Q7, run 2026-11-05-2135-haiku

← back to the run

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

Issuers downgraded in 2026 (DG actions dated 2026):
E08, E10, E16, E1034, E1051, E1053, E1057, E1058, E1064, E1080, E1093, E1112, E1144, E1151, E1159, E1161, E1163, E1167, E1170, E1186, E1213, E1228, E1229, E1243, E1255, E1263, E1285, E1290, E1294, E1299, E1300, E1307, E1340, E1342, E1343, E1344, E1345, E1346, E1347, E1349, E1350, E1351. E1341 is excluded because its DG (A1720) is dated 2026-11-09, after today.

JSON: {"issuers": ["E08", "E10", "E16", "E1034", "E1051", "E1053", "E1057", "E1058", "E1064", "E1080", "E1093", "E1112", "E1144", "E1151", "E1159", "E1161", "E1163", "E1167", "E1170", "E1186", "E1213", "E1228", "E1229", "E1243", "E1255", "E1263", "E1285", "E1290", "E1294", "E1299", "E1300", "E1307", "E1340", "E1342", "E1343", "E1344", "E1345", "E1346", "E1347", "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', 'E1161', 'E1163', 'E1167', 'E1170', 'E1186', 'E1213', 'E1228', 'E1229', 'E1243', 'E1255', 'E1263', 'E1285', 'E1290', 'E1294', 'E1299', 'E1300', 'E1307', 'E1340', 'E1342', 'E1343', 'E1344', 'E1345', 'E1346', 'E1347', 'E1349', 'E1350', 'E1351']

❌ R1 csv run 2 graded by code

42 issuers had a downgrade action in 2026 (E08, E10, E16, E1034, E1051, E1053, E1057, E1058, E1064, E1080, E1093, E1144, E1151, E1159, E1161, E1163, E1167, E1170, E1186, E1213, E1228, E1229, E1243, E1255, E1263, E1285, E1290, E1294, E1299, E1300, E1307, E1340, E1342, E1343, E1344, E1345, E1346, E1347, E1348, E1349, E1350, E1351). This is based on DG action codes; I excluded E1341 (A1720, dated 2026-11-09). Some records have inconsistent rating sequences.

JSON: {"issuers": ["E08", "E10", "E16", "E1034", "E1051", "E1053", "E1057", "E1058", "E1064", "E1080", "E1093", "E1144", "E1151", "E1159", "E1161", "E1163", "E1167", "E1170", "E1186", "E1213", "E1228", "E1229", "E1243", "E1255", "E1263", "E1285", "E1290", "E1294", "E1299", "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', 'E1144', 'E1151', 'E1159', 'E1161', 'E1163', 'E1167', 'E1170', 'E1186', 'E1213', 'E1228', 'E1229', 'E1243', 'E1255', 'E1263', 'E1285', 'E1290', 'E1294', 'E1299', 'E1300', 'E1307', 'E1340', 'E1342', 'E1343', 'E1344', 'E1345', 'E1346', 'E1347', 'E1348', 'E1349', 'E1350', 'E1351']

❌ R1 csv run 3 graded by code

E08, E10, E16, E1034, E1051, E1053, E1057, E1058, E1064, E1080, E1093, E1112, E1144, E1159, E1161, E1163, E1167, E1170, E1186, E1213, E1228, E1229, E1243, E1255, E1263, E1285, E1290, E1294, E1299, E1300, E1307, E1340, E1342–E1351 (excluding E1341, whose downgrade is dated 2026-11-09, after today). This is a manual scan of DG actions in 2026, so it may miss a few. E1229 and E1290 have out-of-order dates.

JSON: {"issuers": ["E08", "E10", "E16", "E1034", "E1051", "E1053", "E1057", "E1058", "E1064", "E1080", "E1093", "E1112", "E1144", "E1159", "E1161", "E1163", "E1167", "E1170", "E1186", "E1213", "E1228", "E1229", "E1243", "E1255", "E1263", "E1285", "E1290", "E1294", "E1299", "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', 'E1159', 'E1161', 'E1163', 'E1167', 'E1170', 'E1186', 'E1213', 'E1228', 'E1229', 'E1243', 'E1255', 'E1263', 'E1285', 'E1290', 'E1294', 'E1299', 'E1300', 'E1307', 'E1340', 'E1342', 'E1343', 'E1344', 'E1345', 'E1346', 'E1347', 'E1348', 'E1349', 'E1350', 'E1351']

❌ R1 csv run 4 graded by code

Issuers with a DG action dated 2026 up to today (excluding E1341, whose DG is dated 2026-11-09): E08, E10, E16, E1034, E1051, E1053, E1057, E1058, E1064, E1080, E1093, E1112, E1144, E1151, E1159, E1161, E1163, E1167, E1170, E1186, E1213, E1228, E1229, E1243, E1255, E1263, E1285, E1290, E1294, E1299, E1300, E1307, E1340, E1342, E1343, E1344, E1345, E1346, E1347, E1348, E1349, E1350, E1351. This list is from scanning the file by hand and may have omissions.

JSON: {"issuers": ["E08", "E10", "E16", "E1034", "E1051", "E1053", "E1057", "E1058", "E1064", "E1080", "E1093", "E1112", "E1144", "E1151", "E1159", "E1161", "E1163", "E1167", "E1170", "E1186", "E1213", "E1228", "E1229", "E1243", "E1255", "E1263", "E1285", "E1290", "E1294", "E1299", "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', 'E1161', 'E1163', 'E1167', 'E1170', 'E1186', 'E1213', 'E1228', 'E1229', 'E1243', 'E1255', 'E1263', 'E1285', 'E1290', 'E1294', 'E1299', 'E1300', 'E1307', 'E1340', 'E1342', 'E1343', 'E1344', 'E1345', 'E1346', 'E1347', 'E1348', 'E1349', 'E1350', 'E1351']

❌ R1 csv run 5 graded by code

43 issuers had a downgrade (DG) dated 2026 through 5 Nov: E08, E10, E16, E1034, E1051, E1053, E1057, E1058, E1064, E1080, E1093, E1112, E1144, E1151, E1159, E1161, E1163, E1167, E1170, E1186, E1213, E1228, E1229, E1243, E1255, E1263, E1285, E1290, E1294, E1299, E1300, E1307, E1340, E1342, E1343, E1344, E1345, E1346, E1347, E1348, E1349, E1350, E1351. E1341 is excluded because its DG (A1720) is dated 2026-11-09, after today.

JSON: {"issuers": ["E08", "E10", "E16", "E1034", "E1051", "E1053", "E1057", "E1058", "E1064", "E1080", "E1093", "E1112", "E1144", "E1151", "E1159", "E1161", "E1163", "E1167", "E1170", "E1186", "E1213", "E1228", "E1229", "E1243", "E1255", "E1263", "E1285", "E1290", "E1294", "E1299", "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', 'E1161', 'E1163', 'E1167', 'E1170', 'E1186', 'E1213', 'E1228', 'E1229', 'E1243', 'E1255', 'E1263', 'E1285', 'E1290', 'E1294', 'E1299', 'E1300', 'E1307', 'E1340', 'E1342', 'E1343', 'E1344', 'E1345', 'E1346', 'E1347', 'E1348', 'E1349', 'E1350', 'E1351']

❌ R2 rdf run 1 graded by code

40 issuers had a 2026 rating change down. Examples: E1034 (A-→BBB+, A1070), E1051 (AA-→A+, A1102), E1064 (A-→BBB+, A1141/A1140). E1341 (A1720, 2026-11-09) is dated after today, so I excluded it.

JSON: {"issuers": ["E1034", "E1051", "E1053", "E1057", "E1058", "E1064", "E1080", "E1093", "E1112", "E1144", "E1151", "E1159", "E1161", "E1163", "E1167", "E1170", "E1186", "E1213", "E1228", "E1229", "E1243", "E1255", "E1263", "E1285", "E1290", "E1294", "E1299", "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 ['E1034', 'E1051', 'E1053', 'E1057', 'E1058', 'E1064', 'E1080', 'E1093', 'E1112', 'E1144', 'E1151', 'E1159', 'E1161', 'E1163', 'E1167', 'E1170', 'E1186', 'E1213', 'E1228', 'E1229', 'E1243', 'E1255', 'E1263', 'E1285', 'E1290', 'E1294', 'E1299', 'E1300', 'E1307', 'E1340', 'E1342', 'E1343', 'E1344', 'E1345', 'E1346', 'E1347', 'E1348', 'E1349', 'E1350', 'E1351']

❌ R2 rdf run 2 graded by code

E08, E10, E16, E1034, E1051, E1053, E1057, E1058, E1064, E1080, E1093, E1112, E1144, E1151, E1159, E1161, E1163, E1167, E1170, E1186, E1213, E1228, E1229, E1243, E1255, E1263, E1285, E1290, E1294, E1299, E1300, E1307, E1340, E1342, E1343, E1344, E1345, E1346, E1347, E1348, E1349, E1350, E1351. These are DG actions dated in 2026. E1341 (A1720) is dated 2026-11-09, after today's date, so I have excluded it.

JSON: {"issuers": ["E08", "E10", "E16", "E1034", "E1051", "E1053", "E1057", "E1058", "E1064", "E1080", "E1093", "E1112", "E1144", "E1151", "E1159", "E1161", "E1163", "E1167", "E1170", "E1186", "E1213", "E1228", "E1229", "E1243", "E1255", "E1263", "E1285", "E1290", "E1294", "E1299", "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', 'E1161', 'E1163', 'E1167', 'E1170', 'E1186', 'E1213', 'E1228', 'E1229', 'E1243', 'E1255', 'E1263', 'E1285', 'E1290', 'E1294', 'E1299', 'E1300', 'E1307', 'E1340', 'E1342', 'E1343', 'E1344', 'E1345', 'E1346', 'E1347', 'E1348', 'E1349', 'E1350', 'E1351']

❌ R2 rdf run 3 graded by code

Entities downgraded in 2026 (DG actions dated 2026): E08, E10, E16, E1034, E1051, E1053, E1057, E1058, E1064, E1080, E1093, E1144, E1151, E1159, E1161, E1163, E1167, E1170, E1186, E1213, E1228, E1229, E1243, E1255, E1263, E1285, E1290, E1294, E1299, E1300, E1307, E1340, E1342–E1351. This list is from a manual pass and may be incomplete. E1341 is excluded because its only 2026 downgrade (A1720) is dated 9 Nov 2026, after today's date.

JSON: {"issuers": ["E08", "E10", "E16", "E1034", "E1051", "E1053", "E1057", "E1058", "E1064", "E1080", "E1093", "E1144", "E1151", "E1159", "E1161", "E1163", "E1167", "E1170", "E1186", "E1213", "E1228", "E1229", "E1243", "E1255", "E1263", "E1285", "E1290", "E1294", "E1299", "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', 'E1144', 'E1151', 'E1159', 'E1161', 'E1163', 'E1167', 'E1170', 'E1186', 'E1213', 'E1228', 'E1229', 'E1243', 'E1255', 'E1263', 'E1285', 'E1290', 'E1294', 'E1299', 'E1300', 'E1307', 'E1340', 'E1342', 'E1343', 'E1344', 'E1345', 'E1346', 'E1347', 'E1348', 'E1349', 'E1350', 'E1351']

❌ R2 rdf run 4 graded by code

Issuers with a downgrade (DG) dated in 2026 up to 5 Nov 2026: E08, E10, E16, E1034, E1051, E1053, E1057, E1058, E1064, E1080, E1093, E1112, E1144, E1151, E1159, E1161, E1163, E1167, E1170, E1186, E1213, E1228, E1229, E1243, E1255, E1263, E1285, E1290, E1294, E1299, E1300, E1307, E1340, E1342–E1351. E1341 (DG, 2026-11-09, A1720) is dated after today and is excluded. This list came from a manual scan and may not be exhaustive.

JSON: {"issuers": ["E08", "E10", "E16", "E1034", "E1051", "E1053", "E1057", "E1058", "E1064", "E1080", "E1093", "E1112", "E1144", "E1151", "E1159", "E1161", "E1163", "E1167", "E1170", "E1186", "E1213", "E1228", "E1229", "E1243", "E1255", "E1263", "E1285", "E1290", "E1294", "E1299", "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', 'E1161', 'E1163', 'E1167', 'E1170', 'E1186', 'E1213', 'E1228', 'E1229', 'E1243', 'E1255', 'E1263', 'E1285', 'E1290', 'E1294', 'E1299', 'E1300', 'E1307', 'E1340', 'E1342', 'E1343', 'E1344', 'E1345', 'E1346', 'E1347', 'E1348', 'E1349', 'E1350', 'E1351']

❌ R2 rdf run 5 graded by code

Downgrade actions (DG) dated in 2026 cover 43 issuers, including E08 (to CCC, then RD). E1341 is excluded because its DG (A1720) is dated 2026-11-09, which is in the future.

JSON: {"issuers": ["E08", "E10", "E16", "E1034", "E1051", "E1053", "E1057", "E1058", "E1064", "E1080", "E1093", "E1112", "E1144", "E1151", "E1159", "E1161", "E1163", "E1167", "E1170", "E1186", "E1213", "E1228", "E1229", "E1243", "E1255", "E1263", "E1285", "E1290", "E1294", "E1299", "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', 'E1161', 'E1163', 'E1167', 'E1170', 'E1186', 'E1213', 'E1228', 'E1229', 'E1243', 'E1255', 'E1263', 'E1285', 'E1290', 'E1294', 'E1299', 'E1300', 'E1307', 'E1340', 'E1342', 'E1343', 'E1344', 'E1345', 'E1346', 'E1347', 'E1348', 'E1349', 'E1350', 'E1351']

✅ R6 rdf+ontology run 1 graded by code

31 issuers (listed in JSON). These are DG actions dated 2026 on issuer-rating records, excluding QA records and instrument-level actions.

JSON: {"issuers": ["E08", "E10", "E1034", "E1051", "E1053", "E1057", "E1058", "E1064", "E1080", "E1093", "E1144", "E1151", "E1112", "E1159", "E1161", "E1163", "E1167", "E1170", "E1186", "E1213", "E1228", "E1229", "E1243", "E1255", "E1263", "E1285", "E1290", "E1294", "E1299", "E1300", "E1307"]}

❌ R6 rdf+ontology run 2 graded by code

E08, E10, E16, E1034, E1051, E1053, E1057, E1058, E1064, E1080, E1093, E1144, E1151, E1159, E1160, E1163, E1167, E1169, E1186, E1213, E1228, E1229, E1243, E1255, E1263, E1285, E1290, E1294, E1298, E1300, E1307. Each has a DG action dated 2026. Records E1340–E1351 are QA and were excluded.

JSON: {"issuers": ["E08", "E10", "E16", "E1034", "E1051", "E1053", "E1057", "E1058", "E1064", "E1080", "E1093", "E1144", "E1151", "E1159", "E1160", "E1163", "E1167", "E1169", "E1186", "E1213", "E1228", "E1229", "E1243", "E1255", "E1263", "E1285", "E1290", "E1294", "E1298", "E1300", "E1307"]}

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', 'E1144', 'E1151', 'E1159', 'E1160', 'E1163', 'E1167', 'E1169', 'E1186', 'E1213', 'E1228', 'E1229', 'E1243', 'E1255', 'E1263', 'E1285', 'E1290', 'E1294', 'E1298', 'E1300', 'E1307']

❌ R6 rdf+ontology run 3 graded by code

Twenty-nine issuers were downgraded in 2026 (DG actions dated 2026). Two DG-labelled actions run against the rating movement (E1051 A1104; E1229 A1481), so the list relies on the action codes. The list is by hand and may not be exhaustive.

JSON: {"issuers": ["E08", "E10", "E1034", "E1051", "E1053", "E1057", "E1058", "E1064", "E1080", "E1093", "E1144", "E1151", "E1159", "E1161", "E1163", "E1167", "E1170", "E1186", "E1213", "E1228", "E1229", "E1243", "E1255", "E1263", "E1285", "E1290", "E1294", "E1300", "E1307"]}

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', 'E1034', 'E1051', 'E1053', 'E1057', 'E1058', 'E1064', 'E1080', 'E1093', 'E1144', 'E1151', 'E1159', 'E1161', 'E1163', 'E1167', 'E1170', 'E1186', 'E1213', 'E1228', 'E1229', 'E1243', 'E1255', 'E1263', 'E1285', 'E1290', 'E1294', 'E1300', 'E1307']

❌ R6 rdf+ontology run 4 graded by code

Downgraded in 2026 (DG actions dated 2026, excluding the QA entities E1340–E1351, which the ontology says to ignore): E1034, E1051, E1053, E1057, E1058, E1064, E1080, E1093, E1144, E1151, E1161, E1163, E1167, E1170, E1186, E1213, E1228, E1229, E1243, E1255, E1263, E1285, E1290, E1294, E1299, E1300, E1307. Caveat: E1229's DG records do not form a consistent sequence (A1482 and A1481 both labelled DG but the rating rises).

JSON: {"issuers": ["E1034", "E1051", "E1053", "E1057", "E1058", "E1064", "E1080", "E1093", "E1144", "E1151", "E1161", "E1163", "E1167", "E1170", "E1186", "E1213", "E1228", "E1229", "E1243", "E1255", "E1263", "E1285", "E1290", "E1294", "E1299", "E1300", "E1307"]}

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 ['E1034', 'E1051', 'E1053', 'E1057', 'E1058', 'E1064', 'E1080', 'E1093', 'E1144', 'E1151', 'E1161', 'E1163', 'E1167', 'E1170', 'E1186', 'E1213', 'E1228', 'E1229', 'E1243', 'E1255', 'E1263', 'E1285', 'E1290', 'E1294', 'E1299', 'E1300', 'E1307']

✅ R6 rdf+ontology run 5 graded by code

31 issuers: E08, E10, E1034, E1051, E1053, E1057, E1058, E1064, E1080, E1093, E1112, E1144, E1151, E1159, E1161, E1163, E1167, E1170, E1186, E1213, E1228, E1229, E1243, E1255, E1263, E1285, E1290, E1294, E1299, E1300, E1307 (≈)
These are the non-QA entities with a 2026-dated DG on the LTIDR scale; I05 (an instrument of E11) is excluded.

JSON: {"issuers": ["E08", "E10", "E1034", "E1051", "E1053", "E1057", "E1058", "E1064", "E1080", "E1093", "E1112", "E1144", "E1151", "E1159", "E1161", "E1163", "E1167", "E1170", "E1186", "E1213", "E1228", "E1229", "E1243", "E1255", "E1263", "E1285", "E1290", "E1294", "E1299", "E1300", "E1307"]}

❌ R5 csv+ontology run 1 graded by code

E08, E10, E1034, E1051, E1053, E1057, E1058, E1064, E1080, E1093, E1112, E1144, E1151, E1159, E1161, E1163, E1167, E1170, E1186, E1213, E1228, E1229, E1243, E1255, E1263, E1290, E1294, E1299, E1300, E1307. These are the entities with a 2026-dated DG action. QA records (E1340–E1351) and CO/EX actions were excluded.

JSON: {"issuers": ["E08", "E10", "E1034", "E1051", "E1053", "E1057", "E1058", "E1064", "E1080", "E1093", "E1112", "E1144", "E1151", "E1159", "E1161", "E1163", "E1167", "E1170", "E1186", "E1213", "E1228", "E1229", "E1243", "E1255", "E1263", "E1290", "E1294", "E1299", "E1300", "E1307"]}

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', 'E1034', 'E1051', 'E1053', 'E1057', 'E1058', 'E1064', 'E1080', 'E1093', 'E1112', 'E1144', 'E1151', 'E1159', 'E1161', 'E1163', 'E1167', 'E1170', 'E1186', 'E1213', 'E1228', 'E1229', 'E1243', 'E1255', 'E1263', 'E1290', 'E1294', 'E1299', 'E1300', 'E1307']

✅ R5 csv+ontology run 2 graded by code

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. These are DG actions dated 2026 on LTIDR records, excluding QA records and the instrument downgrade A29.

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"]}

✅ R5 csv+ontology run 3 graded by code

(no answer found)

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"]}

✅ R5 csv+ontology run 4 graded by code

E08, E10, 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, E1034. These are issuer LTIDR downgrades (DG) dated 2026, excluding QA records and instrument-level actions. E1229 and E1051 have DG actions whose rating values rose or stayed flat (for example A1481 BB→BB+). I counted them by action code, which the ontology defines as the test.

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"]}

✅ R5 csv+ontology run 5 graded by code

31 issuers, all with a 2026 DG action on a non-QA issuer record (listed in JSON). I excluded the instrument downgrade A29 and the QA records.

JSON: {"issuers": ["E08", "E10", "E1034", "E1051", "E1053", "E1057", "E1058", "E1064", "E1080", "E1093", "E1112", "E1144", "E1151", "E1159", "E1161", "E1163", "E1167", "E1170", "E1186", "E1213", "E1228", "E1229", "E1243", "E1255", "E1263", "E1285", "E1290", "E1294", "E1299", "E1300", "E1307"]}

✅ R4 csv+markdown run 1 graded by code

31 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. Each has at least one 2026 DG on LTIDR, excluding QA records and the instrument-level DG A29. Research duplicates are mapped to their RATINGS record ID (e.g., E1170 → E1169). This is a hand trace.

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"]}

✅ R4 csv+markdown run 2 graded by code

31 issuers by DG action code (listed in JSON). Four DG actions did not lower the rating: E1064 (A1140) and E1294 (A1627) stayed level, E1051's second DG (A1104) stayed level, and E1229's second DG (A1481) raised BB to BB+. Withdrawals and Rating Watches are not counted.

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"]}

✅ R4 csv+markdown run 3 graded by code

31 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. The 2026 Halden Leasing (E11) downgrade is an instrument action (I05), not an issuer rating, so it is excluded.

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"]}

✅ R4 csv+markdown run 4 graded by code

E08, E10, E1034, E1051, E1053, E1057, E1058, E1063… (see JSON for the full list of 31). These are the non-QA issuers with an LTIDR downgrade (DG) dated in 2026.

JSON: {"issuers": ["E08", "E10", "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"]}

✅ R4 csv+markdown run 5 graded by code

Thirty-one issuers, by my reading of the 2026 DG actions on non-QA entity records: 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. Caveat: E1229 has a 2 Jun 2026 "DG" (A1481) to BB+ after a BB rating, so its direction is inconsistent in the data. This list was assembled by hand scanning the action file, so it should be verified by script.

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"]}

❌ R3 csv+padding run 1 graded by code

44 issuers (listed in the JSON). I excluded actions dated after today (A1720 on 2026-11-09 and others). E11 is included because its instrument I05 was downgraded (A29).

JSON: {"issuers": ["E08", "E10", "E11", "E16", "E1034", "E1051", "E1053", "E1057", "E1058", "E1064", "E1080", "E1093", "E1112", "E1144", "E1151", "E1159", "E1161", "E1163", "E1167", "E1170", "E1186", "E1213", "E1228", "E1229", "E1243", "E1255", "E1263", "E1285", "E1290", "E1294", "E1299", "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', 'E11', 'E16', 'E1034', 'E1051', 'E1053', 'E1057', 'E1058', 'E1064', 'E1080', 'E1093', 'E1112', 'E1144', 'E1151', 'E1159', 'E1161', 'E1163', 'E1167', 'E1170', 'E1186', 'E1213', 'E1228', 'E1229', 'E1243', 'E1255', 'E1263', 'E1285', 'E1290', 'E1294', 'E1299', 'E1300', 'E1307', 'E1340', 'E1342', 'E1343', 'E1344', 'E1345', 'E1346', 'E1347', 'E1348', 'E1349', 'E1350', 'E1351']

❌ R3 csv+padding run 2 graded by code

43 issuers had a DG action dated 2026. E1341 is excluded because its DG (A1720) is dated 2026-11-09, after today. E1299 is a duplicate record of E1298 (same LEI).

JSON: {"issuers": ["E08", "E10", "E16", "E1034", "E1051", "E1053", "E1057", "E1058", "E1064", "E1080", "E1093", "E1112", "E1144", "E1151", "E1159", "E1161", "E1163", "E1167", "E1170", "E1186", "E1213", "E1228", "E1229", "E1243", "E1255", "E1263", "E1285", "E1290", "E1294", "E1299", "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', 'E1161', 'E1163', 'E1167', 'E1170', 'E1186', 'E1213', 'E1228', 'E1229', 'E1243', 'E1255', 'E1263', 'E1285', 'E1290', 'E1294', 'E1299', 'E1300', 'E1307', 'E1340', 'E1342', 'E1343', 'E1344', 'E1345', 'E1346', 'E1347', 'E1348', 'E1349', 'E1350', 'E1351']

❌ R3 csv+padding run 3 graded by code

E08, E10, E16, E1034, E1051, E1053, E1057, E1058, E1080, E1093, E1112, E1144, E1151, E1159, E1161, E1163, E1167, E1170, E1186, E1213, E1228, E1229, E1243, E1255, E1263, E1285, E1290, E1294, E1299, E1300, E1307, E1340, E1342, E1343, E1344, E1345, E1346, E1347, E1348, E1349, E1350, E1351. Each has a 2026 DG action (e.g., A21, A27, A44, A1070). E1341 is excluded because its DG (A1720) is dated 2026-11-09.

JSON: {"issuers": ["E08", "E10", "E16", "E1034", "E1051", "E1053", "E1057", "E1058", "E1080", "E1093", "E1112", "E1144", "E1151", "E1159", "E1161", "E1163", "E1167", "E1170", "E1186", "E1213", "E1228", "E1229", "E1243", "E1255", "E1263", "E1285", "E1290", "E1294", "E1299", "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', 'E1080', 'E1093', 'E1112', 'E1144', 'E1151', 'E1159', 'E1161', 'E1163', 'E1167', 'E1170', 'E1186', 'E1213', 'E1228', 'E1229', 'E1243', 'E1255', 'E1263', 'E1285', 'E1290', 'E1294', 'E1299', 'E1300', 'E1307', 'E1340', 'E1342', 'E1343', 'E1344', 'E1345', 'E1346', 'E1347', 'E1348', 'E1349', 'E1350', 'E1351']

❌ R3 csv+padding run 4 graded by code

43 entities. These are the issuers with a DG action dated 2026 up to 5 Nov, from a manual pass: E08, E10, E16, E1034, E1051, E1053, E1057, E1058, E1064, E1080, E1093, E1112, E1144, E1151, E1159, E1161, E1163, E1167, E1170, E1186, E1213, E1228, E1229, E1243, E1255, E1263, E1285, E1290, E1294, E1299, E1300, E1307, E1340, E1342, E1343, E1344, E1345, E1346, E1347, E1348, E1349, E1350, E1351. E1341 has a DG dated 2026-11-09 (A1720), which is future-dated and excluded.

JSON: {"issuers": ["E08", "E10", "E16", "E1034", "E1051", "E1053", "E1057", "E1058", "E1064", "E1080", "E1093", "E1112", "E1144", "E1151", "E1159", "E1161", "E1163", "E1167", "E1170", "E1186", "E1213", "E1228", "E1229", "E1243", "E1255", "E1263", "E1285", "E1290", "E1294", "E1299", "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', 'E1161', 'E1163', 'E1167', 'E1170', 'E1186', 'E1213', 'E1228', 'E1229', 'E1243', 'E1255', 'E1263', 'E1285', 'E1290', 'E1294', 'E1299', 'E1300', 'E1307', 'E1340', 'E1342', 'E1343', 'E1344', 'E1345', 'E1346', 'E1347', 'E1348', 'E1349', 'E1350', 'E1351']

❌ R3 csv+padding run 5 graded by code

43 issuers: E08, E10, E16, E1034, E1051, E1053, E1057, E1058, E1064, E1080, E1093, E1112, E1144, E1151, E1159, E1161, E1163, E1167, E1170, E1186, E1213, E1228, E1229, E1243, E1255, E1263, E1285, E1290, E1294, E1299, E1300, E1307, E1340, E1342–E1351 (excluding E1341, whose downgrade is dated after today). This is from a hand scan of 2026-dated DG actions, so it may not be exhaustive. Instrument I05 was also downgraded in 2026 but is excluded.

JSON: {"issuers": ["E08", "E10", "E16", "E1034", "E1051", "E1053", "E1057", "E1058", "E1064", "E1080", "E1093", "E1112", "E1144", "E1151", "E1159", "E1161", "E1163", "E1167", "E1170", "E1186", "E1213", "E1228", "E1229", "E1243", "E1255", "E1263", "E1285", "E1290", "E1294", "E1299", "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', 'E1161', 'E1163', 'E1167', 'E1170', 'E1186', 'E1213', 'E1228', 'E1229', 'E1243', 'E1255', 'E1263', 'E1285', 'E1290', 'E1294', 'E1299', 'E1300', 'E1307', 'E1340', 'E1342', 'E1343', 'E1344', 'E1345', 'E1346', 'E1347', 'E1348', 'E1349', 'E1350', 'E1351']

❌ R10 executed run 1 graded by code

E07, E08, E10, E1007, E1032, E1034, E1051, E1053, E1057, E1058, E1064, E1080, E1093, E1112, E1144, E1151, E1155, E1158, E1159, E1160, E1163, E1167, E1169, E1172, E1186, E1213, E1218, E1219, E1228, E1229, E1234, E1243, E1255, E1263, E1285, E1290, E1294, E1298, E1300, E1303, E1307. Each has a 2026 rating step down (DG, WD or RD). Some of these were partly offset by later upgrades, so this list is a best scan rather than a checked-twice set.

JSON: {"issuers": ["E07", "E08", "E10", "E1007", "E1032", "E1034", "E1051", "E1053", "E1057", "E1058", "E1064", "E1080", "E1093", "E1112", "E1144", "E1151", "E1155", "E1158", "E1159", "E1160", "E1163", "E1167", "E1169", "E1172", "E1186", "E1213", "E1218", "E1219", "E1228", "E1229", "E1234", "E1243", "E1255", "E1263", "E1285", "E1290", "E1294", "E1298", "E1300", "E1303", "E1307"]}

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 ['E07', 'E08', 'E10', 'E1007', 'E1032', 'E1034', 'E1051', 'E1053', 'E1057', 'E1058', 'E1064', 'E1080', 'E1093', 'E1112', 'E1144', 'E1151', 'E1155', 'E1158', 'E1159', 'E1160', 'E1163', 'E1167', 'E1169', 'E1172', 'E1186', 'E1213', 'E1218', 'E1219', 'E1228', 'E1229', 'E1234', 'E1243', 'E1255', 'E1263', 'E1285', 'E1290', 'E1294', 'E1298', 'E1300', 'E1303', 'E1307']

✅ R10 executed run 2 graded by code

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. I judged these by the rating level falling between consecutive FC LTIDR records, because several DG/UG action codes don't match the actual change (e.g., E1064's 2026-02-02 A- to BBB+ is labelled AF).

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 3 graded by code

31 issuers had a rating-level drop in 2026, listed in the JSON. Some rows carry action codes that conflict with the rating move (e.g., E1064 is labelled AF but fell from A- to BBB+), so I counted by rating level. WD (withdrawal) and RW/outlook-only changes were not counted.

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 4 graded by code

31 issuers had a rating lower than the prior one during 2026 (for example E08, E10, E1034, E1051). E1064's 2026-02-02 move from A- to BBB+ is labelled AF, but I counted it because the symbol fell.

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 5 graded by code

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. These are rating-level drops in 2026 (e.g. E08 B→CCC, E1051 AA-→A+). Two of them carry non-DG action labels (E1064 AF, E1290 AF), so the list relies on the rating values rather than the action field.

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"]}

✅ R7 csv+neutral run 1 graded by code

Thirty-one issuers were downgraded in 2026 (listed in the JSON). I found these by scanning the DG actions dated 2026, mapping duplicate records to their canonical IDs and excluding QA records. This was a manual scan, so treat it as a best reading.

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"]}

✅ R7 csv+neutral run 2 graded by code

31 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. Each has a 2026 DG action, excluding QA records and instrument-level actions. This came from a manual scan and may not be exhaustive.

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"]}

❌ R7 csv+neutral run 3 graded by code

30 issuers, listed in the JSON. Each has a 2026-dated DG action; for example E08 (A21, A22), E10 (A27) and E1051 (A102, A104).

JSON: {"issuers": ["E08", "E10", "E1034", "E1051", "E1053", "E1057", "E1058", "E1064", "E1080", "E1093", "E1112", "E1151", "E1159", "E1160", "E1163", "E1167", "E1169", "E1186", "E1213", "E1228", "E1229", "E1243", "E1255", "E1263", "E1285", "E1290", "E1294", "E1299", "E1300", "E1307"]}

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', 'E1034', 'E1051', 'E1053', 'E1057', 'E1058', 'E1064', 'E1080', 'E1093', 'E1112', 'E1151', 'E1159', 'E1160', 'E1163', 'E1167', 'E1169', 'E1186', 'E1213', 'E1228', 'E1229', 'E1243', 'E1255', 'E1263', 'E1285', 'E1290', 'E1294', 'E1299', 'E1300', 'E1307']

✅ R7 csv+neutral run 4 graded by code

31 issuers, all with a DG action dated 2026 (canonical RATINGS record IDs): 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. Some DG labels are inconsistent with the rating moving (e.g. E1229 A1481 "DG" to BB+ from BB, E1051 A1104 "DG" at A+ unchanged). I counted them as the ontology defines DG (the action code).

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"]}

✅ R7 csv+neutral run 5 graded by code

31 issuers were downgraded in 2026, per DG actions dated 2026. Records are listed in the JSON. E1169 is named by its RATINGS record; its actions sit on its RESEARCH duplicate E1170. E1064's 2026 DG (A1140) conflicts with its neighbouring actions (A1141 AF at BBB+, A1142 UG to A-), so treat it as doubtful.

JSON: {"issuers": ["E08", "E10", "E1034", "E1051", "E1053", "E1057", "E1058", "E1064", "E1080", "E1093", "E1112", "E1144", "E1151", "E1159", "E1161", "E1163", "E1167", "E1169", "E1186", "E1213", "E1228", "E1229", "E1243", "E1255", "E1263", "E1285", "E1290", "E1294", "E1298", "E1300", "E1307"]}

✅ R8 csv+axioms run 1 graded by code

31 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. These are 2026 DG actions on RATINGS-side entities; QA test records (E16, E1340–E1351) are not issuers, and RESEARCH duplicates are mapped to their RATINGS IDs.

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"]}

✅ R8 csv+axioms run 2 graded by code

E08, E10, E1034, E1051, E1053, E1057, E1058, E1064, E1080, E1093, E1112, E1144, E1151, E1159, E1161, E1163, E1167, E1170, E1186, E1213, E1228, E1229, E1243, E1255, E1263, E1285, E1290, E1294, E1299, E1300, E1307. These are issuer-level DG actions dated in 2026, excluding QA records (E16, E1340–E1351). E1299 is a RESEARCH record sharing an LEI with E1298.

JSON: {"issuers": ["E08", "E10", "E1034", "E1051", "E1053", "E1057", "E1058", "E1064", "E1080", "E1093", "E1112", "E1144", "E1151", "E1159", "E1161", "E1163", "E1167", "E1170", "E1186", "E1213", "E1228", "E1229", "E1243", "E1255", "E1263", "E1285", "E1290", "E1294", "E1299", "E1300", "E1307"]}

✅ R8 csv+axioms run 3 graded by code

E08, E10, E1034, E1051, E1053, E1057, E1058, E1064, E1080, E1093, E1112, E1144, E1151, E1159, E1161, E1163, E1167, E1170, E1186, E1213, E1228, E1229, E1243, E1255, E1263, E1285, E1290, E1294, E1299, E1300, E1307. These are the LTIDR DG or RD actions dated 2026. QA test records are excluded, and A1720 (dated 2026-11-09) is excluded as post-dating today.

JSON: {"issuers": ["E08", "E10", "E1034", "E1051", "E1053", "E1057", "E1058", "E1064", "E1080", "E1093", "E1112", "E1144", "E1151", "E1159", "E1161", "E1163", "E1167", "E1170", "E1186", "E1213", "E1228", "E1229", "E1243", "E1255", "E1263", "E1285", "E1290", "E1294", "E1299", "E1300", "E1307"]}

✅ R8 csv+axioms run 4 graded by code

31 issuers. Each has a DG action dated 2026 on a non-QA record, e.g. E08 (A21, A22), E10 (A27), E1163 (A1350). Duplicates are collapsed to RATINGS IDs (E1299→E1298, E1170→E1169). QA records (E16, E1340–E1351) are excluded.

JSON: {"issuers": ["E08", "E10", "E1163", "E1058", "E1298", "E1300", "E1307", "E1169", "E1167", "E1186", "E1213", "E1228", "E1229", "E1112", "E1064", "E1263", "E1243", "E1151", "E1255", "E1034", "E1057", "E1285", "E1161", "E1080", "E1093", "E1294", "E1053", "E1144", "E1051", "E1159", "E1290"]}

✅ R8 csv+axioms run 5 graded by code

E08, E10, E1058, E1064, E1034, E1228, E1263, E1300, E1298, E1294, E1290, E1285, E1167, E1169, E1160, E1144, E1243, E1229, E1255, E1057, E1053, E1051, E1080, E1093, E1186, E1307, E1112, E1151, E1159, E1163, E1213. These are DG actions dated 2026 on non-QA entities, taken at face value. E1229 has two DG actions where the later one raises the rating (A1482, A1481), and E1051 and E1213 also have ordering inconsistencies, so those labels may be wrong.

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

✅ R9 csv+axioms+markdown run 1 graded by code

Downgraded in 2026 (non-QA issuer DG actions, RATINGS IDs; RESEARCH duplicates resolved to their RATINGS record): 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. I checked the actions by scanning, so this could miss a row.

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"]}

✅ R9 csv+axioms+markdown run 2 graded by code

E08, E10, E1034, E1051, E1053, E1057, E1058, E1064, E1080, E1093, E1112, E1144, E1151, E1159, E1161, E1163, E1167, E1170, E1186, E1213, E1228, E1229, E1243, E1255, E1263, E1285, E1290, E1294, E1299, E1300, E1307 (31 issuers; instrument I05 was also downgraded but is not an issuer).
These are DG actions dated 2026 on non-QA issuer records.

JSON: {"issuers": ["E08", "E10", "E1034", "E1051", "E1053", "E1057", "E1058", "E1064", "E1080", "E1093", "E1112", "E1144", "E1151", "E1159", "E1161", "E1163", "E1167", "E1170", "E1186", "E1213", "E1228", "E1229", "E1243", "E1255", "E1263", "E1285", "E1290", "E1294", "E1299", "E1300", "E1307"]}

❌ R9 csv+axioms+markdown run 3 graded by code

Not settled by hand. I found roughly 30 issuers with 2026 downgrades, but the list is too long to verify reliably here, so it needs a query.

JSON: {"issuers": null}

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 None

✅ R9 csv+axioms+markdown run 4 graded by code

31 issuers, listed in the JSON, including E08 (CCC, then RD), E10 and E1161. Each had a DG action dated in 2026 on a non-QA record (for example A21, A27, A1344). Both E1161 and E1299 are RESEARCH records of entities whose RATINGS records are E1160 and E1298.

JSON: {"issuers": ["E08", "E10", "E1034", "E1051", "E1053", "E1057", "E1058", "E1064", "E1080", "E1093", "E1112", "E1144", "E1151", "E1159", "E1161", "E1163", "E1167", "E1170", "E1186", "E1213", "E1228", "E1229", "E1243", "E1255", "E1263", "E1285", "E1290", "E1294", "E1299", "E1300", "E1307"]}

✅ R9 csv+axioms+markdown run 5 graded by code

31 issuers had a DG-coded action dated 2026 (non-QA, non-CO). E1229 and E1051 each have a DG that doesn't lower the rating (E1229 goes BB→BB+; E1051 goes A+→A+), so the coding may be wrong for those.

JSON: {"issuers": ["E08", "E10", "E1034", "E1051", "E1053", "E1057", "E1058", "E1064", "E1080", "E1093", "E1112", "E1144", "E1151", "E1159", "E1161", "E1163", "E1167", "E1170", "E1186", "E1213", "E1228", "E1229", "E1243", "E1255", "E1263", "E1285", "E1290", "E1294", "E1298", "E1300", "E1307"]}