The headline counts company-level actions, never raw rows — one issuer's multi-ISIN debt re-rated across programs collapses to ONE action per direction per day (the E-02 study measured raw rows at ~6× pseudo-replication). Reaffirmations dominate the raw feed and live in the tape, not the headline. Source: NSE's centralised rating-disclosure database (LODR-mandated agency actions) — every row links (⇗) to the disclosure document on the NSE archive; nothing is scraped from a third-party site. The pre-registered E-02 drift study is ARMED and self-gating — no return edge is claimed, in either direction. glossary →