Q7, run 2026-11-04-1738-sonnet

Which issuers were downgraded in 2026?

Tests: Action types: outlook changes, Watch placements and withdrawals are not downgrades.

Expected: issuers = ['E08', 'E10', 'E1034', 'E1051', 'E1053', 'E1057', 'E1058', 'E1064', 'E1080', 'E1093', 'E1112', 'E1144', 'E1151', 'E1159', 'E1160', 'E1163', 'E1167', 'E1169', 'E1186', 'E1213', 'E1228', 'E1229', 'E1243', 'E1255', 'E1263', 'E1285', 'E1290', 'E1294', 'E1298', 'E1300', 'E1307']

❌ R1 csv run 1 graded by code

43 issuers had a downgrade (DG) dated in 2026 up to today, listed in the JSON. I merged duplicate records onto the primary ID, counted issuer-level actions only, and left out E1341's DG, which is dated 2026-11-09, after today.

JSON: {"issuers": ["E08", "E10", "E16", "E1034", "E1051", "E1053", "E1057", "E1058", "E1064", "E1080", "E1093", "E1112", "E1144", "E1151", "E1159", "E1163", "E1167", "E1169", "E1160", "E1186", "E1213", "E1228", "E1229", "E1243", "E1255", "E1263", "E1285", "E1290", "E1294", "E1298", "E1300", "E1307", "E1340", "E1342", "E1343", "E1344", "E1345", "E1346", "E1347", "E1348", "E1349", "E1350", "E1351"]}

Why: issuers: expected ['E08', 'E10', 'E1034', 'E1051', 'E1053', 'E1057', 'E1058', 'E1064', 'E1080', 'E1093', 'E1112', 'E1144', 'E1151', 'E1159', 'E1160', 'E1163', 'E1167', 'E1169', 'E1186', 'E1213', 'E1228', 'E1229', 'E1243', 'E1255', 'E1263', 'E1285', 'E1290', 'E1294', 'E1298', 'E1300', 'E1307'], got ['E08', 'E10', 'E16', 'E1034', 'E1051', 'E1053', 'E1057', 'E1058', 'E1064', 'E1080', 'E1093', 'E1112', 'E1144', 'E1151', 'E1159', 'E1163', 'E1167', 'E1169', 'E1160', 'E1186', 'E1213', 'E1228', 'E1229', 'E1243', 'E1255', 'E1263', 'E1285', 'E1290', 'E1294', 'E1298', 'E1300', 'E1307', 'E1340', 'E1342', 'E1343', 'E1344', 'E1345', 'E1346', 'E1347', 'E1348', 'E1349', 'E1350', 'E1351']

❌ R1 csv run 2 graded by code

43 entities were downgraded in 2026, listed in the JSON, e.g. E10 (A27), E16 (A44) and E08 (A21, A22). I counted DG actions dated 2026-01-01 to 2026-11-04 and excluded A1720 (E1341), which is dated 2026-11-09, after today.

JSON: {"issuers": ["E10", "E16", "E1064", "E1058", "E1163", "E1213", "E1034", "E1228", "E1346", "E1350", "E1307", "E1347", "E1169", "E1160", "E1186", "E1112", "E1298", "E1167", "E1159", "E1151", "E1263", "E1300", "E1343", "E1344", "E1345", "E1348", "E1349", "E1351", "E1340", "E1342", "E1294", "E1285", "E1290", "E1080", "E1051", "E1093", "E1057", "E1053", "E1144", "E1243", "E1255", "E08", "E1229"]}

Why: issuers: expected ['E08', 'E10', 'E1034', 'E1051', 'E1053', 'E1057', 'E1058', 'E1064', 'E1080', 'E1093', 'E1112', 'E1144', 'E1151', 'E1159', 'E1160', 'E1163', 'E1167', 'E1169', 'E1186', 'E1213', 'E1228', 'E1229', 'E1243', 'E1255', 'E1263', 'E1285', 'E1290', 'E1294', 'E1298', 'E1300', 'E1307'], got ['E10', 'E16', 'E1064', 'E1058', 'E1163', 'E1213', 'E1034', 'E1228', 'E1346', 'E1350', 'E1307', 'E1347', 'E1169', 'E1160', 'E1186', 'E1112', 'E1298', 'E1167', 'E1159', 'E1151', 'E1263', 'E1300', 'E1343', 'E1344', 'E1345', 'E1348', 'E1349', 'E1351', 'E1340', 'E1342', 'E1294', 'E1285', 'E1290', 'E1080', 'E1051', 'E1093', 'E1057', 'E1053', 'E1144', 'E1243', 'E1255', 'E08', 'E1229']

❌ R1 csv run 3 graded by code

43 issuers had a DG action dated in 2026 (list in the JSON). I counted DG actions up to today (2026-11-04), so E1349 (A1736) and E1346 (A1730) are in, and E1341 (A1720, dated 2026-11-09) is out. Duplicates are mapped to their canonical record, e.g. E1299 to E1298.

JSON: {"issuers": ["E08", "E10", "E16", "E1034", "E1051", "E1053", "E1057", "E1058", "E1064", "E1080", "E1093", "E1112", "E1144", "E1151", "E1159", "E1160", "E1163", "E1167", "E1169", "E1186", "E1213", "E1228", "E1229", "E1243", "E1255", "E1263", "E1285", "E1290", "E1294", "E1298", "E1300", "E1307", "E1340", "E1342", "E1343", "E1344", "E1345", "E1346", "E1347", "E1348", "E1349", "E1350", "E1351"]}

Why: issuers: expected ['E08', 'E10', 'E1034', 'E1051', 'E1053', 'E1057', 'E1058', 'E1064', 'E1080', 'E1093', 'E1112', 'E1144', 'E1151', 'E1159', 'E1160', 'E1163', 'E1167', 'E1169', 'E1186', 'E1213', 'E1228', 'E1229', 'E1243', 'E1255', 'E1263', 'E1285', 'E1290', 'E1294', 'E1298', 'E1300', 'E1307'], got ['E08', 'E10', 'E16', 'E1034', 'E1051', 'E1053', 'E1057', 'E1058', 'E1064', 'E1080', 'E1093', 'E1112', 'E1144', 'E1151', 'E1159', 'E1160', 'E1163', 'E1167', 'E1169', 'E1186', 'E1213', 'E1228', 'E1229', 'E1243', 'E1255', 'E1263', 'E1285', 'E1290', 'E1294', 'E1298', 'E1300', 'E1307', 'E1340', 'E1342', 'E1343', 'E1344', 'E1345', 'E1346', 'E1347', 'E1348', 'E1349', 'E1350', 'E1351']

❌ R1 csv run 4 graded by code

43 issuers had a downgrade (DG) dated in 2026 (list in the JSON). E1341's DG (A1720, 2026-11-09) is future-dated relative to today, so I excluded it.

JSON: {"issuers": ["E08", "E10", "E16", "E1064", "E1163", "E1058", "E1213", "E1228", "E1347", "E1350", "E1346", "E1307", "E1034", "E1186", "E1159", "E1169", "E1167", "E1160", "E1112", "E1093", "E1080", "E1051", "E1057", "E1151", "E1144", "E1285", "E1263", "E1255", "E1294", "E1298", "E1300", "E1340", "E1343", "E1344", "E1342", "E1345", "E1348", "E1349", "E1351", "E1290", "E1229", "E1243", "E1053"]}

Why: issuers: expected ['E08', 'E10', 'E1034', 'E1051', 'E1053', 'E1057', 'E1058', 'E1064', 'E1080', 'E1093', 'E1112', 'E1144', 'E1151', 'E1159', 'E1160', 'E1163', 'E1167', 'E1169', 'E1186', 'E1213', 'E1228', 'E1229', 'E1243', 'E1255', 'E1263', 'E1285', 'E1290', 'E1294', 'E1298', 'E1300', 'E1307'], got ['E08', 'E10', 'E16', 'E1064', 'E1163', 'E1058', 'E1213', 'E1228', 'E1347', 'E1350', 'E1346', 'E1307', 'E1034', 'E1186', 'E1159', 'E1169', 'E1167', 'E1160', 'E1112', 'E1093', 'E1080', 'E1051', 'E1057', 'E1151', 'E1144', 'E1285', 'E1263', 'E1255', 'E1294', 'E1298', 'E1300', 'E1340', 'E1343', 'E1344', 'E1342', 'E1345', 'E1348', 'E1349', 'E1351', 'E1290', 'E1229', 'E1243', 'E1053']

❌ R1 csv run 5 graded by code

Downgraded in 2026 (DG actions dated in 2026, up to today): E08, E10, E16 and 38 others, listed in the JSON. E1341's DG (A1720, 2026-11-09) is dated in the future and is excluded. Duplicate RESEARCH records are mapped to their RATINGS record, for example E1170 to E1169.

JSON: {"issuers": ["E08", "E10", "E16", "E1064", "E1058", "E1213", "E1163", "E1228", "E1347", "E1350", "E1346", "E1307", "E1112", "E1169", "E1159", "E1285", "E1349", "E1343", "E1344", "E1348", "E1342", "E1340", "E1345", "E1351", "E1294", "E1263", "E1255", "E1243", "E1167", "E1160", "E1144", "E1080", "E1093", "E1057", "E1053", "E1051", "E1298", "E1290", "E1300", "E1186", "E1229"]}

Why: issuers: expected ['E08', 'E10', 'E1034', 'E1051', 'E1053', 'E1057', 'E1058', 'E1064', 'E1080', 'E1093', 'E1112', 'E1144', 'E1151', 'E1159', 'E1160', 'E1163', 'E1167', 'E1169', 'E1186', 'E1213', 'E1228', 'E1229', 'E1243', 'E1255', 'E1263', 'E1285', 'E1290', 'E1294', 'E1298', 'E1300', 'E1307'], got ['E08', 'E10', 'E16', 'E1064', 'E1058', 'E1213', 'E1163', 'E1228', 'E1347', 'E1350', 'E1346', 'E1307', 'E1112', 'E1169', 'E1159', 'E1285', 'E1349', 'E1343', 'E1344', 'E1348', 'E1342', 'E1340', 'E1345', 'E1351', 'E1294', 'E1263', 'E1255', 'E1243', 'E1167', 'E1160', 'E1144', 'E1080', 'E1093', 'E1057', 'E1053', 'E1051', 'E1298', 'E1290', 'E1300', 'E1186', 'E1229']

✅ R4 csv+markdown run 1 graded by code

31 issuers had a DG on an issuer rating in 2026, listed in the JSON. QA records are excluded, and RESEARCH duplicates are mapped to their RATINGS record (E1170→E1169, E1161→E1160, E1299→E1298).

JSON: {"issuers": ["E08", "E10", "E1064", "E1163", "E1058", "E1213", "E1228", "E1307", "E1186", "E1034", "E1112", "E1159", "E1169", "E1160", "E1167", "E1263", "E1285", "E1300", "E1298", "E1080", "E1051", "E1093", "E1294", "E1290", "E1255", "E1243", "E1144", "E1057", "E1053", "E1229", "E1151"]}

✅ R4 csv+markdown run 2 graded by code

31 entities had a DG action dated in 2026. They are listed in the JSON. Research-system records are mapped to their RATINGS record, so E1170 appears as E1169, E1161 as E1160 and E1299 as E1298. QA records and instrument downgrades are excluded.

JSON: {"issuers": ["E08", "E10", "E1064", "E1163", "E1058", "E1213", "E1228", "E1307", "E1169", "E1160", "E1159", "E1167", "E1186", "E1080", "E1093", "E1051", "E1053", "E1057", "E1034", "E1112", "E1263", "E1285", "E1290", "E1294", "E1298", "E1300", "E1151", "E1144", "E1243", "E1255", "E1229"]}

✅ R4 csv+markdown run 3 graded by code

31 issuers had a downgrade (DG) in 2026. Duplicate research records are mapped to the RATINGS record and QA records are excluded. The IDs are in the JSON.

JSON: {"issuers": ["E08", "E10", "E1064", "E1058", "E1163", "E1213", "E1186", "E1228", "E1169", "E1307", "E1160", "E1298", "E1263", "E1167", "E1151", "E1080", "E1051", "E1053", "E1057", "E1112", "E1144", "E1243", "E1255", "E1093", "E1285", "E1290", "E1294", "E1300", "E1034", "E1159", "E1229"]}

✅ R4 csv+markdown run 4 graded by code

31 issuers had an LTIDR downgrade in 2026. Records E1170, E1161 and E1299 are RESEARCH duplicates, so they are reported under E1169, E1160 and E1298. QA records are ignored. E10 is included because A27 downgraded its LTIDR.

JSON: {"issuers": ["E08", "E10", "E1064", "E1163", "E1058", "E1213", "E1186", "E1034", "E1228", "E1159", "E1112", "E1169", "E1160", "E1167", "E1298", "E1285", "E1294", "E1300", "E1263", "E1080", "E1051", "E1053", "E1057", "E1093", "E1144", "E1255", "E1290", "E1307", "E1243", "E1151", "E1229"]}

❌ R4 csv+markdown run 5 graded by code

30 issuers had an LTIDR downgrade (DG) dated in 2026. QA records are excluded, duplicate-LEI records are mapped to the RATINGS ID, and instrument downgrades are not counted (see the JSON list).

JSON: {"issuers": ["E08", "E10", "E1064", "E1163", "E1058", "E1213", "E1228", "E1307", "E1186", "E1034", "E1169", "E1159", "E1112", "E1167", "E1160", "E1298", "E1285", "E1263", "E1300", "E1294", "E1080", "E1051", "E1053", "E1057", "E1144", "E1255", "E1093", "E1243", "E1290", "E1229"]}

Why: issuers: expected ['E08', 'E10', 'E1034', 'E1051', 'E1053', 'E1057', 'E1058', 'E1064', 'E1080', 'E1093', 'E1112', 'E1144', 'E1151', 'E1159', 'E1160', 'E1163', 'E1167', 'E1169', 'E1186', 'E1213', 'E1228', 'E1229', 'E1243', 'E1255', 'E1263', 'E1285', 'E1290', 'E1294', 'E1298', 'E1300', 'E1307'], got ['E08', 'E10', 'E1064', 'E1163', 'E1058', 'E1213', 'E1228', 'E1307', 'E1186', 'E1034', 'E1169', 'E1159', 'E1112', 'E1167', 'E1160', 'E1298', 'E1285', 'E1263', 'E1300', 'E1294', 'E1080', 'E1051', 'E1053', 'E1057', 'E1144', 'E1255', 'E1093', 'E1243', 'E1290', 'E1229']

✅ R10 executed run 1 graded by code

31 issuers had a downgrade in 2026 (listed in the JSON). Some downgrades are labelled AF (E1064 on 2026-02-02, E1290 on 2026-01-01), so I used the actual rating drop rather than the action label.

JSON: {"issuers": ["E08", "E10", "E1034", "E1051", "E1053", "E1057", "E1058", "E1064", "E1080", "E1093", "E1112", "E1144", "E1151", "E1159", "E1160", "E1163", "E1167", "E1169", "E1186", "E1213", "E1228", "E1229", "E1243", "E1255", "E1263", "E1285", "E1290", "E1294", "E1298", "E1300", "E1307"]}

✅ R10 executed run 2 graded by code

31 issuers had a net downgrade in 2026. I judged this from the actual rating-level change rather than the action label, because several labels are inconsistent (for example, E1229's 2026-06-02 "DG" was actually an upgrade). The list is in the JSON.

✅ R10 executed run 3 graded by code

I judged "downgraded" by an actual fall in rating level, not by the action code. Several rows are mislabelled: E1064's A- to BBB+ move on 2026-02-02 is coded AF, and E1290 and E1307 have similar cases. The list covers issuer ratings only, so I05's 2026 downgrade, which is an instrument rating, is not included. The list is in the JSON.

✅ R10 executed run 4 graded by code

31 issuers had a downgrade (DG) action starting in 2026; the IDs are in the JSON block. I counted E1051, E1064, E1229 and E1290 because they have a 2026 DG row or a lower rating in 2026, even where the labels look inconsistent. I did not add E11, whose I05 note was downgraded because its guarantor E10 was.

✅ R10 executed run 5 graded by code

31 issuers had a rating-level downgrade in 2026 (listed in the JSON). I judged this from the rating moving down, not from the action label. E1064's A- to BBB+ is labelled AF, and E1051's, E1229's and E1144's later "DG" rows follow upgrades. I excluded E11, because I05 was downgraded but E11 itself has no rating.