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

Which issuers were downgraded in 2026?

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

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

❌ R1 csv run 1 graded by code

42 issuers have a DG on their issuer rating dated in 2026. They are listed in the JSON. A DG on E1341 is dated 2026-11-09, which is after today, so I excluded it. The RESEARCH duplicates E1170, E1161 and E1299 are folded into E1169, E1160 and E1298.

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

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

❌ R1 csv run 2 graded by code

42 issuers had a downgrade (DG) dated in 2026; they are listed in the JSON. Duplicate research records are mapped to the RATINGS record (E1170→E1169, E1161→E1160, E1299→E1298). I excluded E1341, whose DG (A1720) is dated 2026-11-09, after today. E1057, E1159, E1243 and E1229 are also included.

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

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

❌ R1 csv run 3 graded by code

43 issuers had a 2026 downgrade (DG) action. Duplicate research records are mapped to their RATINGS record, and E1341's DG is dated 2026-11-09, after today.

JSON: {"issuers": ["E08", "E10", "E16", "E1064", "E1163", "E1058", "E1213", "E1228", "E1347", "E1307", "E1350", "E1346", "E1034", "E1186", "E1169", "E1159", "E1285", "E1112", "E1263", "E1167", "E1160", "E1349", "E1341", "E1345", "E1344", "E1343", "E1342", "E1340", "E1348", "E1294", "E1300", "E1298", "E1290", "E1255", "E1080", "E1093", "E1057", "E1053", "E1051", "E1144", "E1243", "E1229", "E1151"]}

Why: issuers: expected ['E08', 'E10', 'E1034', 'E1051', 'E1053', 'E1057', 'E1058', 'E1064', 'E1080', 'E1093', 'E1112', 'E1144', 'E1151', 'E1159', 'E1160', 'E1163', 'E1167', 'E1169', 'E1186', 'E1213', 'E1228', 'E1229', 'E1243', 'E1255', 'E1263', 'E1285', 'E1290', 'E1294', 'E1298', 'E1300', 'E1307'], got ['E08', 'E10', 'E16', 'E1064', 'E1163', 'E1058', 'E1213', 'E1228', 'E1347', 'E1307', 'E1350', 'E1346', 'E1034', 'E1186', 'E1169', 'E1159', 'E1285', 'E1112', 'E1263', 'E1167', 'E1160', 'E1349', 'E1341', 'E1345', 'E1344', 'E1343', 'E1342', 'E1340', 'E1348', 'E1294', 'E1300', 'E1298', 'E1290', 'E1255', 'E1080', 'E1093', 'E1057', 'E1053', 'E1051', 'E1144', 'E1243', 'E1229', 'E1151']

❌ R1 csv run 4 graded by code

44 issuers had a downgrade action in 2026 (listed in the JSON). I counted issuer-level downgrades only, not instrument downgrades such as A29. I also excluded E1341's A1720, which is dated 2026-11-09, after today's date. Duplicate records are mapped to their canonical entity.

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

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

✅ R1 csv run 5 graded by code

31 issuers had a downgrade (DG) action in 2026. E1169, E1160 and E1298 are the canonical IDs for duplicate records E1170, E1161 and E1299. I excluded QA-source test records (E16, E1340–E1351) and actions dated after today (e.g. A1720).

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

❌ R2 rdf run 1 graded by code

42 issuers had a downgrade dated in 2026; see the JSON for the list. I excluded E1341's downgrade (A1720) because it is dated 2026-11-09, after today. I also excluded E11, whose only 2026 downgrade (A29) is on an instrument.

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

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', 'E1112', 'E1144', 'E1151', 'E1159', 'E1161', 'E1163', 'E1167', 'E1170', 'E1093', 'E1213', 'E1228', 'E1229', 'E1243', 'E1263', 'E1285', 'E1294', 'E1299', 'E1300', 'E1307', 'E1290', 'E1340', 'E1342', 'E1343', 'E1344', 'E1345', 'E1346', 'E1347', 'E1348', 'E1349', 'E1350', 'E1351', 'E1186']

❌ R2 rdf run 2 graded by code

Forty-three issuers had a downgrade (DG) dated in 2026, the latest on 2026-10-15. I excluded E1341, whose DG (A1720) is dated 2026-11-09, after today. Several (E1051, E1064, E1144) were later upgraded again but were still downgraded in 2026.

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

43 issuers had a downgrade of their issuer rating dated in 2026 (listed in the JSON).
- I excluded E1341 because its downgrade (A1720) is dated 2026-11-09, after today.
- I left out instrument-only downgrades such as I05.

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 4 graded by code

42 issuers have a DG action dated in 2026 (list in JSON). E1341's downgrade (A1720) is dated 2026-11-09, after today's date; I included it.

JSON: {"issuers": ["E08", "E10", "E16", "E1034", "E1051", "E1053", "E1057", "E1058", "E1064", "E1080", "E1093", "E1112", "E1144", "E1151", "E1161", "E1163", "E1167", "E1170", "E1186", "E1213", "E1228", "E1229", "E1243", "E1255", "E1263", "E1285", "E1290", "E1294", "E1299", "E1300", "E1307", "E1340", "E1341", "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', 'E1161', 'E1163', 'E1167', 'E1170', 'E1186', 'E1213', 'E1228', 'E1229', 'E1243', 'E1255', 'E1263', 'E1285', 'E1290', 'E1294', 'E1299', 'E1300', 'E1307', 'E1340', 'E1341', 'E1342', 'E1343', 'E1344', 'E1345', 'E1346', 'E1347', 'E1348', 'E1349', 'E1350', 'E1351']

❌ R2 rdf run 5 graded by code

43 entities had a downgrade (DG) dated in 2026 on or before today; the IDs are in the JSON. E1341's DG (A1720, 2026-11-09) is excluded because it is dated after today (2026-11-05). Instrument-only downgrades (I05) are not counted.

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 entities had a downgrade (DG) dated in 2026; the full list is in the JSON. I excluded QA records (E16, E1340–E1351) and instrument-only downgrades (I05). Where a RESEARCH record carried the action, I used its RATINGS twin (E1161→E1160, E1299→E1298, E1170→E1169).

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

✅ R6 rdf+ontology run 2 graded by code

I counted only long-term issuer-rating downgrades (DG) dated 2026, merging duplicate records by LEI and ignoring QA records. Examples are A21/A22 (E08), A27 (E10) and A1070 (E1034). The JSON lists all of them, using the RATINGS record ID where an entity has several.

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

❌ R6 rdf+ontology run 3 graded by code

30 issuers had downgrades (DG) on their issuer ratings in 2026, listed in the JSON. Records from the QA system (E1340–E1351, E16) are excluded, and duplicate records are folded to the RATINGS record. A duplicate pair is two records with the same LEI, for example E1161 into E1160 and E1170 into E1169.

JSON: {"issuers": ["E08", "E10", "E16", "E1051", "E1053", "E1057", "E1058", "E1064", "E1080", "E1093", "E1112", "E1151", "E1160", "E1163", "E1167", "E1169", "E1213", "E1228", "E1229", "E1243", "E1255", "E1263", "E1285", "E1290", "E1294", "E1300", "E1307", "E1034", "E1144", "E1186"]}

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', 'E1051', 'E1053', 'E1057', 'E1058', 'E1064', 'E1080', 'E1093', 'E1112', 'E1151', 'E1160', 'E1163', 'E1167', 'E1169', 'E1213', 'E1228', 'E1229', 'E1243', 'E1255', 'E1263', 'E1285', 'E1290', 'E1294', 'E1300', 'E1307', 'E1034', 'E1144', 'E1186']

✅ R6 rdf+ontology run 4 graded by code

Thirty-one issuers were downgraded in 2026 (DG actions). I excluded QA records (E16, E1340–E1351) and instrument-only downgrades.

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"]}

✅ R6 rdf+ontology run 5 graded by code

31 issuers had a downgrade (DG) in 2026. I used the RATINGS record ID where an entity has duplicate records, and ignored QA records (E16 and E1340–E1351). See the JSON for the list.

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

✅ R5 csv+ontology run 1 graded by code

31 issuers were downgraded in 2026, listed in the JSON. QA records are excluded, and RESEARCH records are folded into their RATINGS record (E1161→E1160, E1170→E1169, E1299→E1298).

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

❌ R5 csv+ontology run 2 graded by code

30 issuers had a downgrade (DG) in 2026. Duplicate research records are merged by LEI, and the QA records are ignored.

JSON: {"issuers": ["E08", "E10", "E1034", "E1051", "E1053", "E1057", "E1058", "E1064", "E1080", "E1093", "E1112", "E1144", "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', 'E1034', 'E1051', 'E1053', 'E1057', 'E1058', 'E1064', 'E1080', 'E1093', 'E1112', 'E1144', '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

30 issuers had a 2026 downgrade, listed in the JSON. I treated records with the same LEI as one entity and ignored QA records. Withdrawal after a downgrade doesn't undo it (E1057, E1159).

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

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

❌ R5 csv+ontology run 4 graded by code

30 issuers had a 2026 LTIDR downgrade, merging duplicate records by LEI and ignoring QA records. They are listed in the JSON, where E1160, E1169 and E1298 are the RATINGS IDs for downgrades recorded on E1161, E1170 and E1299.

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

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

✅ R5 csv+ontology run 5 graded by code

31 issuers had a downgrade (DG) on their issuer rating in 2026 (e.g. E08 A21/A22, E10 A27). QA records were ignored. Duplicate records were merged to their RATINGS ID: E1161→E1160, E1170→E1169 and E1299→E1298.

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

❌ R4 csv+markdown run 1 graded by code

Entities with a DG on their issuer rating in 2026, QA records excluded and duplicate records mapped to the RATINGS record. The list is in the JSON.

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

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

✅ R4 csv+markdown run 2 graded by code

31 issuers had a downgrade (DG) on an issuer rating in 2026, with QA records ignored. Duplicate records are shown under the RATINGS ID.

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

❌ R4 csv+markdown run 3 graded by code

30 issuers had a downgrade (DG) dated in 2026, on any basis, listed in the JSON. Research-system records are mapped to their RATINGS record (E1161→E1160, E1170→E1169, E1299→E1298). QA records are ignored.

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', '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

30 issuers had a downgrade (DG) action in 2026. I used canonical RATINGS IDs for research duplicates, and I excluded QA records and instrument downgrades such as I05.

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

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

❌ R4 csv+markdown run 5 graded by code

30 issuers had a 2026 downgrade (DG); the list is in the JSON. I used the RATINGS-record ID and ignored QA records.

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

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

❌ R3 csv+padding run 1 graded by code

44 issuers have a DG action dated 2026 (listed in the JSON). I mapped RESEARCH duplicates to their RATINGS record and excluded A1720 (E1341, dated 2026-11-09, after today).

JSON: {"issuers": ["E08", "E10", "E16", "E1064", "E1058", "E1163", "E1213", "E1228", "E1350", "E1346", "E1347", "E1307", "E1034", "E1112", "E1159", "E1349", "E1160", "E1186", "E1285", "E1348", "E1263", "E1344", "E1343", "E1340", "E1342", "E1345", "E1300", "E1290", "E1298", "E1294", "E1243", "E1255", "E1167", "E1093", "E1080", "E1057", "E1053", "E1144", "E1051", "E1169", "E1229", "E1151", "E1351", "E1052"]}

Why: issuers: expected ['E08', 'E10', 'E1034', 'E1051', 'E1053', 'E1057', 'E1058', 'E1064', 'E1080', 'E1093', 'E1112', 'E1144', 'E1151', 'E1159', 'E1160', 'E1163', 'E1167', 'E1169', 'E1186', 'E1213', 'E1228', 'E1229', 'E1243', 'E1255', 'E1263', 'E1285', 'E1290', 'E1294', 'E1298', 'E1300', 'E1307'], got ['E08', 'E10', 'E16', 'E1064', 'E1058', 'E1163', 'E1213', 'E1228', 'E1350', 'E1346', 'E1347', 'E1307', 'E1034', 'E1112', 'E1159', 'E1349', 'E1160', 'E1186', 'E1285', 'E1348', 'E1263', 'E1344', 'E1343', 'E1340', 'E1342', 'E1345', 'E1300', 'E1290', 'E1298', 'E1294', 'E1243', 'E1255', 'E1167', 'E1093', 'E1080', 'E1057', 'E1053', 'E1144', 'E1051', 'E1169', 'E1229', 'E1151', 'E1351', 'E1052']

❌ R3 csv+padding run 2 graded by code

42 entities had a downgrade (DG) in 2026, listed in the JSON.
- I counted LTIDR actions only, mapping research duplicates to the RATINGS record (E1161→E1160, E1170→E1169, E1299→E1298).
- I excluded E1341, whose downgrade (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", "E1160", "E1163", "E1167", "E1169", "E1186", "E1213", "E1228", "E1229", "E1243", "E1255", "E1263", "E1285", "E1290", "E1294", "E1298", "E1300", "E1307", "E1340", "E1342", "E1343", "E1344", "E1345", "E1346", "E1347", "E1348", "E1349", "E1350"]}

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

❌ R3 csv+padding run 3 graded by code

30 issuers had an issuer-rating downgrade in 2026 (listed in the JSON, duplicates merged, QA records excluded). E08 was downgraded twice (A21, A22).

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

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

✅ R3 csv+padding run 4 graded by code

31 issuers had a downgrade (DG) on a long-term issuer rating in 2026; they are listed in the JSON block. I mapped RESEARCH duplicates to their RATINGS record and excluded QA-source records.

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 5 graded by code

43 issuers were downgraded in 2026 (see the JSON). I counted DG actions dated up to today (2026-11-05), and I mapped research-system duplicates to their RATINGS record. E1341's downgrade (A1720) is dated 2026-11-09, so it is excluded.

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

✅ R10 executed run 1 graded by code

31 issuers had a downgrade in 2026 (listed in the JSON). I counted any LTIDR (FC or LC) cut in 2026, judged by the rating level actually falling. Some rows are labelled inconsistently with their rating change, for example E1064 (A1141) and E1290.

❌ R10 executed run 2 graded by code

30 issuers had a rating lowered in 2026, judged by the rating actually falling between consecutive records rather than by the action label (which is inconsistent, e.g. A1141 and A1146). Examples are E08 (A21, A22), E10 (A27) and E1034 (A1070). The full list is in the JSON.

JSON: {"issuers": ["E08", "E10", "E1034", "E1051", "E1053", "E1057", "E1058", "E1064", "E1080", "E1112", "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', 'E1034', 'E1051', 'E1053', 'E1057', 'E1058', 'E1064', 'E1080', '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

Many issuers had a downgrade (DG) action or a lower rating in 2026, listed in the JSON. E1064 is included because it fell from A- to BBB+ on 2026-02-02 (A1141), although that record is labelled AF. E1290 is included for the same reason (A1621).

✅ R10 executed run 4 graded by code

31 issuers had a rating lower than before, or a downgrade, in 2026 (listed in the JSON). I judged by actual rating change, not the action label. E1064 and E1290 dropped under an "AF" label, and E1229's later "DG" was actually an upgrade, though E1229 was downgraded earlier in 2026.

✅ R10 executed run 5 graded by code

31 issuers had a downgrade in 2026, judged by actual rating-level drops. Some records are labelled AF or DG inconsistently with the rating change (e.g. E1064 A1141, E1290 A1621), so I went by the rating level. Instrument downgrades are excluded.

✅ R7 csv+neutral run 1 graded by code

Thirty-one issuers were downgraded in 2026, listed in the JSON. QA records are excluded, and research-record actions are mapped to the RATINGS record of the same entity.

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

❌ R7 csv+neutral run 2 graded by code

Thirty entities, listed in the JSON. They are those with a DG action on an issuer rating dated in 2026. QA records are excluded, and duplicate research records are mapped to the RATINGS record.

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

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

✅ R7 csv+neutral run 3 graded by code

31 issuers. These are the entities with a DG action on an issuer rating dated 2026. They are listed in the JSON, with duplicate research records mapped to their RATINGS ID and QA records excluded.

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

✅ R7 csv+neutral run 4 graded by code

31 issuers had an LTIDR downgrade (DG) dated in 2026 (listed in the JSON). I excluded QA records, instrument downgrades, and affirmations or watches. Records E1161, E1170 and E1299 are shown under their RATINGS twins E1160, E1169 and E1298.

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

❌ R7 csv+neutral run 5 graded by code

29 issuers had a DG action on an issuer rating in 2026; they are listed in the JSON. QA records are ignored, and research duplicates are mapped to their RATINGS record (E1170 to E1169, E1161 to E1160, E1299 to E1298).

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

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

❌ R8 csv+axioms run 1 graded by code

28 issuers, listed in the JSON. These are issuers with a 2026 DG action on an issuer rating (LTIDR/STIDR) who still hold a rating in force. I excluded QA test records and E1159, which was downgraded by A1341 but withdrawn by A1342. I used the rated record ID, so research-record IDs such as E1161, E1170 and E1299 appear as themselves.

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

❌ R8 csv+axioms run 2 graded by code

30 rated entities were downgraded in 2026 (list in the JSON). The list uses rated record IDs and includes entities withdrawn later (E1057, E1159). It excludes instrument downgrades (A29) and the QA test record E16 (A44).

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

Why: issuers: expected ['E08', 'E10', 'E1034', 'E1051', 'E1053', 'E1057', 'E1058', 'E1064', 'E1080', 'E1093', 'E1112', 'E1144', 'E1151', 'E1159', 'E1160', 'E1163', 'E1167', 'E1169', 'E1186', 'E1213', 'E1228', 'E1229', 'E1243', 'E1255', 'E1263', 'E1285', 'E1290', 'E1294', 'E1298', 'E1300', 'E1307'], got ['E08', 'E10', 'E1064', 'E1058', 'E1163', 'E1213', 'E1186', 'E1228', 'E1285', 'E1263', 'E1307', 'E1159', 'E1170', 'E1161', 'E1167', 'E1112', 'E1093', 'E1080', 'E1051', 'E1053', 'E1144', 'E1034', 'E1057', 'E1290', 'E1294', 'E1299', 'E1300', 'E1255', 'E1243', 'E1229']

❌ R8 csv+axioms run 3 graded by code

29 issuers still hold a rating in force and have a 2026 DG on an issuer rating (list in the JSON). Duplicate research records are resolved to their RATINGS records, and QA records are excluded. E1057 and E1159 were also downgraded in 2026 but were withdrawn by 1 October (A1124, A1342), so they are not counted.

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

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

❌ R8 csv+axioms run 4 graded by code

Issuers with an issuer-rating DG dated 2026 are listed in the JSON, with 28 entities. I excluded QA test records. Where a RESEARCH duplicate was rated, I used the RATINGS-system record ID (E1160 for E1161, E1169 for E1170, E1298 for E1299).

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

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

❌ R8 csv+axioms run 5 graded by code

Thirty entities had an issuer-rating downgrade dated 2026, listed in the JSON. The QA test records are excluded, and each duplicate cluster is named by its RATINGS record.

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

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

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

Thirty-one entities had a downgrade (DG) in 2026; they are listed in the JSON. I counted only issuer-rating downgrades, named duplicates by their RATINGS record, and ignored QA records.

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

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

31 issuers were downgraded in 2026 (QA records excluded, research duplicates mapped to the RATINGS record); they are listed in the JSON below.

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

30 issuers had a downgrade action dated 2026 (QA records ignored); the IDs are in the JSON. Examples are E08 (A21, A22) and E10 (A27).

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

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

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

31 entities had a downgrade (DG) recorded in 2026, listed in the JSON. Test records are excluded, and each duplicate is shown under its RATINGS record ID.

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

30 entities had a DG on an issuer rating in 2026, including E08, E10 and E1160. They are listed in the JSON. QA records are excluded. Instrument downgrades such as A29 are not counted.

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

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