Q19, run 2026-11-04-2022-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', 'E5013', 'E5019', 'E5020', 'E5023', 'E5039', 'E5050', 'E5057', 'E5059', 'E5062', 'E5073', 'E5097', 'E5099', 'E5102', 'E5113', 'E5116', 'E5119', 'E5131', 'E5141', 'E5156']

❌ R1 csv run 1 graded by code

55 issuers have a Negative outlook as their latest action, listed in the JSON. I did not count entities whose latest action was a Rating Watch, since it carries no outlook. I excluded actions dated after 1 Oct 2026, such as A1730 and A1736.

JSON: {"issuers": ["E01", "E09", "E1046", "E1056", "E1079", "E1080", "E1105", "E1118", "E1190", "E1211", "E1228", "E1271", "E1282", "E1300", "E1294", "E1340", "E1342", "E1343", "E1344", "E1345", "E1347", "E1348", "E1350", "E1351", "E5013", "E5019", "E5020", "E5023", "E5039", "E5050", "E5057", "E5059", "E5062", "E5073", "E5097", "E5099", "E5102", "E5113", "E5116", "E5119", "E5131", "E5141", "E5156", "E1072", "E1158", "E1248", "E1029", "E1059", "E1005", "E1034", "E1064", "E1188", "E1261", "E1263", "E1055"]}

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', 'E5013', 'E5019', 'E5020', 'E5023', 'E5039', 'E5050', 'E5057', 'E5059', 'E5062', 'E5073', 'E5097', 'E5099', 'E5102', 'E5113', 'E5116', 'E5119', 'E5131', 'E5141', 'E5156'], got ['E01', 'E09', 'E1046', 'E1056', 'E1079', 'E1080', 'E1105', 'E1118', 'E1190', 'E1211', 'E1228', 'E1271', 'E1282', 'E1300', 'E1294', 'E1340', 'E1342', 'E1343', 'E1344', 'E1345', 'E1347', 'E1348', 'E1350', 'E1351', 'E5013', 'E5019', 'E5020', 'E5023', 'E5039', 'E5050', 'E5057', 'E5059', 'E5062', 'E5073', 'E5097', 'E5099', 'E5102', 'E5113', 'E5116', 'E5119', 'E5131', 'E5141', 'E5156', 'E1072', 'E1158', 'E1248', 'E1029', 'E1059', 'E1005', 'E1034', 'E1064', 'E1188', 'E1261', 'E1263', 'E1055']

❌ R1 csv run 2 graded by code

The issuers whose latest outlook-bearing action is Negative are in the JSON. Entities whose latest action is an RW row (blank outlook) are excluded.

JSON: {"issuers": ["E01", "E09", "E1080", "E1056", "E1005", "E1079", "E1190", "E1046", "E1029", "E1072", "E1118", "E1034", "E1300", "E1282", "E1263", "E1271", "E1261", "E1294", "E1158", "E1160", "E1059", "E1064", "E1105", "E1228", "E1211", "E1055", "E5039", "E5050", "E5013", "E5020", "E5023", "E5019", "E5057", "E5059", "E5062", "E5073", "E5099", "E5102", "E5113", "E5116", "E5097", "E5119", "E5131", "E5141", "E5156"]}

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', 'E5013', 'E5019', 'E5020', 'E5023', 'E5039', 'E5050', 'E5057', 'E5059', 'E5062', 'E5073', 'E5097', 'E5099', 'E5102', 'E5113', 'E5116', 'E5119', 'E5131', 'E5141', 'E5156'], got ['E01', 'E09', 'E1080', 'E1056', 'E1005', 'E1079', 'E1190', 'E1046', 'E1029', 'E1072', 'E1118', 'E1034', 'E1300', 'E1282', 'E1263', 'E1271', 'E1261', 'E1294', 'E1158', 'E1160', 'E1059', 'E1064', 'E1105', 'E1228', 'E1211', 'E1055', 'E5039', 'E5050', 'E5013', 'E5020', 'E5023', 'E5019', 'E5057', 'E5059', 'E5062', 'E5073', 'E5099', 'E5102', 'E5113', 'E5116', 'E5097', 'E5119', 'E5131', 'E5141', 'E5156']

❌ R1 csv run 3 graded by code

54 issuers had a Negative outlook (list in JSON). These are entities whose latest action by date carries NEG. Under the same QA treatment as Q7, E1341 is excluded.

JSON: {"issuers": ["E01", "E09", "E1190", "E1056", "E1079", "E1046", "E1029", "E5050", "E5039", "E5059", "E5062", "E5020", "E5013", "E5023", "E5057", "E5073", "E5097", "E5099", "E5102", "E5113", "E5119", "E5131", "E5156", "E5170", "E5116", "E5019", "E1211", "E1248", "E1282", "E1261", "E1263", "E1300", "E1294", "E1228", "E1118", "E1105", "E1080", "E1072", "E1034", "E1064", "E1160", "E1188", "E1005", "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', 'E5013', 'E5019', 'E5020', 'E5023', 'E5039', 'E5050', 'E5057', 'E5059', 'E5062', 'E5073', 'E5097', 'E5099', 'E5102', 'E5113', 'E5116', 'E5119', 'E5131', 'E5141', 'E5156'], got ['E01', 'E09', 'E1190', 'E1056', 'E1079', 'E1046', 'E1029', 'E5050', 'E5039', 'E5059', 'E5062', 'E5020', 'E5013', 'E5023', 'E5057', 'E5073', 'E5097', 'E5099', 'E5102', 'E5113', 'E5119', 'E5131', 'E5156', 'E5170', 'E5116', 'E5019', 'E1211', 'E1248', 'E1282', 'E1261', 'E1263', 'E1300', 'E1294', 'E1228', 'E1118', 'E1105', 'E1080', 'E1072', 'E1034', 'E1064', 'E1160', 'E1188', 'E1005', 'E1340', 'E1342', 'E1343', 'E1344', 'E1345', 'E1346', 'E1347', 'E1348', 'E1349', 'E1350', 'E1351']

❌ R1 csv run 4 graded by code

Forty-five issuers (list in JSON). Their latest action as of 2026-10-01 carries a Negative outlook. Watch actions carry no outlook, so I treated them as superseding any earlier outlook.

JSON: {"issuers": ["E01", "E09", "E1056", "E1079", "E1046", "E1029", "E1080", "E1190", "E1118", "E1072", "E1282", "E1248", "E1263", "E1271", "E1228", "E1211", "E1034", "E1005", "E1064", "E1158", "E1188", "E1261", "E1294", "E1300", "E1055", "E1059", "E5019", "E5050", "E5020", "E5013", "E5023", "E5039", "E5057", "E5059", "E5062", "E5073", "E5097", "E5099", "E5102", "E5113", "E5116", "E5119", "E5131", "E5141", "E5156"]}

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', 'E5013', 'E5019', 'E5020', 'E5023', 'E5039', 'E5050', 'E5057', 'E5059', 'E5062', 'E5073', 'E5097', 'E5099', 'E5102', 'E5113', 'E5116', 'E5119', 'E5131', 'E5141', 'E5156'], got ['E01', 'E09', 'E1056', 'E1079', 'E1046', 'E1029', 'E1080', 'E1190', 'E1118', 'E1072', 'E1282', 'E1248', 'E1263', 'E1271', 'E1228', 'E1211', 'E1034', 'E1005', 'E1064', 'E1158', 'E1188', 'E1261', 'E1294', 'E1300', 'E1055', 'E1059', 'E5019', 'E5050', 'E5020', 'E5013', 'E5023', 'E5039', 'E5057', 'E5059', 'E5062', 'E5073', 'E5097', 'E5099', 'E5102', 'E5113', 'E5116', 'E5119', 'E5131', 'E5141', 'E5156']

❌ R1 csv run 5 graded by code

56 issuers, listed in the JSON (E01 via A03, E09 via A25, plus others whose latest action carries a Negative outlook). QA test records are excluded. This is a scan, not a verified run.

JSON: {"issuers": ["E01", "E09", "E1056", "E1046", "E1190", "E5039", "E5050", "E5059", "E5062", "E5013", "E5019", "E5020", "E5023", "E5057", "E5073", "E5097", "E5099", "E5102", "E5113", "E5116", "E5119", "E5131", "E5156", "E5141", "E1282", "E1080", "E1079", "E1072", "E1211", "E1248", "E1263", "E1261", "E1300", "E1034", "E1228", "E1118", "E1147", "E1160", "E1005", "E1029", "E1064", "E1188", "E1271", "E1294", "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', 'E5013', 'E5019', 'E5020', 'E5023', 'E5039', 'E5050', 'E5057', 'E5059', 'E5062', 'E5073', 'E5097', 'E5099', 'E5102', 'E5113', 'E5116', 'E5119', 'E5131', 'E5141', 'E5156'], got ['E01', 'E09', 'E1056', 'E1046', 'E1190', 'E5039', 'E5050', 'E5059', 'E5062', 'E5013', 'E5019', 'E5020', 'E5023', 'E5057', 'E5073', 'E5097', 'E5099', 'E5102', 'E5113', 'E5116', 'E5119', 'E5131', 'E5156', 'E5141', 'E1282', 'E1080', 'E1079', 'E1072', 'E1211', 'E1248', 'E1263', 'E1261', 'E1300', 'E1034', 'E1228', 'E1118', 'E1147', 'E1160', 'E1005', 'E1029', 'E1064', 'E1188', 'E1271', 'E1294', 'E1105']

❌ R4 csv+markdown run 1 graded by code

44 issuers, listed in the JSON, have a Negative outlook. The test is that the latest action on the rating by 2026-10-01 carries a NEG outlook; a later Rating Watch action (blank outlook) counts as no outlook.

JSON: {"issuers": ["E01", "E09", "E1056", "E1046", "E1079", "E1080", "E1118", "E1190", "E1211", "E1282", "E1294", "E1300", "E1263", "E1248", "E1228", "E1005", "E1029", "E1072", "E1105", "E1188", "E1261", "E1059", "E1034", "E1064", "E1158", "E5013", "E5019", "E5020", "E5023", "E5039", "E5050", "E5057", "E5059", "E5062", "E5073", "E5097", "E5099", "E5102", "E5113", "E5116", "E5119", "E5131", "E5141", "E5156"]}

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', 'E5013', 'E5019', 'E5020', 'E5023', 'E5039', 'E5050', 'E5057', 'E5059', 'E5062', 'E5073', 'E5097', 'E5099', 'E5102', 'E5113', 'E5116', 'E5119', 'E5131', 'E5141', 'E5156'], got ['E01', 'E09', 'E1056', 'E1046', 'E1079', 'E1080', 'E1118', 'E1190', 'E1211', 'E1282', 'E1294', 'E1300', 'E1263', 'E1248', 'E1228', 'E1005', 'E1029', 'E1072', 'E1105', 'E1188', 'E1261', 'E1059', 'E1034', 'E1064', 'E1158', 'E5013', 'E5019', 'E5020', 'E5023', 'E5039', 'E5050', 'E5057', 'E5059', 'E5062', 'E5073', 'E5097', 'E5099', 'E5102', 'E5113', 'E5116', 'E5119', 'E5131', 'E5141', 'E5156']

❌ R4 csv+markdown run 2 graded by code

41 issuers (list in the JSON). Each has a Negative outlook on its latest action. E1158 is included because its AF (A1338) is dated after its withdrawal.

JSON: {"issuers": ["E01", "E09", "E1046", "E1056", "E1029", "E1190", "E1080", "E1079", "E1118", "E1282", "E1300", "E1263", "E1228", "E1211", "E1248", "E1261", "E1271", "E1294", "E1072", "E1064", "E1158", "E1188", "E5013", "E5019", "E5020", "E5023", "E5039", "E5050", "E5057", "E5059", "E5062", "E5073", "E5097", "E5099", "E5102", "E5113", "E5116", "E5119", "E5131", "E5141", "E5156"]}

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', 'E5013', 'E5019', 'E5020', 'E5023', 'E5039', 'E5050', 'E5057', 'E5059', 'E5062', 'E5073', 'E5097', 'E5099', 'E5102', 'E5113', 'E5116', 'E5119', 'E5131', 'E5141', 'E5156'], got ['E01', 'E09', 'E1046', 'E1056', 'E1029', 'E1190', 'E1080', 'E1079', 'E1118', 'E1282', 'E1300', 'E1263', 'E1228', 'E1211', 'E1248', 'E1261', 'E1271', 'E1294', 'E1072', 'E1064', 'E1158', 'E1188', 'E5013', 'E5019', 'E5020', 'E5023', 'E5039', 'E5050', 'E5057', 'E5059', 'E5062', 'E5073', 'E5097', 'E5099', 'E5102', 'E5113', 'E5116', 'E5119', 'E5131', 'E5141', 'E5156']

❌ R4 csv+markdown run 3 graded by code

45 entities, listed in JSON. Each has a latest action with a NEG outlook. Entities whose latest action is a watch carry no outlook, so I excluded them (E1132, E1146).

JSON: {"issuers": ["E01", "E09", "E1005", "E1029", "E1034", "E1046", "E1055", "E1056", "E1064", "E1072", "E1079", "E1080", "E1105", "E1118", "E1158", "E1188", "E1190", "E1211", "E1228", "E1248", "E1261", "E1263", "E1271", "E1282", "E1294", "E1300", "E5013", "E5019", "E5020", "E5023", "E5039", "E5050", "E5057", "E5059", "E5062", "E5073", "E5097", "E5099", "E5102", "E5113", "E5116", "E5119", "E5131", "E5141", "E5156"]}

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', 'E5013', 'E5019', 'E5020', 'E5023', 'E5039', 'E5050', 'E5057', 'E5059', 'E5062', 'E5073', 'E5097', 'E5099', 'E5102', 'E5113', 'E5116', 'E5119', 'E5131', 'E5141', 'E5156'], got ['E01', 'E09', 'E1005', 'E1029', 'E1034', 'E1046', 'E1055', 'E1056', 'E1064', 'E1072', 'E1079', 'E1080', 'E1105', 'E1118', 'E1158', 'E1188', 'E1190', 'E1211', 'E1228', 'E1248', 'E1261', 'E1263', 'E1271', 'E1282', 'E1294', 'E1300', 'E5013', 'E5019', 'E5020', 'E5023', 'E5039', 'E5050', 'E5057', 'E5059', 'E5062', 'E5073', 'E5097', 'E5099', 'E5102', 'E5113', 'E5116', 'E5119', 'E5131', 'E5141', 'E5156']

❌ R4 csv+markdown run 4 graded by code

43 issuers (listed in the JSON), based on each entity's latest LTIDR action having outlook NEG. Where the latest action is a watch with a blank outlook (E1146, E1132), I did not count it.

JSON: {"issuers": ["E01", "E09", "E1282", "E1294", "E5020", "E5023", "E5019", "E5013", "E5039", "E5050", "E5057", "E5059", "E5062", "E5073", "E5099", "E5102", "E5113", "E5116", "E5119", "E5131", "E5141", "E5156", "E5097", "E1034", "E1046", "E1056", "E1072", "E1079", "E1080", "E1118", "E1160", "E1188", "E1190", "E1211", "E1228", "E1263", "E1271", "E1300", "E1248", "E1261", "E1005", "E1029", "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', 'E5013', 'E5019', 'E5020', 'E5023', 'E5039', 'E5050', 'E5057', 'E5059', 'E5062', 'E5073', 'E5097', 'E5099', 'E5102', 'E5113', 'E5116', 'E5119', 'E5131', 'E5141', 'E5156'], got ['E01', 'E09', 'E1282', 'E1294', 'E5020', 'E5023', 'E5019', 'E5013', 'E5039', 'E5050', 'E5057', 'E5059', 'E5062', 'E5073', 'E5099', 'E5102', 'E5113', 'E5116', 'E5119', 'E5131', 'E5141', 'E5156', 'E5097', 'E1034', 'E1046', 'E1056', 'E1072', 'E1079', 'E1080', 'E1118', 'E1160', 'E1188', 'E1190', 'E1211', 'E1228', 'E1263', 'E1271', 'E1300', 'E1248', 'E1261', 'E1005', 'E1029', 'E1059']

❌ R4 csv+markdown run 5 graded by code

43 issuers (list in the JSON). Each has a NEG outlook on its latest action as of 1 Oct 2026. I treated a Watch action, which carries no outlook, as clearing the outlook.

JSON: {"issuers": ["E01", "E09", "E1056", "E1080", "E1190", "E5039", "E1046", "E1029", "E1072", "E5050", "E1118", "E1211", "E1282", "E1261", "E1263", "E1300", "E1294", "E1228", "E1271", "E5013", "E5020", "E5019", "E5023", "E5057", "E5059", "E5062", "E5073", "E5097", "E5099", "E5102", "E5113", "E5116", "E5119", "E5131", "E5141", "E5156", "E1158", "E1034", "E1064", "E1079", "E1188", "E1055", "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', 'E5013', 'E5019', 'E5020', 'E5023', 'E5039', 'E5050', 'E5057', 'E5059', 'E5062', 'E5073', 'E5097', 'E5099', 'E5102', 'E5113', 'E5116', 'E5119', 'E5131', 'E5141', 'E5156'], got ['E01', 'E09', 'E1056', 'E1080', 'E1190', 'E5039', 'E1046', 'E1029', 'E1072', 'E5050', 'E1118', 'E1211', 'E1282', 'E1261', 'E1263', 'E1300', 'E1294', 'E1228', 'E1271', 'E5013', 'E5020', 'E5019', 'E5023', 'E5057', 'E5059', 'E5062', 'E5073', 'E5097', 'E5099', 'E5102', 'E5113', 'E5116', 'E5119', 'E5131', 'E5141', 'E5156', 'E1158', 'E1034', 'E1064', 'E1079', 'E1188', 'E1055', 'E1005']

✅ R10 executed run 1 graded by code

47 issuers (listed in the JSON). E5033 is excluded because its NEG outlook starts 2026-11-06, after the data date.

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", "E5013", "E5019", "E5020", "E5023", "E5039", "E5050", "E5057", "E5059", "E5062", "E5073", "E5097", "E5099", "E5102", "E5113", "E5116", "E5119", "E5131", "E5141", "E5156"]}

✅ R10 executed run 2 graded by code

47 issuers have a Negative outlook, listed in the JSON below. E5033's Negative outlook starts after the as-of date, so it is excluded.

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", "E5013", "E5019", "E5020", "E5023", "E5039", "E5050", "E5057", "E5059", "E5062", "E5073", "E5097", "E5099", "E5102", "E5113", "E5116", "E5119", "E5131", "E5141", "E5156"]}

❌ R10 executed run 3 graded by code

46 entities, listed in the JSON. These are entities with an open row carrying a Negative outlook.

JSON: {"issuers": ["E01", "E09", "E1005", "E1029", "E1034", "E1046", "E1055", "E1056", "E1059", "E1064", "E1072", "E1079", "E1080", "E1118", "E1158", "E1160", "E1190", "E1211", "E1228", "E1248", "E1261", "E1263", "E1271", "E1282", "E1294", "E1300", "E5013", "E5019", "E5020", "E5023", "E5033", "E5039", "E5050", "E5057", "E5059", "E5062", "E5073", "E5097", "E5099", "E5102", "E5113", "E5116", "E5119", "E5131", "E5141", "E5156"]}

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', 'E5013', 'E5019', 'E5020', 'E5023', 'E5039', 'E5050', 'E5057', 'E5059', 'E5062', 'E5073', 'E5097', 'E5099', 'E5102', 'E5113', 'E5116', 'E5119', 'E5131', 'E5141', 'E5156'], got ['E01', 'E09', 'E1005', 'E1029', 'E1034', 'E1046', 'E1055', 'E1056', 'E1059', 'E1064', 'E1072', 'E1079', 'E1080', 'E1118', 'E1158', 'E1160', 'E1190', 'E1211', 'E1228', 'E1248', 'E1261', 'E1263', 'E1271', 'E1282', 'E1294', 'E1300', 'E5013', 'E5019', 'E5020', 'E5023', 'E5033', 'E5039', 'E5050', 'E5057', 'E5059', 'E5062', 'E5073', 'E5097', 'E5099', 'E5102', 'E5113', 'E5116', 'E5119', 'E5131', 'E5141', 'E5156']

❌ R10 executed run 4 graded by code

46 issuers with outlook NEG in force on 2026-10-01, listed in the JSON. E5033's NEG row starts 2026-11-06, so it is excluded.

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", "E5013", "E5019", "E5020", "E5023", "E5039", "E5050", "E5057", "E5059", "E5062", "E5073", "E5097", "E5099", "E5102", "E5113", "E5116", "E5119", "E5131", "E5141", "E5156"]}

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', 'E5013', 'E5019', 'E5020', 'E5023', 'E5039', 'E5050', 'E5057', 'E5059', 'E5062', 'E5073', 'E5097', 'E5099', 'E5102', 'E5113', 'E5116', 'E5119', 'E5131', 'E5141', 'E5156'], 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', 'E5013', 'E5019', 'E5020', 'E5023', 'E5039', 'E5050', 'E5057', 'E5059', 'E5062', 'E5073', 'E5097', 'E5099', 'E5102', 'E5113', 'E5116', 'E5119', 'E5131', 'E5141', 'E5156']

❌ R10 executed run 5 graded by code

46 entities (listed in the JSON), based on the outlook in force on 1 October 2026.

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", "E1282", "E1294", "E1300", "E5013", "E5019", "E5020", "E5023", "E5039", "E5050", "E5057", "E5059", "E5062", "E5073", "E5097", "E5099", "E5102", "E5113", "E5116", "E5119", "E5131", "E5141", "E5156"]}

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', 'E5013', 'E5019', 'E5020', 'E5023', 'E5039', 'E5050', 'E5057', 'E5059', 'E5062', 'E5073', 'E5097', 'E5099', 'E5102', 'E5113', 'E5116', 'E5119', 'E5131', 'E5141', 'E5156'], got ['E01', 'E09', 'E1005', 'E1029', 'E1034', 'E1046', 'E1055', 'E1056', 'E1059', 'E1064', 'E1072', 'E1079', 'E1080', 'E1118', 'E1158', 'E1160', 'E1188', 'E1190', 'E1211', 'E1228', 'E1248', 'E1261', 'E1263', 'E1271', 'E1282', 'E1294', 'E1300', 'E5013', 'E5019', 'E5020', 'E5023', 'E5039', 'E5050', 'E5057', 'E5059', 'E5062', 'E5073', 'E5097', 'E5099', 'E5102', 'E5113', 'E5116', 'E5119', 'E5131', 'E5141', 'E5156']

❌ R8 csv+axioms run 1 graded by code

49 issuers had a Negative outlook; the IDs are in the JSON. These are issuers whose latest action carries NEG, with E5033 excluded because its downgrade (A5028) is dated after 2026-10-01.

JSON: {"issuers": ["E01", "E09", "E1056", "E1046", "E1029", "E1079", "E1080", "E1190", "E1072", "E1118", "E1211", "E1282", "E1300", "E1158", "E1248", "E1262", "E1263", "E1034", "E1064", "E1271", "E1294", "E1105", "E1188", "E5039", "E5050", "E5062", "E5059", "E5020", "E5013", "E5023", "E5019", "E5057", "E5073", "E5097", "E5099", "E5102", "E5113", "E5116", "E5119", "E5131", "E5156", "E5141"]}

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', 'E5013', 'E5019', 'E5020', 'E5023', 'E5039', 'E5050', 'E5057', 'E5059', 'E5062', 'E5073', 'E5097', 'E5099', 'E5102', 'E5113', 'E5116', 'E5119', 'E5131', 'E5141', 'E5156'], got ['E01', 'E09', 'E1056', 'E1046', 'E1029', 'E1079', 'E1080', 'E1190', 'E1072', 'E1118', 'E1211', 'E1282', 'E1300', 'E1158', 'E1248', 'E1262', 'E1263', 'E1034', 'E1064', 'E1271', 'E1294', 'E1105', 'E1188', 'E5039', 'E5050', 'E5062', 'E5059', 'E5020', 'E5013', 'E5023', 'E5019', 'E5057', 'E5073', 'E5097', 'E5099', 'E5102', 'E5113', 'E5116', 'E5119', 'E5131', 'E5156', 'E5141']

❌ R8 csv+axioms run 2 graded by code

45 issuers had Negative as the outlook on their latest action on 2026-10-01. E5033's downgrade (A5028) is dated after the cutoff.

JSON: {"issuers": ["E01", "E09", "E1056", "E1079", "E1190", "E1046", "E1072", "E1080", "E1118", "E1034", "E1055", "E1161", "E1282", "E1300", "E1158", "E1262", "E1263", "E1294", "E1248", "E1064", "E1005", "E1029", "E1228", "E1211", "E1188", "E1060", "E5039", "E5050", "E5059", "E5062", "E5020", "E5023", "E5013", "E5019", "E5057", "E5073", "E5097", "E5099", "E5102", "E5113", "E5116", "E5119", "E5131", "E5141", "E5156"]}

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', 'E5013', 'E5019', 'E5020', 'E5023', 'E5039', 'E5050', 'E5057', 'E5059', 'E5062', 'E5073', 'E5097', 'E5099', 'E5102', 'E5113', 'E5116', 'E5119', 'E5131', 'E5141', 'E5156'], got ['E01', 'E09', 'E1056', 'E1079', 'E1190', 'E1046', 'E1072', 'E1080', 'E1118', 'E1034', 'E1055', 'E1161', 'E1282', 'E1300', 'E1158', 'E1262', 'E1263', 'E1294', 'E1248', 'E1064', 'E1005', 'E1029', 'E1228', 'E1211', 'E1188', 'E1060', 'E5039', 'E5050', 'E5059', 'E5062', 'E5020', 'E5023', 'E5013', 'E5019', 'E5057', 'E5073', 'E5097', 'E5099', 'E5102', 'E5113', 'E5116', 'E5119', 'E5131', 'E5141', 'E5156']

❌ R8 csv+axioms run 3 graded by code

46 issuers (list in JSON). Each has a latest in-force action with a Negative outlook, and no later action replaces it.

JSON: {"issuers": ["E01", "E09", "E1079", "E1046", "E1029", "E1080", "E1056", "E1072", "E1118", "E1190", "E1211", "E1248", "E1262", "E1271", "E1282", "E1188", "E1294", "E1300", "E1263", "E1228", "E1034", "E1064", "E1158", "E1005", "E1055", "E1105", "E1060", "E5020", "E5013", "E5019", "E5023", "E5039", "E5050", "E5057", "E5059", "E5062", "E5073", "E5097", "E5099", "E5102", "E5113", "E5116", "E5119", "E5131", "E5141", "E5156"]}

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', 'E5013', 'E5019', 'E5020', 'E5023', 'E5039', 'E5050', 'E5057', 'E5059', 'E5062', 'E5073', 'E5097', 'E5099', 'E5102', 'E5113', 'E5116', 'E5119', 'E5131', 'E5141', 'E5156'], got ['E01', 'E09', 'E1079', 'E1046', 'E1029', 'E1080', 'E1056', 'E1072', 'E1118', 'E1190', 'E1211', 'E1248', 'E1262', 'E1271', 'E1282', 'E1188', 'E1294', 'E1300', 'E1263', 'E1228', 'E1034', 'E1064', 'E1158', 'E1005', 'E1055', 'E1105', 'E1060', 'E5020', 'E5013', 'E5019', 'E5023', 'E5039', 'E5050', 'E5057', 'E5059', 'E5062', 'E5073', 'E5097', 'E5099', 'E5102', 'E5113', 'E5116', 'E5119', 'E5131', 'E5141', 'E5156']

❌ R8 csv+axioms run 4 graded by code

45 entities, listed in the JSON. Each has a Negative outlook on its latest in-force action, for example A03 on E01 and A25 on E09. This list is hand-compiled and may miss an entity.

JSON: {"issuers": ["E01", "E09", "E1005", "E1029", "E1034", "E1046", "E1055", "E1056", "E1059", "E1064", "E1072", "E1079", "E1080", "E1105", "E1118", "E1158", "E1160", "E1188", "E1190", "E1211", "E1228", "E1261", "E1263", "E1282", "E1294", "E1300", "E5013", "E5019", "E5020", "E5023", "E5039", "E5050", "E5057", "E5059", "E5062", "E5073", "E5097", "E5099", "E5102", "E5113", "E5116", "E5119", "E5131", "E5141", "E5156"]}

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', 'E5013', 'E5019', 'E5020', 'E5023', 'E5039', 'E5050', 'E5057', 'E5059', 'E5062', 'E5073', 'E5097', 'E5099', 'E5102', 'E5113', 'E5116', 'E5119', 'E5131', 'E5141', 'E5156'], got ['E01', 'E09', 'E1005', 'E1029', 'E1034', 'E1046', 'E1055', 'E1056', 'E1059', 'E1064', 'E1072', 'E1079', 'E1080', 'E1105', 'E1118', 'E1158', 'E1160', 'E1188', 'E1190', 'E1211', 'E1228', 'E1261', 'E1263', 'E1282', 'E1294', 'E1300', 'E5013', 'E5019', 'E5020', 'E5023', 'E5039', 'E5050', 'E5057', 'E5059', 'E5062', 'E5073', 'E5097', 'E5099', 'E5102', 'E5113', 'E5116', 'E5119', 'E5131', 'E5141', 'E5156']

❌ R8 csv+axioms run 5 graded by code

44 issuers, listed in the JSON. Each has a NEG outlook on its latest action, and watch placements carry no outlook.

JSON: {"issuers": ["E01", "E09", "E1046", "E1056", "E1079", "E1080", "E1029", "E1190", "E1211", "E1282", "E1118", "E1248", "E1262", "E1263", "E1294", "E1300", "E1158", "E1005", "E1034", "E1072", "E1188", "E1228", "E1064", "E1105", "E1059", "E5013", "E5019", "E5020", "E5023", "E5039", "E5050", "E5057", "E5059", "E5062", "E5073", "E5099", "E5102", "E5113", "E5116", "E5119", "E5131", "E5141", "E5156", "E5097"]}

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', 'E5013', 'E5019', 'E5020', 'E5023', 'E5039', 'E5050', 'E5057', 'E5059', 'E5062', 'E5073', 'E5097', 'E5099', 'E5102', 'E5113', 'E5116', 'E5119', 'E5131', 'E5141', 'E5156'], got ['E01', 'E09', 'E1046', 'E1056', 'E1079', 'E1080', 'E1029', 'E1190', 'E1211', 'E1282', 'E1118', 'E1248', 'E1262', 'E1263', 'E1294', 'E1300', 'E1158', 'E1005', 'E1034', 'E1072', 'E1188', 'E1228', 'E1064', 'E1105', 'E1059', 'E5013', 'E5019', 'E5020', 'E5023', 'E5039', 'E5050', 'E5057', 'E5059', 'E5062', 'E5073', 'E5099', 'E5102', 'E5113', 'E5116', 'E5119', 'E5131', 'E5141', 'E5156', 'E5097']