"issuers": ["E01", "E09", "E1158", "E1118", "E1056", "E1079", "E1034", "E1046", "E1029", "E1064", "E1261", "E1263", "E1271", "E1282", "E1294", "E1228", "E1248", "E1160", "E1080", "E1005", "E1211", "E1300", "E1059"]}

Why: issuers: expected ['E01', 'E09', 'E1005', 'E1029', 'E1034', 'E1046', 'E1055', 'E1056', 'E1059', 'E1064', 'E1072', 'E1079', 'E1080', 'E1105', 'E1118', 'E1158', 'E1160', 'E1188', 'E1190', 'E1211', 'E1228', 'E1248', 'E1261', 'E1263', 'E1271', 'E1282', 'E1294', 'E1300'], got ['E01', 'E09', 'E1158', 'E1118', 'E1056', 'E1079', 'E1034', 'E1046', 'E1029', 'E1064', 'E1261', 'E1263', 'E1271', 'E1282', 'E1294', 'E1228', 'E1248', 'E1160', 'E1080', 'E1005', 'E1211', 'E1300', 'E1059']

❌ R10 executed run 1 graded by code

27 issuers had a Negative outlook on 1 Oct 2026 (listed in the JSON), based on open rows with outlook NEG.

JSON: {"issuers": ["E01", "E09", "E1005", "E1029", "E1034", "E1046", "E1055", "E1056", "E1059", "E1064", "E1072", "E1079", "E1080", "E1105", "E1118", "E1158", "E1160", "E1190", "E1211", "E1228", "E1248", "E1261", "E1263", "E1271", "E1282", "E1294", "E1300"]}

Why: issuers: expected ['E01', 'E09', 'E1005', 'E1029', 'E1034', 'E1046', 'E1055', 'E1056', 'E1059', 'E1064', 'E1072', 'E1079', 'E1080', 'E1105', 'E1118', 'E1158', 'E1160', 'E1188', 'E1190', 'E1211', 'E1228', 'E1248', 'E1261', 'E1263', 'E1271', 'E1282', 'E1294', 'E1300'], got ['E01', 'E09', 'E1005', 'E1029', 'E1034', 'E1046', 'E1055', 'E1056', 'E1059', 'E1064', 'E1072', 'E1079', 'E1080', 'E1105', 'E1118', 'E1158', 'E1160', 'E1190', 'E1211', 'E1228', 'E1248', 'E1261', 'E1263', 'E1271', 'E1282', 'E1294', 'E1300']

✅ R10 executed run 2 graded by code

28 issuers had an open NEG outlook on 1 Oct 2026. The list is in the JSON.

JSON: {"issuers": ["E01", "E09", "E1005", "E1029", "E1034", "E1046", "E1055", "E1056", "E1059", "E1064", "E1072", "E1079", "E1080", "E1105", "E1118", "E1158", "E1160", "E1188", "E1190", "E1211", "E1228", "E1248", "E1261", "E1263", "E1271", "E1282", "E1294", "E1300"]}

❌ R10 executed run 3 graded by code

26 entities had a Negative outlook; they are listed in the JSON.

JSON: {"issuers": ["E01", "E09", "E1005", "E1029", "E1034", "E1046", "E1055", "E1059", "E1064", "E1072", "E1079", "E1080", "E1105", "E1118", "E1158", "E1160", "E1190", "E1211", "E1228", "E1248", "E1261", "E1263", "E1271", "E1282", "E1294", "E1300"]}

Why: issuers: expected ['E01', 'E09', 'E1005', 'E1029', 'E1034', 'E1046', 'E1055', 'E1056', 'E1059', 'E1064', 'E1072', 'E1079', 'E1080', 'E1105', 'E1118', 'E1158', 'E1160', 'E1188', 'E1190', 'E1211', 'E1228', 'E1248', 'E1261', 'E1263', 'E1271', 'E1282', 'E1294', 'E1300'], got ['E01', 'E09', 'E1005', 'E1029', 'E1034', 'E1046', 'E1055', 'E1059', 'E1064', 'E1072', 'E1079', 'E1080', 'E1105', 'E1118', 'E1158', 'E1160', 'E1190', 'E1211', 'E1228', 'E1248', 'E1261', 'E1263', 'E1271', 'E1282', 'E1294', 'E1300']

❌ R10 executed run 4 graded by code

26 issuers had an open Negative outlook on that date (listed in the JSON). Examples are E01 (A03) and E09 (A25).

JSON: {"issuers": ["E01", "E09", "E1005", "E1029", "E1034", "E1046", "E1056", "E1059", "E1064", "E1072", "E1079", "E1080", "E1105", "E1118", "E1158", "E1160", "E1190", "E1211", "E1228", "E1248", "E1261", "E1263", "E1271", "E1282", "E1294", "E1300"]}

Why: issuers: expected ['E01', 'E09', 'E1005', 'E1029', 'E1034', 'E1046', 'E1055', 'E1056', 'E1059', 'E1064', 'E1072', 'E1079', 'E1080', 'E1105', 'E1118', 'E1158', 'E1160', 'E1188', 'E1190', 'E1211', 'E1228', 'E1248', 'E1261', 'E1263', 'E1271', 'E1282', 'E1294', 'E1300'], got ['E01', 'E09', 'E1005', 'E1029', 'E1034', 'E1046', 'E1056', 'E1059', 'E1064', 'E1072', 'E1079', 'E1080', 'E1105', 'E1118', 'E1158', 'E1160', 'E1190', 'E1211', 'E1228', 'E1248', 'E1261', 'E1263', 'E1271', 'E1282', 'E1294', 'E1300']

❌ R10 executed run 5 graded by code

25 issuers (listed in the JSON) have a current row with a Negative outlook.

JSON: {"issuers": ["E01", "E09", "E1005", "E1029", "E1034", "E1046", "E1059", "E1064", "E1072", "E1079", "E1080", "E1105", "E1118", "E1158", "E1160", "E1190", "E1211", "E1228", "E1248", "E1261", "E1263", "E1271", "E1282", "E1294", "E1300"]}

Why: issuers: expected ['E01', 'E09', 'E1005', 'E1029', 'E1034', 'E1046', 'E1055', 'E1056', 'E1059', 'E1064', 'E1072', 'E1079', 'E1080', 'E1105', 'E1118', 'E1158', 'E1160', 'E1188', 'E1190', 'E1211', 'E1228', 'E1248', 'E1261', 'E1263', 'E1271', 'E1282', 'E1294', 'E1300'], got ['E01', 'E09', 'E1005', 'E1029', 'E1034', 'E1046', 'E1059', 'E1064', 'E1072', 'E1079', 'E1080', 'E1105', 'E1118', 'E1158', 'E1160', 'E1190', 'E1211', 'E1228', 'E1248', 'E1261', 'E1263', 'E1271', 'E1282', 'E1294', 'E1300']