Q19, run 2026-11-05-2135-sonnet

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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 had a latest outlook of NEG on 2026-10-01. Where the latest action was a watch placement with a blank outlook, I carried the prior outlook forward. Actions dated after 2026-10-01 were ignored.

JSON: {"issuers": ["E01", "E09", "E1158", "E1118", "E1350", "E1347", "E1228", "E1146", "E1034", "E1056", "E1046", "E1282", "E1248", "E1263", "E1271", "E1132", "E1343", "E1344", "E1348", "E1351", "E1340", "E1342", "E1345", "E1294", "E1300", "E1080", "E1029", "E1261", "E1064", "E1190", "E1079", "E1188", "E1005", "E1059", "E1160"]}

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', 'E1350', 'E1347', 'E1228', 'E1146', 'E1034', 'E1056', 'E1046', 'E1282', 'E1248', 'E1263', 'E1271', 'E1132', 'E1343', 'E1344', 'E1348', 'E1351', 'E1340', 'E1342', 'E1345', 'E1294', 'E1300', 'E1080', 'E1029', 'E1261', 'E1064', 'E1190', 'E1079', 'E1188', 'E1005', 'E1059', 'E1160']

❌ R1 csv run 2 graded by code

34 issuers had a Negative outlook. Watch actions carry no outlook, so I did not carry an earlier NEG through them. I excluded E1346, E1349 and E1341, whose NEG actions (A1730, A1736, A1720) come after 1 Oct.

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

❌ R1 csv run 3 graded by code

35 issuers, listed in the JSON. Each has NEG as the outlook on its latest action. An issuer whose latest action is a watch has a blank outlook and is excluded.

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

❌ R1 csv run 4 graded by code

35 issuers (listed in the JSON). I used the latest action's outlook, and entities whose latest action is a watch (blank outlook) are excluded. A1730, dated 2026-10-15, falls after the as-of date.

JSON: {"issuers": ["E01", "E09", "E1118", "E1158", "E1350", "E1347", "E1228", "E1056", "E1034", "E1263", "E1046", "E1029", "E1080", "E1064", "E1160", "E1248", "E1261", "E1271", "E1282", "E1294", "E1300", "E1340", "E1342", "E1343", "E1344", "E1345", "E1348", "E1349", "E1351", "E1105", "E1079", "E1190", "E1188", "E1211", "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', 'E1118', 'E1158', 'E1350', 'E1347', 'E1228', 'E1056', 'E1034', 'E1263', 'E1046', 'E1029', 'E1080', 'E1064', 'E1160', 'E1248', 'E1261', 'E1271', 'E1282', 'E1294', 'E1300', 'E1340', 'E1342', 'E1343', 'E1344', 'E1345', 'E1348', 'E1349', 'E1351', 'E1105', 'E1079', 'E1190', 'E1188', 'E1211', 'E1005']

❌ R1 csv run 5 graded by code

26 issuers had a Negative outlook, taken from each entity's latest LTIDR action on or before 2026-10-01. Entities whose latest action is a watch (RW), a withdrawal (WD) or a later Stable/Positive outlook are excluded.

JSON: {"issuers": ["E01", "E09", "E1118", "E1158", "E1079", "E1056", "E1034", "E1228", "E1282", "E1046", "E1029", "E1190", "E1263", "E1294", "E1300", "E1160", "E1271", "E1053", "E1080", "E1064", "E1261", "E1059", "E1072", "E1211", "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', 'E1118', 'E1158', 'E1079', 'E1056', 'E1034', 'E1228', 'E1282', 'E1046', 'E1029', 'E1190', 'E1263', 'E1294', 'E1300', 'E1160', 'E1271', 'E1053', 'E1080', 'E1064', 'E1261', 'E1059', 'E1072', 'E1211', 'E1005', 'E1105']

❌ R2 rdf run 1 graded by code

36 issuers; see the JSON. These are entities whose latest outlook-bearing action by 2026-10-01 is Negative. Entities on watch, withdrawn, or later changed are excluded. I left out E1060/E1059, which is ambiguous.

JSON: {"issuers": ["E01", "E09", "E1005", "E1029", "E1034", "E1046", "E1055", "E1056", "E1064", "E1072", "E1079", "E1080", "E1118", "E1158", "E1161", "E1188", "E1190", "E1211", "E1228", "E1248", "E1262", "E1263", "E1271", "E1294", "E1300", "E1340", "E1342", "E1343", "E1344", "E1345", "E1346", "E1347", "E1348", "E1349", "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', 'E1055', 'E1056', 'E1064', 'E1072', 'E1079', 'E1080', 'E1118', 'E1158', 'E1161', 'E1188', 'E1190', 'E1211', 'E1228', 'E1248', 'E1262', 'E1263', 'E1271', 'E1294', 'E1300', 'E1340', 'E1342', 'E1343', 'E1344', 'E1345', 'E1346', 'E1347', 'E1348', 'E1349', 'E1350', 'E1351']

❌ R2 rdf run 2 graded by code

Thirty-four entities. These have a Negative outlook on their latest outlook-bearing action by 2026-10-01. I excluded entities with a later Rating Watch (E1132, E1146) and the DGs dated after 2026-10-01 (E1346, E1349).

JSON: {"issuers": ["E01", "E09", "E1005", "E1029", "E1034", "E1046", "E1055", "E1056", "E1060", "E1064", "E1072", "E1079", "E1080", "E1118", "E1158", "E1188", "E1190", "E1211", "E1228", "E1248", "E1262", "E1263", "E1271", "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', 'E1055', 'E1056', 'E1060', 'E1064', 'E1072', 'E1079', 'E1080', 'E1118', 'E1158', 'E1188', 'E1190', 'E1211', 'E1228', 'E1248', 'E1262', 'E1263', 'E1271', 'E1294', 'E1300', 'E1340', 'E1342', 'E1343', 'E1344', 'E1345', 'E1347', 'E1348', 'E1350', 'E1351']

❌ R2 rdf run 3 graded by code

35 entities had a Negative outlook on 2026-10-01. I treated a Rating Watch as replacing the outlook, and I ignored actions dated after 2026-10-01.
- E1059 is included on the foreign-currency Negative outlook in A1129, which sits on its duplicate record E1060.
- E1261 is included via A1558 on its duplicate record E1262.

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

❌ R2 rdf run 4 graded by code

37 issuers, based on the latest outlook-bearing action on or before 1 Oct 2026 (list in JSON). E1346 (A1730) and E1349 (A1736) have Negative-outlook downgrades dated 14–15 Oct, which fall after the date.

JSON: {"issuers": ["E01", "E09", "E1005", "E1029", "E1034", "E1046", "E1055", "E1056", "E1060", "E1064", "E1072", "E1079", "E1080", "E1105", "E1118", "E1158", "E1161", "E1188", "E1190", "E1211", "E1228", "E1248", "E1262", "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', 'E1055', 'E1056', 'E1060', 'E1064', 'E1072', 'E1079', 'E1080', 'E1105', 'E1118', 'E1158', 'E1161', 'E1188', 'E1190', 'E1211', 'E1228', 'E1248', 'E1262', 'E1263', 'E1271', 'E1282', 'E1294', 'E1300', 'E1340', 'E1342', 'E1343', 'E1344', 'E1345', 'E1347', 'E1348', 'E1350', 'E1351']

❌ R2 rdf run 5 graded by code

37 entities had a Negative outlook as their latest outlook on 2026-10-01 (IDs in the JSON). I excluded E1132 and E1146, whose Negative outlook was followed by a Watch.

JSON: {"issuers": ["E01", "E09", "E1005", "E1029", "E1034", "E1046", "E1055", "E1056", "E1060", "E1064", "E1072", "E1079", "E1080", "E1105", "E1118", "E1158", "E1188", "E1190", "E1211", "E1228", "E1248", "E1262", "E1263", "E1271", "E1294", "E1300", "E1340", "E1342", "E1343", "E1344", "E1345", "E1346", "E1347", "E1348", "E1349", "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', 'E1055', 'E1056', 'E1060', 'E1064', 'E1072', 'E1079', 'E1080', 'E1105', 'E1118', 'E1158', 'E1188', 'E1190', 'E1211', 'E1228', 'E1248', 'E1262', 'E1263', 'E1271', 'E1294', 'E1300', 'E1340', 'E1342', 'E1343', 'E1344', 'E1345', 'E1346', 'E1347', 'E1348', 'E1349', 'E1350', 'E1351']

❌ R6 rdf+ontology run 1 graded by code

27 entities had a NEG outlook, meaning the latest outlook-bearing LTIDR action was NEG. I excluded entities whose latest action is a Watch or withdrawal, because RW carries no outlook; this is a judgement call. E1105 counts because A1226 (2024-01-13) is later than A1227 (2024-01-04).

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", "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', 'E1188', 'E1190', 'E1211', 'E1228', 'E1248', 'E1261', 'E1263', 'E1271', 'E1294', 'E1300']

✅ R6 rdf+ontology run 2 graded by code

The latest outlook is NEG for the entities listed in the JSON, for example E01 (A03) and E09 (A25). I excluded entities whose latest action is a Watch, because that action carries no outlook.

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"]}

❌ R6 rdf+ontology run 3 graded by code

26 issuers had a Negative outlook, listed in the JSON. I excluded issuers whose latest action is a Watch, because that action carries no outlook (for example E1132 and E1146).

JSON: {"issuers": ["E01", "E09", "E1029", "E1034", "E1046", "E1005", "E1055", "E1056", "E1059", "E1064", "E1072", "E1079", "E1105", "E1118", "E1158", "E1188", "E1190", "E1211", "E1228", "E1248", "E1262", "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', 'E1029', 'E1034', 'E1046', 'E1005', 'E1055', 'E1056', 'E1059', 'E1064', 'E1072', 'E1079', 'E1105', 'E1118', 'E1158', 'E1188', 'E1190', 'E1211', 'E1228', 'E1248', 'E1262', 'E1263', 'E1271', 'E1282', 'E1294', 'E1300']

❌ R6 rdf+ontology run 4 graded by code

Twenty-five issuers had a Negative outlook. I treated an entity whose latest action was a Watch as having no outlook.

JSON: {"issuers": ["E01", "E1005", "E1029", "E1034", "E1046", "E1056", "E1060", "E1064", "E1072", "E1079", "E1105", "E1118", "E1158", "E1161", "E1188", "E1190", "E1211", "E1228", "E1248", "E1262", "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', 'E1005', 'E1029', 'E1034', 'E1046', 'E1056', 'E1060', 'E1064', 'E1072', 'E1079', 'E1105', 'E1118', 'E1158', 'E1161', 'E1188', 'E1190', 'E1211', 'E1228', 'E1248', 'E1262', 'E1263', 'E1271', 'E1282', 'E1294', 'E1300']

✅ R6 rdf+ontology run 5 graded by code

28 issuers had a Negative outlook. I used each entity's latest outlook-bearing action. I excluded entities whose latest action is a Rating Watch, which carries no outlook (E1132, E1146). I also excluded entities that were later revised to a non-negative outlook or withdrawn. See the JSON for the list.

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

❌ R5 csv+ontology run 1 graded by code

28 entities, listed in the JSON. Each one's latest action carries a Negative outlook. An RW action carries no outlook, so I counted none for entities whose latest action was a Watch.

JSON: {"issuers": ["E01", "E09", "E1034", "E1046", "E1056", "E1029", "E1079", "E1118", "E1158", "E1228", "E1261", "E1263", "E1271", "E1294", "E1300", "E1080", "E1053", "E1055", "E1059", "E1064", "E1160", "E1105", "E1190", "E1282", "E1248", "E1072", "E1005", "E1211"]}

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', 'E1034', 'E1046', 'E1056', 'E1029', 'E1079', 'E1118', 'E1158', 'E1228', 'E1261', 'E1263', 'E1271', 'E1294', 'E1300', 'E1080', 'E1053', 'E1055', 'E1059', 'E1064', 'E1160', 'E1105', 'E1190', 'E1282', 'E1248', 'E1072', 'E1005', 'E1211']

❌ R5 csv+ontology run 2 graded by code

20 issuers had a Negative outlook, taking the latest action's outlook as current. Entities whose latest action is a Watch (blank outlook) are excluded.

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

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', 'E1118', 'E1079', 'E1228', 'E1034', 'E1029', 'E1046', 'E1056', 'E1064', 'E1261', 'E1263', 'E1271', 'E1294', 'E1300', 'E1005', 'E1190', 'E1282', 'E1248', 'E1072']

❌ R5 csv+ontology run 3 graded by code

26 issuers, listed in the JSON, have a Negative outlook. I carried the outlook forward through Watch actions, since a Watch doesn't revise it. I used FC ratings, and E1158 depends on its dated actions.

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

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', 'E1056', 'E1079', 'E1029', 'E1046', 'E1064', 'E1105', 'E1132', 'E1146', 'E1160', 'E1190', 'E1211', 'E1261', 'E1263', 'E1271', 'E1282', 'E1294', 'E1300', 'E1034', 'E1080', 'E1005', 'E1072']

❌ R5 csv+ontology run 4 graded by code

27 issuers had a Negative outlook. I carried the outlook forward through RW rows, so E1146 and E1132 are counted, and E1158 is counted by the same latest-action rule as in Q9.

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

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', 'E1118', 'E1158', 'E1079', 'E1228', 'E1056', 'E1034', 'E1029', 'E1046', 'E1064', 'E1146', 'E1072', 'E1261', 'E1263', 'E1294', 'E1300', 'E1080', 'E1005', 'E1248', 'E1271', 'E1132', 'E1282', 'E1190', 'E1160', 'E1105', 'E1211']

❌ R5 csv+ontology run 5 graded by code

25 issuers had a Negative outlook: those whose latest action carried NEG. Examples are E01 (A03) and E09 (A25). I treated a Watch action, which has no outlook, as replacing the earlier outlook, so for example E1146 is excluded.

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

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', 'E1282', 'E1160', 'E1261', 'E1263', 'E1271', 'E1029', 'E1046', 'E1034', 'E1056', 'E1080', 'E1064', 'E1072', 'E1190', 'E1211', 'E1294', 'E1105', 'E1005', 'E1300', 'E1188']

❌ R4 csv+markdown run 1 graded by code

The list is in the JSON. I took the latest stated outlook and carried it through RW rows, which have a blank outlook. That adds E1146 and E1132.

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

❌ R4 csv+markdown run 2 graded by code

23 issuers have a Negative outlook on their latest action. I did not carry an outlook forward through a Watch action that has none.

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

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', 'E1046', 'E1029', 'E1034', 'E1064', 'E1080', 'E1072', 'E1190', 'E1228', 'E1248', 'E1263', 'E1271', 'E1261', 'E1294', 'E1300', 'E1160', 'E1005', 'E1211']

❌ R4 csv+markdown run 3 graded by code

23 issuers, listed in the JSON. I read the outlook from each entity's latest action only. A blank outlook (after an RW action) counts as not negative, which excludes E1132 and E1146.

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

❌ R4 csv+markdown run 4 graded by code

27 issuers had a Negative outlook. Each has a latest action with a NEG outlook. Where the latest action is a Watch or withdrawal with no outlook, I carried forward the previous outlook. E1059 is counted on its foreign-currency outlook.

JSON: {"issuers": ["E01", "E09", "E1158", "E1118", "E1034", "E1146", "E1228", "E1282", "E1261", "E1263", "E1294", "E1271", "E1132", "E1190", "E1029", "E1056", "E1046", "E1053", "E1072", "E1079", "E1064", "E1160", "E1248", "E1059", "E1055", "E1005", "E1188"]}

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', 'E1034', 'E1146', 'E1228', 'E1282', 'E1261', 'E1263', 'E1294', 'E1271', 'E1132', 'E1190', 'E1029', 'E1056', 'E1046', 'E1053', 'E1072', 'E1079', 'E1064', 'E1160', 'E1248', 'E1059', 'E1055', 'E1005', 'E1188']

❌ R4 csv+markdown run 5 graded by code

26 issuers; the list is in the JSON. An issuer counts if its latest LTIDR action carries a NEG outlook.

JSON: {"issuers": ["E01", "E09", "E1158", "E1118", "E1056", "E1228", "E1079", "E1282", "E1263", "E1261", "E1248", "E1271", "E1046", "E1034", "E1029", "E1053", "E1072", "E1294", "E1300", "E1080", "E1190", "E1059", "E1105", "E1188", "E1064", "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', 'E1118', 'E1056', 'E1228', 'E1079', 'E1282', 'E1263', 'E1261', 'E1248', 'E1271', 'E1046', 'E1034', 'E1029', 'E1053', 'E1072', 'E1294', 'E1300', 'E1080', 'E1190', 'E1059', 'E1105', 'E1188', 'E1064', 'E1005']

❌ R3 csv+padding run 1 graded by code

37 issuers (listed in the JSON), based on the latest FC outlook being Negative. E1158 is included even though its latest action follows a withdrawal.

JSON: {"issuers": ["E01", "E09", "E1055", "E1064", "E1005", "E1029", "E1034", "E1046", "E1056", "E1059", "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', 'E1055', 'E1064', 'E1005', 'E1029', 'E1034', 'E1046', 'E1056', 'E1059', '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']

❌ R3 csv+padding run 2 graded by code

33 entities, listed in the JSON. Each has a NEG outlook on its latest action on or before 2026-10-01. E1059's NEG is its foreign-currency outlook (A1129, filed under duplicate E1060). Downgrades dated after 2026-10-01 (E1341, E1346, E1349) are excluded.

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

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', 'E1351', 'E1347', 'E1350', 'E1348', 'E1344', 'E1343', 'E1342', 'E1340', 'E1345', 'E1300', 'E1046', 'E1034', 'E1029', 'E1056', 'E1059', 'E1064', 'E1079', 'E1160', 'E1190', 'E1228', 'E1263', 'E1261', 'E1271', 'E1248', 'E1294', 'E1005', 'E1282', 'E1211', 'E1072']

❌ R3 csv+padding run 3 graded by code

27 issuers; the list is in the JSON. These are entities whose latest action carries a NEG outlook.

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

❌ R3 csv+padding run 4 graded by code

26 issuers; they are in the JSON block. These are entities whose latest foreign-currency long-term action carries a Negative outlook. I excluded those on RWN, which have no outlook.

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

❌ R3 csv+padding run 5 graded by code

34 issuers. Entities whose latest action is a Rating Watch have no outlook, and I excluded actions dated after 1 October (e.g. A1730, A1736).

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

❌ R10 executed run 1 graded by code

24 issuers had an open record with a NEG outlook on 1 Oct 2026 (listed in the JSON).

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

❌ R10 executed run 2 graded by code

27 issuers had an open record with a Negative outlook. The full list is in the JSON.

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 3 graded by code

26 issuers have an open Negative outlook, listed in the JSON.

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

❌ R10 executed run 4 graded by code

27 issuers had an open Negative outlook (listed in the JSON).

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 5 graded by code

27 issuers had an open Negative outlook. They are listed in the JSON below.

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

❌ R7 csv+neutral run 1 graded by code

Twenty-six issuers have a Negative outlook, listed in the JSON. I excluded issuers whose latest action is a Watch, because that row carries no outlook.

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

✅ R7 csv+neutral run 2 graded by code

Twenty-eight entities, listed in the JSON. Each has a latest action carrying a NEG outlook. Where the latest action is a Watch with no outlook (for example E1146), I did not count it.

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

❌ R7 csv+neutral run 3 graded by code

26 issuers. Their latest issuer-rating action carries a Negative outlook. Where the latest action is a Watch or withdrawal the outlook field is blank, so those are excluded.

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

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', 'E1228', 'E1034', 'E1046', 'E1029', 'E1064', 'E1190', 'E1055', 'E1080', 'E1261', 'E1263', 'E1294', 'E1300', 'E1271', 'E1248', 'E1160', 'E1079', 'E1005', 'E1059', 'E1211', 'E1282', 'E1072']

❌ R7 csv+neutral run 4 graded by code

30 issuers had a NEG outlook on their latest FC action. I carried the outlook forward through RW rows, which have a blank outlook. E1059 is included on its FC outlook.

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

❌ R7 csv+neutral run 5 graded by code

21 issuers had a Negative outlook on their latest rating action. I excluded issuers whose latest action is a Watch, because those actions carry no outlook.

JSON: {"issuers": ["E01", "E09", "E1158", "E1118", "E1034", "E1056", "E1046", "E1029", "E1228", "E1053", "E1160", "E1190", "E1261", "E1263", "E1271", "E1248", "E1294", "E1005", "E1300", "E1079", "E1064"]}

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', 'E1034', 'E1056', 'E1046', 'E1029', 'E1228', 'E1053', 'E1160', 'E1190', 'E1261', 'E1263', 'E1271', 'E1248', 'E1294', 'E1005', 'E1300', 'E1079', 'E1064']

❌ R8 csv+axioms run 1 graded by code

27 issuers, listed in the JSON. Each has a NEG outlook on the action still in force on 2026-10-01.

JSON: {"issuers": ["E01", "E09", "E1158", "E1118", "E1056", "E1034", "E1046", "E1029", "E1072", "E1228", "E1190", "E1271", "E1161", "E1262", "E1263", "E1294", "E1300", "E1105", "E1080", "E1079", "E1282", "E1005", "E1211", "E1248", "E1188", "E1060", "E1064"]}

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', 'E1072', 'E1228', 'E1190', 'E1271', 'E1161', 'E1262', 'E1263', 'E1294', 'E1300', 'E1105', 'E1080', 'E1079', 'E1282', 'E1005', 'E1211', 'E1248', 'E1188', 'E1060', 'E1064']

❌ R8 csv+axioms run 2 graded by code

26 rated records have a Negative outlook on their latest action (list in the JSON).

JSON: {"issuers": ["E01", "E09", "E1034", "E1158", "E1055", "E1056", "E1005", "E1079", "E1118", "E1228", "E1300", "E1190", "E1064", "E1072", "E1161", "E1105", "E1080", "E1029", "E1046", "E1263", "E1294", "E1262", "E1248", "E1271", "E1282", "E1211"]}

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', 'E1034', 'E1158', 'E1055', 'E1056', 'E1005', 'E1079', 'E1118', 'E1228', 'E1300', 'E1190', 'E1064', 'E1072', 'E1161', 'E1105', 'E1080', 'E1029', 'E1046', 'E1263', 'E1294', 'E1262', 'E1248', 'E1271', 'E1282', 'E1211']

❌ R8 csv+axioms run 3 graded by code

27 entities. Each has a Negative outlook on the latest rating action on a rating still in force (list in the JSON).

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

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', 'E1029', 'E1158', 'E1118', 'E1056', 'E1034', 'E1046', 'E1064', 'E1079', 'E1080', 'E1160', 'E1190', 'E1228', 'E1248', 'E1261', 'E1263', 'E1271', 'E1294', 'E1300', 'E1072', 'E1005', 'E1055', 'E1105', 'E1211', 'E1188', 'E1282']

❌ R8 csv+axioms run 4 graded by code

Issuers whose latest action on 2026-10-01 carried a Negative outlook are listed in the JSON, with 25 entities. E1160 stands for E1161 (A1344) and E1261 for E1262 (A1558).

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

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', 'E1034', 'E1228', 'E1118', 'E1079', 'E1282', 'E1056', 'E1160', 'E1263', 'E1072', 'E1300', 'E1294', 'E1080', 'E1271', 'E1064', 'E1029', 'E1046', 'E1105', 'E1190', 'E1005', 'E1055', 'E1211', 'E1261']

❌ R8 csv+axioms run 5 graded by code

Twenty-four entities had a latest action with a Negative outlook, listed in the JSON. I treated an RW action as carrying no outlook, so entities whose latest action is an RW are excluded.

JSON: {"issuers": ["E01", "E09", "E1158", "E1118", "E1056", "E1005", "E1079", "E1228", "E1034", "E1282", "E1029", "E1046", "E1190", "E1261", "E1263", "E1294", "E1248", "E1271", "E1300", "E1072", "E1080", "E1053", "E1059", "E1064"]}

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', 'E1005', 'E1079', 'E1228', 'E1034', 'E1282', 'E1029', 'E1046', 'E1190', 'E1261', 'E1263', 'E1294', 'E1248', 'E1271', 'E1300', 'E1072', 'E1080', 'E1053', 'E1059', 'E1064']

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

Twenty-three entities, listed in the JSON, had a Negative outlook on their latest action. Entities whose latest action was a Watch placement, which carries no outlook, are excluded.

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

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', 'E1118', 'E1158', 'E1079', 'E1228', 'E1029', 'E1046', 'E1056', 'E1064', 'E1190', 'E1271', 'E1261', 'E1263', 'E1034', 'E1294', 'E1300', 'E1282', 'E1160', 'E1005', 'E1080', 'E1211', 'E1072']

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

25 issuers. I used each issuer's latest action; actions that carry no outlook, such as RW, count as having no Negative outlook.

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

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

25 issuers had a Negative outlook; E1146 is excluded because its latest action (A1317) is a watch with no outlook. Example: E01 (A03).

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

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

24 entities had a Negative outlook, listed in the JSON. This uses each entity's latest action; where that action was a Watch placement with no outlook, I excluded the entity.

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

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

27 entities had a latest action with a Negative outlook (E01, E09, E1158 and others, listed in the JSON). Entities whose latest action was a Watch, an upgrade, an affirmation to Stable, or a withdrawal are excluded.

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

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', 'E1064', 'E1029', 'E1046', 'E1034', 'E1072', 'E1190', 'E1248', 'E1271', 'E1228', 'E1261', 'E1263', 'E1160', 'E1294', 'E1300', 'E1080', 'E1282', 'E1105', 'E1005', 'E1055', 'E1059', 'E1188']