Q3, run 2026-11-04-1616-sonnet

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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, it is BB+. The 2031 note is I02 (subordinated), downgraded to BB+ by A07.

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

✅ R1 csv run 2 graded by code

No. I02 was downgraded to BB+ (A07), which is below investment grade.

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

✅ R1 csv run 3 graded by code

No. I02 is rated BB+ after the downgrade in A07, which is below investment grade (it was BBB in A23).

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

✅ R1 csv run 4 graded by code

No. I02 is rated BB+ after the downgrade in A07 (the issuer rating is BBB, but the instrument is rated separately).

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

✅ R1 csv run 5 graded by code

No. I02 is rated BB+ after the downgrade in A07, which is below investment grade.

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

✅ R2 rdf run 1 graded by code

No. The 2031 note (I02) 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 BB+ after the 2025-06-20 downgrade (A07). That is below BBB-, using the conventional cut-off, since the data defines no scale.

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

✅ R2 rdf run 3 graded by code

No. The 2031 note (I02) was cut to BB+ in 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, rated BB+ after A07 (2025-06-20), which is below BBB-.

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

✅ R2 rdf run 5 graded by code

No. The 2031 note (I02) was last rated BB+ (A07), which is sub-investment grade.

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

✅ R6 rdf+ontology run 1 graded by code

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

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

✅ R6 rdf+ontology run 2 graded by code

No. The 2031 note is I02 (subordinated), downgraded to BB+ in A07, which is speculative grade.

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

✅ R6 rdf+ontology run 3 graded by code

No. The 2031 note is I02, subordinated, and was downgraded to BB+ (A07), which is speculative grade.

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

✅ R6 rdf+ontology run 4 graded by code

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

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

✅ R6 rdf+ontology run 5 graded by code

No. The 2031 note is I02, subordinated, and has been BB+ since A07 (2025-06-20), which is speculative grade.

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

✅ R5 csv+ontology run 1 graded by code

No. I02 is subordinated and was downgraded to BB+ (A07), which is speculative grade.

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

✅ R5 csv+ontology run 2 graded by code

No. The 2031 note (I02) is subordinated and was last rated BB+ (A07), which is speculative grade.

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

✅ R5 csv+ontology run 3 graded by code

No, BB+. The 2031 note (I02) is subordinated, and its latest action, A07, downgraded it to BB+, which is speculative grade.

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

✅ R5 csv+ontology run 4 graded by code

No. The 2031 note (I02) is subordinated and was downgraded to BB+ (A07), which is speculative grade.

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

✅ R5 csv+ontology run 5 graded by code

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

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