Q3, run 2026-11-04-1526-sonnet

← back to the run

Is Kestrel Energy's 2031 note investment grade?

Tests: Issuer versus instrument rating: a subordinated instrument is notched below the issuer.

Expected: investment_grade = no rating = BB+

✅ R1 csv run 1 graded by code

No. I02 was cut to BB+ on 2025-06-20 (A07), which is below investment grade. The earlier BBB (A23) is superseded.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R1 csv run 2 graded by code

No, it is BB+. I02 is rated BB+ after A07 (2025-06-20), which supersedes the earlier BBB in A23.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R1 csv run 3 graded by code

No, it is BB+. I02 is rated BB+ after the downgrade in A07 (2025-06-20), which is below investment grade.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R1 csv run 4 graded by code

No. The 2031 note (I02) was rated BBB (A23) and then downgraded to BB+ (A07), which is below investment grade.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R1 csv run 5 graded by code

No, BB+. The 2031 note is I02, and its latest action (A07, 2025-06-20) downgraded it to BB+, below investment grade.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R2 rdf run 1 graded by code

No. The 2031 note (I02, subordinated, issued by E01) was downgraded to BB+ in A07 (2025-06-20), which is below investment grade.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R2 rdf run 2 graded by code

No. The 2031 note (I02) is subordinated, was rated BBB in A23, and was cut to BB+ on 2025-06-20 (A07). BB+ is below investment grade.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R2 rdf run 3 graded by code

No. The 2031 note is I02 (subordinated, issued by E01), and its latest rating is BB+ (A07, 2025-06-20), which is below investment grade.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R2 rdf run 4 graded by code

No. The 2031 note is I02, subordinated, and its latest rating is BB+ (A07, 2025-06-20), which is sub-investment grade. It was BBB before that (A23).

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R2 rdf run 5 graded by code

No. The 2031 note is I02 (subordinated), whose latest rating is BB+ (A07, 2025-06-20), which is below investment grade.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R6 rdf+ontology run 1 graded by code

No. The 2031 note is I02, subordinated, and its latest rating is BB+ (A07, 2025-06-20), which is speculative grade.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R6 rdf+ontology run 2 graded by code

No. I02 (subordinated, issuer E01) was downgraded to BB+ on 2025-06-20 (A07), which is speculative grade.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R6 rdf+ontology run 3 graded by code

No, BBB would be wrong: the 2031 note (I02) is subordinated, and its latest rating is BB+ (A07, 2025-06-20), which is speculative grade.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R6 rdf+ontology run 4 graded by code

**No**, the rating is BB+. I02 (the 6.25% 2031 subordinated note, issuer E01) was downgraded to BB+ in A07 (2025-06-20), which is speculative grade.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R6 rdf+ontology run 5 graded by code

No, it is BB+. The 2031 note is I02, a subordinated Kestrel note, and its latest action is A07 (downgraded to BB+ on 2025-06-20). BB+ is speculative grade.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R5 csv+ontology run 1 graded by code

No. The 2031 note I02 is subordinated, and its latest rating is BB+ (A07, 2025-06-20), which is speculative grade.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R5 csv+ontology run 2 graded by code

No. I02 (subordinated, issuer E01) was rated BB+ by A07 on 2025-06-20, which is speculative grade. It is the latest action on I02.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R5 csv+ontology run 3 graded by code

No. I02 is rated BB+ (A07, 2025-06-20, which supersedes A23's BBB), and BB+ is speculative grade.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R5 csv+ontology run 4 graded by code

No. I02 (the 2031 subordinated note) was rated BBB on 2024-03-12 (A23) and then BB+ on 2025-06-20 (A07), which is speculative grade.

JSON: {"investment_grade": "no", "rating": "BB+"}

✅ R5 csv+ontology run 5 graded by code

No. The 2031 note is I02 (subordinated), and its latest rating is BB+ (A07, 2025-06-20), which is speculative grade. The earlier BBB (A23) was superseded.

JSON: {"investment_grade": "no", "rating": "BB+"}