Q7, run 2026-11-04-2022-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', 'E5019', 'E5033', 'E5059', 'E5097', 'E5113', 'E5116', 'E5156']

❌ R1 csv run 1 graded by code

I counted 48 issuers with a downgrade action dated 2026, listed in the JSON with duplicates merged to the RATINGS record. I excluded E1341 and E5033, whose downgrades are dated after today (A1720, A5028).

JSON: {"issuers": ["E08", "E10", "E16", "E1169", "E1051", "E1080", "E1307", "E1298", "E1167", "E1160", "E1285", "E1263", "E1255", "E1243", "E1228", "E1213", "E1229", "E1294", "E1290", "E1300", "E1340", "E1342", "E1343", "E1344", "E1345", "E1346", "E1347", "E1348", "E1349", "E1350", "E1351", "E1064", "E1112", "E1093", "E1053", "E1057", "E1058", "E1159", "E1163", "E1186", "E1144", "E1151", "E5116", "E5113", "E5059", "E5097", "E5019", "E5156"]}

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', 'E5019', 'E5033', 'E5059', 'E5097', 'E5113', 'E5116', 'E5156'], got ['E08', 'E10', 'E16', 'E1169', 'E1051', 'E1080', 'E1307', 'E1298', 'E1167', 'E1160', 'E1285', 'E1263', 'E1255', 'E1243', 'E1228', 'E1213', 'E1229', 'E1294', 'E1290', 'E1300', 'E1340', 'E1342', 'E1343', 'E1344', 'E1345', 'E1346', 'E1347', 'E1348', 'E1349', 'E1350', 'E1351', 'E1064', 'E1112', 'E1093', 'E1053', 'E1057', 'E1058', 'E1159', 'E1163', 'E1186', 'E1144', 'E1151', 'E5116', 'E5113', 'E5059', 'E5097', 'E5019', 'E5156']

❌ R1 csv run 2 graded by code

The issuers with a downgrade dated 2026 are in the JSON. I mapped RESEARCH duplicates to their RATINGS record and excluded QA-source records. I also excluded A5028 (E5033), which is dated 2026-11-06, after today.

JSON: {"issuers": ["E08", "E10", "E1051", "E1080", "E1307", "E1167", "E1169", "E5019", "E5116", "E5113", "E1160", "E1298", "E1294", "E1290", "E1285", "E1263", "E1159", "E1163", "E1186", "E1213", "E1228", "E1229", "E1243", "E1255", "E1300", "E1112", "E1064", "E1053", "E1057", "E1058", "E1034", "E1093", "E1144", "E1151", "E5156", "E5059"]}

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', 'E5019', 'E5033', 'E5059', 'E5097', 'E5113', 'E5116', 'E5156'], got ['E08', 'E10', 'E1051', 'E1080', 'E1307', 'E1167', 'E1169', 'E5019', 'E5116', 'E5113', 'E1160', 'E1298', 'E1294', 'E1290', 'E1285', 'E1263', 'E1159', 'E1163', 'E1186', 'E1213', 'E1228', 'E1229', 'E1243', 'E1255', 'E1300', 'E1112', 'E1064', 'E1053', 'E1057', 'E1058', 'E1034', 'E1093', 'E1144', 'E1151', 'E5156', 'E5059']

❌ R1 csv run 3 graded by code

48 issuers had 2026 downgrades (list in JSON). The RESEARCH duplicates are mapped to their RATINGS records. QA-source entities are included because the data doesn't say to exclude them. The E1341 (A1720) and E5033 (A5028) downgrades are dated after today and are excluded.

JSON: {"issuers": ["E08", "E10", "E16", "E1169", "E1051", "E1080", "E1307", "E1345", "E1350", "E1167", "E1160", "E5156", "E5116", "E5059", "E1351", "E1344", "E1346", "E1343", "E1342", "E1347", "E1348", "E1349", "E1340", "E1213", "E1228", "E1229", "E1255", "E1263", "E1285", "E1290", "E1294", "E1298", "E1300", "E1112", "E1093", "E1064", "E1163", "E1159", "E1186", "E1243", "E1034", "E1053", "E1057", "E1058", "E1144", "E5019", "E5113", "E5097"]}

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', 'E5019', 'E5033', 'E5059', 'E5097', 'E5113', 'E5116', 'E5156'], got ['E08', 'E10', 'E16', 'E1169', 'E1051', 'E1080', 'E1307', 'E1345', 'E1350', 'E1167', 'E1160', 'E5156', 'E5116', 'E5059', 'E1351', 'E1344', 'E1346', 'E1343', 'E1342', 'E1347', 'E1348', 'E1349', 'E1340', 'E1213', 'E1228', 'E1229', 'E1255', 'E1263', 'E1285', 'E1290', 'E1294', 'E1298', 'E1300', 'E1112', 'E1093', 'E1064', 'E1163', 'E1159', 'E1186', 'E1243', 'E1034', 'E1053', 'E1057', 'E1058', 'E1144', 'E5019', 'E5113', 'E5097']

❌ R1 csv run 4 graded by code

Thirty-seven issuers were downgraded in 2026 (list in JSON).
- I excluded E1341 (A1720, dated 2026-11-09) because it is after today's date.
- I excluded QA-source records (E16, E1340–E1351, E5170) as test data.
- I mapped RESEARCH duplicates to their RATINGS record.

JSON: {"issuers": ["E10", "E08", "E1169", "E1051", "E1080", "E1167", "E1307", "E1298", "E5116", "E5059", "E5156", "E1160", "E1034", "E1163", "E5019", "E1290", "E1294", "E1285", "E1263", "E1213", "E1255", "E1112", "E1064", "E1053", "E1058", "E1057", "E1093", "E5113", "E1300", "E1228", "E1186", "E1159", "E1144", "E1243", "E1151", "E1229", "E5097"]}

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', 'E5019', 'E5033', 'E5059', 'E5097', 'E5113', 'E5116', 'E5156'], got ['E10', 'E08', 'E1169', 'E1051', 'E1080', 'E1167', 'E1307', 'E1298', 'E5116', 'E5059', 'E5156', 'E1160', 'E1034', 'E1163', 'E5019', 'E1290', 'E1294', 'E1285', 'E1263', 'E1213', 'E1255', 'E1112', 'E1064', 'E1053', 'E1058', 'E1057', 'E1093', 'E5113', 'E1300', 'E1228', 'E1186', 'E1159', 'E1144', 'E1243', 'E1151', 'E1229', 'E5097']

❌ R1 csv run 5 graded by code

37 issuers had a 2026 downgrade (list in JSON). I excluded QA-source test records (E16, E1340–E1351) and the future-dated A1720/A5028, and mapped RESEARCH duplicates to their RATINGS record. This is a scan, not a verified run.

JSON: {"issuers": ["E08", "E10", "E1169", "E1051", "E1080", "E1307", "E1167", "E1229", "E5156", "E5116", "E5059", "E1285", "E1298", "E1160", "E1263", "E1186", "E1064", "E1053", "E1058", "E5097", "E1093", "E1294", "E1290", "E1112", "E1159", "E1163", "E1213", "E1255", "E1300", "E5113", "E5019", "E1228", "E1243", "E1144", "E1151", "E1057", "E1034"]}

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', 'E5019', 'E5033', 'E5059', 'E5097', 'E5113', 'E5116', 'E5156'], got ['E08', 'E10', 'E1169', 'E1051', 'E1080', 'E1307', 'E1167', 'E1229', 'E5156', 'E5116', 'E5059', 'E1285', 'E1298', 'E1160', 'E1263', 'E1186', 'E1064', 'E1053', 'E1058', 'E5097', 'E1093', 'E1294', 'E1290', 'E1112', 'E1159', 'E1163', 'E1213', 'E1255', 'E1300', 'E5113', 'E5019', 'E1228', 'E1243', 'E1144', 'E1151', 'E1057', 'E1034']

✅ R4 csv+markdown run 1 graded by code

38 issuers received a downgrade (DG) action dated in 2026, listed in the JSON. RESEARCH-record actions are mapped to the RATINGS record of the same LEI, QA records are ignored, and A5028 (2026-11-06) is included because it is dated 2026.

JSON: {"issuers": ["E08", "E10", "E1169", "E1051", "E1080", "E1307", "E1167", "E1298", "E1160", "E5156", "E5116", "E5059", "E1053", "E1058", "E1285", "E1294", "E1263", "E1290", "E1186", "E1159", "E1163", "E1144", "E1228", "E1229", "E1213", "E1112", "E1093", "E5113", "E5019", "E5033", "E1064", "E1243", "E1255", "E1300", "E1151", "E5097", "E1057", "E1034"]}

✅ R4 csv+markdown run 2 graded by code

There are 38 issuers with a downgrade dated 2026 (list in the JSON). Duplicate research records are reported under their RATINGS ID. E5033's downgrade A5028 is dated 2026-11-06, after today's date, so that entry is doubtful.

JSON: {"issuers": ["E08", "E10", "E1169", "E1051", "E1080", "E1307", "E1167", "E1298", "E1160", "E1034", "E1290", "E1285", "E1294", "E1263", "E1255", "E1228", "E1243", "E1229", "E1213", "E1159", "E1151", "E1144", "E1163", "E1064", "E1053", "E1112", "E1093", "E1186", "E1058", "E1057", "E5116", "E5113", "E5059", "E5019", "E5097", "E5156", "E5033", "E1300"]}

❌ R4 csv+markdown run 3 graded by code

35 entities had a 2026 downgrade (list in JSON). I excluded QA records and A5028 (E5033), which is dated 2026-11-06, after today.

JSON: {"issuers": ["E08", "E10", "E1169", "E1051", "E1080", "E1307", "E1167", "E1298", "E1160", "E5156", "E5116", "E5059", "E1285", "E1263", "E1290", "E1294", "E1228", "E1229", "E1243", "E1300", "E1093", "E1112", "E1064", "E1053", "E1058", "E1057", "E1159", "E1163", "E1186", "E1144", "E1213", "E1255", "E5113", "E5097", "E5019"]}

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', 'E5019', 'E5033', 'E5059', 'E5097', 'E5113', 'E5116', 'E5156'], got ['E08', 'E10', 'E1169', 'E1051', 'E1080', 'E1307', 'E1167', 'E1298', 'E1160', 'E5156', 'E5116', 'E5059', 'E1285', 'E1263', 'E1290', 'E1294', 'E1228', 'E1229', 'E1243', 'E1300', 'E1093', 'E1112', 'E1064', 'E1053', 'E1058', 'E1057', 'E1159', 'E1163', 'E1186', 'E1144', 'E1213', 'E1255', 'E5113', 'E5097', 'E5019']

✅ R4 csv+markdown run 4 graded by code

38 entities had a downgrade in 2026 (listed in the JSON, using RATINGS IDs for duplicate records). I excluded QA records, and counted A5028 (E5033, dated 2026-11-06) even though it is later than today.

JSON: {"issuers": ["E08", "E10", "E1169", "E1051", "E1080", "E1307", "E1167", "E1298", "E5156", "E5116", "E5059", "E1160", "E1285", "E1263", "E1290", "E1034", "E1294", "E5033", "E1300", "E1229", "E1228", "E1243", "E1255", "E1213", "E1112", "E1093", "E1064", "E1144", "E1159", "E1163", "E1053", "E1057", "E1058", "E1186", "E5113", "E5097", "E5019", "E1151"]}

✅ R4 csv+markdown run 5 graded by code

38 issuers (list in the JSON). These are the non-QA issuer ratings with a DG action dated 2026, with duplicate-LEI records merged. This includes E5033, whose DG (A5028) is dated 2026-11-06, after today's date.

JSON: {"issuers": ["E08", "E10", "E1169", "E1051", "E1080", "E1307", "E1167", "E5116", "E5059", "E5097", "E1298", "E1160", "E1290", "E5019", "E1294", "E1285", "E5033", "E1093", "E1112", "E1263", "E1255", "E1064", "E1053", "E1058", "E1057", "E1186", "E1228", "E1243", "E1159", "E1163", "E1144", "E1034", "E1213", "E1300", "E5113", "E5156", "E1229", "E1151"]}

❌ R10 executed run 1 graded by code

36 issuers had a real rating-level downgrade in 2026 (listed in the JSON). I judged this by the rating falling, not by the action label. E5116's DG (A5088) is an outlook-only change, so I excluded it. E5033's drop starts 2026-11-06, after the data date.

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", "E5019", "E5059", "E5097", "E5113", "E5156"]}

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', 'E5019', 'E5033', 'E5059', 'E5097', 'E5113', 'E5116', 'E5156'], got ['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', 'E5019', 'E5059', 'E5097', 'E5113', 'E5156']

❌ R10 executed run 2 graded by code

36 issuers had a lower rating letter in 2026, judged by comparing ratings rather than action codes, because some actions are mislabelled. For example, E1064's A- to BBB+ on 2026-02-02 is coded AF (A1141), while E5116's 2026-05-16 DG (A5088) kept A and only changed the outlook, so I excluded it. E5033's DG starts 2026-11-06, after the as-of date, so I excluded it too.

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', 'E5019', 'E5033', 'E5059', 'E5097', 'E5113', 'E5116', 'E5156'], got ['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', 'E5019', 'E5059', 'E5097', 'E5113', 'E5156']

❌ R10 executed run 3 graded by code

36 issuers, listed in the JSON. I counted a downgrade as a lower rating level than the prior row, not the action code. E1064 (A- to BBB+, labelled AF) is therefore included, and E5116 (A STA to A NEG, labelled DG) is excluded. E5033's cut (A5028) is dated 2026-11-06, after the 1 Oct 2026 snapshot, so I excluded it.

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', 'E5019', 'E5033', 'E5059', 'E5097', 'E5113', 'E5116', 'E5156'], got ['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', 'E5019', 'E5059', 'E5097', 'E5113', 'E5156']

❌ R10 executed run 4 graded by code

36 issuers had an issuer-rating decrease in 2026, listed in the JSON. I judged by actual rating-level falls rather than the action label. For example, E1064's A- to BBB+ fall (A1141) is labelled AF, and outlook-only DG rows such as E5116 are excluded. E5033's DG dated 2026-11-06 is after 1 Oct 2026 and 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', 'E5019', 'E5033', 'E5059', 'E5097', 'E5113', 'E5116', 'E5156'], got ['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', 'E5019', 'E5059', 'E5097', 'E5113', 'E5156']

❌ R10 executed run 5 graded by code

37 entities had a downgrade in 2026 (listed in the JSON below). I counted any entity with a DG action in 2026 or a drop in rating level. E5116 is included only because its DG (A5088) moved the outlook, not the rating. E5033's downgrade starts 2026-11-06, after 1 October, 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', 'E5019', 'E5033', 'E5059', 'E5097', 'E5113', 'E5116', 'E5156'], got ['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', 'E5019', 'E5059', 'E5097', 'E5113', 'E5116', 'E5156']

❌ R8 csv+axioms run 1 graded by code

36 issuers had a 2026 downgrade; the IDs are in the JSON. Test records (QA) are excluded, and research duplicates such as E1170, E1161 and E1299 are listed under their own record IDs.

JSON: {"issuers": ["E08", "E10", "E1170", "E1051", "E1080", "E1307", "E1167", "E5156", "E5116", "E5059", "E1161", "E1299", "E1285", "E1263", "E1290", "E1058", "E1053", "E1034", "E1064", "E1112", "E1229", "E1228", "E1213", "E1159", "E1144", "E1057", "E1294", "E1300", "E1255", "E1186", "E1093", "E1151", "E5113", "E5019", "E5097", "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', 'E5019', 'E5033', 'E5059', 'E5097', 'E5113', 'E5116', 'E5156'], got ['E08', 'E10', 'E1170', 'E1051', 'E1080', 'E1307', 'E1167', 'E5156', 'E5116', 'E5059', 'E1161', 'E1299', 'E1285', 'E1263', 'E1290', 'E1058', 'E1053', 'E1034', 'E1064', 'E1112', 'E1229', 'E1228', 'E1213', 'E1159', 'E1144', 'E1057', 'E1294', 'E1300', 'E1255', 'E1186', 'E1093', 'E1151', 'E5113', 'E5019', 'E5097', 'E1243']

❌ R8 csv+axioms run 2 graded by code

37 non-test entities were downgraded in 2026 (listed in the JSON). They include E1057 and E1159, which were later withdrawn. I excluded the QA records and A5028, which is dated 2026-11-06, after today.

JSON: {"issuers": ["E08", "E10", "E1170", "E1051", "E1080", "E1307", "E1167", "E5116", "E5059", "E1290", "E1299", "E1161", "E1285", "E1263", "E1255", "E1243", "E1228", "E1229", "E1213", "E1186", "E1159", "E1163", "E1144", "E1151", "E1112", "E1093", "E1064", "E1053", "E1058", "E1057", "E1034", "E1294", "E1300", "E5113", "E5019", "E5156", "E5097"]}

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', 'E5019', 'E5033', 'E5059', 'E5097', 'E5113', 'E5116', 'E5156'], got ['E08', 'E10', 'E1170', 'E1051', 'E1080', 'E1307', 'E1167', 'E5116', 'E5059', 'E1290', 'E1299', 'E1161', 'E1285', 'E1263', 'E1255', 'E1243', 'E1228', 'E1229', 'E1213', 'E1186', 'E1159', 'E1163', 'E1144', 'E1151', 'E1112', 'E1093', 'E1064', 'E1053', 'E1058', 'E1057', 'E1034', 'E1294', 'E1300', 'E5113', 'E5019', 'E5156', 'E5097']

❌ R8 csv+axioms run 3 graded by code

35 issuers (list in JSON). They have a 2026 downgrade (DG) on an issuer rating. I excluded QA test records and instrument downgrades such as A29. I also excluded A5028 (E5033), which is dated 2026-11-06, after today.

JSON: {"issuers": ["E08", "E10", "E1170", "E1051", "E1080", "E1307", "E1167", "E1299", "E1161", "E1163", "E1159", "E1034", "E1112", "E1053", "E1057", "E1058", "E1064", "E1093", "E1263", "E1285", "E1144", "E1213", "E1228", "E1243", "E1255", "E1294", "E1300", "E1290", "E1186", "E5019", "E5097", "E5116", "E5113", "E5059", "E5156"]}

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', 'E5019', 'E5033', 'E5059', 'E5097', 'E5113', 'E5116', 'E5156'], got ['E08', 'E10', 'E1170', 'E1051', 'E1080', 'E1307', 'E1167', 'E1299', 'E1161', 'E1163', 'E1159', 'E1034', 'E1112', 'E1053', 'E1057', 'E1058', 'E1064', 'E1093', 'E1263', 'E1285', 'E1144', 'E1213', 'E1228', 'E1243', 'E1255', 'E1294', 'E1300', 'E1290', 'E1186', 'E5019', 'E5097', 'E5116', 'E5113', 'E5059', 'E5156']

❌ R8 csv+axioms run 4 graded by code

38 entities have a 2026 downgrade, listed in the JSON. Test records are excluded, and research duplicates are reported under their RATINGS record. E1159, E1057 and E5033 are in the list although they were later withdrawn or are dated after 1 Oct. For example A1366 on E1170 is reported as E1169.

JSON: {"issuers": ["E08", "E10", "E1169", "E1051", "E1080", "E1307", "E5116", "E5059", "E1167", "E1298", "E1160", "E1285", "E1034", "E1229", "E1263", "E1053", "E1058", "E1064", "E1112", "E1144", "E1159", "E1163", "E1186", "E1228", "E1213", "E1093", "E5113", "E5033", "E5019", "E1294", "E1290", "E5156", "E1255", "E1243", "E1300", "E1057", "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', 'E5019', 'E5033', 'E5059', 'E5097', 'E5113', 'E5116', 'E5156'], got ['E08', 'E10', 'E1169', 'E1051', 'E1080', 'E1307', 'E5116', 'E5059', 'E1167', 'E1298', 'E1160', 'E1285', 'E1034', 'E1229', 'E1263', 'E1053', 'E1058', 'E1064', 'E1112', 'E1144', 'E1159', 'E1163', 'E1186', 'E1228', 'E1213', 'E1093', 'E5113', 'E5033', 'E5019', 'E1294', 'E1290', 'E5156', 'E1255', 'E1243', 'E1300', 'E1057', 'E1151']

❌ R8 csv+axioms run 5 graded by code

37 entities, listed in the JSON, with the following caveats:
- QA test records are excluded.
- The future-dated A5028 (2026-11-06) is excluded.
- Instrument downgrades are not counted.
- Research duplicates are given under the rated ID.

JSON: {"issuers": ["E08", "E10", "E1170", "E1051", "E1080", "E1307", "E1167", "E1299", "E1161", "E1290", "E1285", "E1294", "E1263", "E1053", "E1159", "E1163", "E1034", "E5116", "E5059", "E1112", "E1213", "E1228", "E1229", "E1058", "E1057", "E1093", "E1186", "E1243", "E1255", "E1064", "E1144", "E5113", "E5156", "E5019", "E1300", "E1151", "E5097"]}

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', 'E5019', 'E5033', 'E5059', 'E5097', 'E5113', 'E5116', 'E5156'], got ['E08', 'E10', 'E1170', 'E1051', 'E1080', 'E1307', 'E1167', 'E1299', 'E1161', 'E1290', 'E1285', 'E1294', 'E1263', 'E1053', 'E1159', 'E1163', 'E1034', 'E5116', 'E5059', 'E1112', 'E1213', 'E1228', 'E1229', 'E1058', 'E1057', 'E1093', 'E1186', 'E1243', 'E1255', 'E1064', 'E1144', 'E5113', 'E5156', 'E5019', 'E1300', 'E1151', 'E5097']