Q2, run 2026-11-04-1526-sonnet

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Has Kestrel Energy been downgraded in 2026?

Tests: Outlook versus rating: an affirmation with a negative outlook is not a rating change.

Expected: downgraded = no

✅ R1 csv run 1 graded by code

No. The only 2026 actions on E01 are A03 and A04, and both are affirmations (BBB, F2). The outlook moved to negative, but the rating was not lowered.

JSON: {"downgraded": "no"}

✅ R1 csv run 2 graded by code

No. The only 2026 actions on E01 are A03 and A04, which are affirmations (AF) at BBB and F2. A03 moved the outlook to negative but did not change the rating.

JSON: {"downgraded": "no"}

✅ R1 csv run 3 graded by code

No. The only 2026 actions on E01 are A03 and A04, which are affirmations (AF) of BBB/F2. The outlook moved to negative, but the rating did not change.

JSON: {"downgraded": "no"}

✅ R1 csv run 4 graded by code

No. The only 2026 actions on Kestrel (E01) are A03 and A04, both affirmations (AF), with the LTIDR held at BBB. The outlook moved to negative, but that is not a downgrade.

JSON: {"downgraded": "no"}

✅ R1 csv run 5 graded by code

No. The only 2026 action on Kestrel's issuer rating (A03) affirmed BBB. It moved the outlook to negative, which is not a downgrade.

JSON: {"downgraded": "no"}

✅ R2 rdf run 1 graded by code

No. E01's only 2026 actions are the affirmations A03 (BBB, outlook Negative) and A04 (F2) on 2026-02-10. The downgrade to BBB was A02 in 2025.

JSON: {"downgraded": "no"}

✅ R2 rdf run 2 graded by code

No. E01's only 2026 actions are A03 and A04 (2026-02-10), which affirm BBB and F2. A03 does move the outlook to Negative, but that is not a downgrade.

JSON: {"downgraded": "no"}

✅ R2 rdf run 3 graded by code

No. In 2026 E01 was only affirmed: A03 (BBB, outlook moved to Negative) and A04 (F2) are both AF actions on 2026-02-10. The only downgrade was in 2025 (A02).

JSON: {"downgraded": "no"}

✅ R2 rdf run 4 graded by code

No. E01's only 2026 action is A03, an affirmation of BBB on 2026-02-10 with the outlook set to Negative. The downgrade to BBB was A02, in 2025.

JSON: {"downgraded": "no"}

✅ R2 rdf run 5 graded by code

No. E01's only 2026 actions are affirmations (A03 BBB, A04 F2 on 2026-02-10). The outlook moved to Negative, but that is not a downgrade.

JSON: {"downgraded": "no"}

✅ R6 rdf+ontology run 1 graded by code

No. E01's only 2026 action is A03 (2026-02-10), an affirmation at BBB with the outlook revised to Negative, which is not a downgrade. The downgrades A02, A06 and A07 were all in 2025.

JSON: {"downgraded": "no"}

✅ R6 rdf+ontology run 2 graded by code

No. E01's only 2026 action is the affirmation A03 (2026-02-10, BBB, outlook Negative) plus A04 (STIDR affirmed F2); neither is a downgrade.

JSON: {"downgraded": "no"}

✅ R6 rdf+ontology run 3 graded by code

No. E01's only 2026 action is an affirmation at BBB with a negative outlook (A03, 2026-02-10), which is not a downgrade; the downgrade was in 2025 (A02).

JSON: {"downgraded": "no"}

✅ R6 rdf+ontology run 4 graded by code

**No.** E01's only 2026 action is A03/A04 (affirmations on 2026-02-10), and the 2026 downgrade in the data (A22) concerns E08, not E01; the negative outlook in A03 is not a downgrade.

JSON: {"downgraded": "no"}

✅ R6 rdf+ontology run 5 graded by code

No. E01's only 2026 actions are A03 (affirmed BBB, outlook moved to Negative) and A04 (affirmed short-term F2). Neither is a downgrade, and a Negative outlook is not a downgrade.

JSON: {"downgraded": "no"}

✅ R5 csv+ontology run 1 graded by code

No. The only 2026 Kestrel actions are A03 and A04, both affirmations. A03 changed the outlook to negative, which is not a downgrade.

JSON: {"downgraded": "no"}

✅ R5 csv+ontology run 2 graded by code

No. The only 2026 actions on E01 are A03 and A04, both affirmations (AF). A03 only revised the outlook to NEG, which is not a downgrade.

JSON: {"downgraded": "no"}

✅ R5 csv+ontology run 3 graded by code

No. E01's only 2026 actions are A03 (LTIDR affirmed at BBB, outlook moved to NEG) and A04 (STIDR affirmed at F2). An affirmation or a negative outlook is not a downgrade.

JSON: {"downgraded": "no"}

✅ R5 csv+ontology run 4 graded by code

No. The only 2026 actions on E01 are A03 and A04, both affirmations (AF); the NEG outlook in A03 is not a downgrade.

JSON: {"downgraded": "no"}

✅ R5 csv+ontology run 5 graded by code

No. E01's only 2026 actions are A03 and A04, which are affirmations (AF). A03 changed the outlook to negative, but that is not a downgrade.

JSON: {"downgraded": "no"}