Q2, run 2026-11-04-1616-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 Kestrel issuer actions are affirmations (A03, A04), at BBB with a Negative outlook.

JSON: {"downgraded": "no"}

✅ R1 csv run 2 graded by code

No. The only 2026 Kestrel LTIDR/STIDR actions are affirmations (A03, A04), though the outlook moved to Negative.

JSON: {"downgraded": "no"}

✅ R1 csv run 3 graded by code

No. The only 2026 action on Kestrel's issuer rating is A03, which affirmed BBB.

JSON: {"downgraded": "no"}

✅ R1 csv run 4 graded by code

No. The only 2026 Kestrel issuer actions are affirmations (A03, A04). The outlook moved to Negative, but the rating stayed at BBB.

JSON: {"downgraded": "no"}

✅ R1 csv run 5 graded by code

No. The only 2026 actions on E01 are A03 and A04, and both are affirmations (BBB/NEG and F2).

JSON: {"downgraded": "no"}

✅ R2 rdf run 1 graded by code

No. E01's only 2026 action is A03, an affirmation at BBB; the downgrade was A02 in 2025.

JSON: {"downgraded": "no"}

✅ R2 rdf run 2 graded by code

No. E01's only 2026 action is an affirmation at BBB (A03, A04). Its downgrades were in 2025 (A02, A06, A07).

JSON: {"downgraded": "no"}

✅ R2 rdf run 3 graded by code

No. E01's only 2026 action is A03 (2026-02-10), an affirmation at BBB.

JSON: {"downgraded": "no"}

✅ R2 rdf run 4 graded by code

No. E01's only 2026 action is A03, an affirmation at BBB with a Negative outlook. The downgrade (A02) was in 2025.

JSON: {"downgraded": "no"}

✅ R2 rdf run 5 graded by code

No. E01's only 2026 action is an affirmation at BBB (A03, A04). The downgrade was in 2025 (A02).

JSON: {"downgraded": "no"}

✅ R6 rdf+ontology run 1 graded by code

No. E01's only 2026 actions are A03 and A04, both affirmations (the negative outlook in A03 is not a downgrade).

JSON: {"downgraded": "no"}

✅ R6 rdf+ontology run 2 graded by code

No. E01's only 2026 action is A03/A04 (affirmations on 2026-02-10), and affirmations are not downgrades.

JSON: {"downgraded": "no"}

✅ R6 rdf+ontology run 3 graded by code

No. E01's only 2026 action is A03, an affirmation at BBB with the outlook revised to Negative. The downgrade was A02 in 2025.

JSON: {"downgraded": "no"}

✅ R6 rdf+ontology run 4 graded by code

No. E01's only 2026 action is A03, an affirmation at BBB with a Negative outlook, and an affirmation or outlook change is not a downgrade.

JSON: {"downgraded": "no"}

✅ R6 rdf+ontology run 5 graded by code

No. E01's only 2026 action is A03/A04, which are affirmations (the outlook went to Negative, which is not a downgrade).

JSON: {"downgraded": "no"}

✅ R5 csv+ontology run 1 graded by code

No. The only 2026 Kestrel action is A03, an affirmation (BBB, outlook to Negative).

JSON: {"downgraded": "no"}

✅ R5 csv+ontology run 2 graded by code

No. The only 2026 actions on Kestrel are affirmations (A03, A04).

JSON: {"downgraded": "no"}

✅ R5 csv+ontology run 3 graded by code

No. The only 2026 Kestrel issuer actions are affirmations (A03 and A04); the DG A02 was in 2025.

JSON: {"downgraded": "no"}

✅ R5 csv+ontology run 4 graded by code

No. The only 2026 actions on Kestrel (E01) are affirmations (A03, A04). The outlook moved to Negative but the rating stayed BBB.

JSON: {"downgraded": "no"}

✅ R5 csv+ontology run 5 graded by code

No. E01's only 2026 action is A03, an affirmation at BBB with the outlook revised to Negative, and that is not a downgrade.

JSON: {"downgraded": "no"}