Q2, run 2026-11-04-1643-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. E01's only 2026 actions are affirmations (A03, A04).

JSON: {"downgraded": "no"}

✅ R1 csv run 2 graded by code

No. The only 2026 actions on E01 are affirmations (A03, A04); the downgrade (A02) was in 2025.

JSON: {"downgraded": "no"}

✅ R1 csv run 3 graded by code

No. E01's only 2026 actions are affirmations (A03, A04).

JSON: {"downgraded": "no"}

✅ R1 csv run 4 graded by code

No. The only 2026 action on Kestrel's issuer rating is A03, an affirmation at BBB. The downgrade was A02 in 2025.

JSON: {"downgraded": "no"}

✅ R1 csv run 5 graded by code

No. The only 2026 actions on Kestrel are affirmations (A03, A04); its downgrade was in 2025 (A02).

JSON: {"downgraded": "no"}

✅ R2 rdf run 1 graded by code

No. 2026 has only affirmations (A03 LTIDR BBB, A04 STIDR F2); the downgrades were in 2025 (A02, A06, A07).

JSON: {"downgraded": "no"}

✅ R2 rdf run 2 graded by code

No. E01's only 2026 action is an affirmation at BBB with Negative outlook (A03, A04); the downgrade was in 2025 (A02).

JSON: {"downgraded": "no"}

✅ R2 rdf run 3 graded by code

No. The only 2026 E01 actions are affirmations (A03, A04); the downgrade was in 2025 (A02).

JSON: {"downgraded": "no"}

✅ R2 rdf run 4 graded by code

No. E01's only 2026 action is an affirmation at BBB (A03, A04). The instrument downgrades I01 and I02 (A06, A07) were in 2025.

JSON: {"downgraded": "no"}

✅ R2 rdf run 5 graded by code

No. The 2026 actions for E01 (A03, A04) are affirmations. The downgrade was A02 in 2025.

JSON: {"downgraded": "no"}

✅ R6 rdf+ontology run 1 graded by code

No. E01's only 2026 action is A03 (affirmed BBB, outlook Negative), and the downgrade A02 was in 2025.

JSON: {"downgraded": "no"}

✅ R6 rdf+ontology run 2 graded by code

No. E01's only 2026 action is A03 (AF BBB, with the outlook moved to negative). An affirmation and an outlook change are not downgrades.

JSON: {"downgraded": "no"}

✅ R6 rdf+ontology run 3 graded by code

No. E01's only 2026 action is the affirmation A03 (BBB, outlook revised to Negative), and the 2025 downgrades (A02, A06, A07) fall outside 2026.

JSON: {"downgraded": "no"}

✅ R6 rdf+ontology run 4 graded by code

No. E01's only 2026 action is A03/A04, an affirmation, and an affirmation or negative outlook is not a downgrade.

JSON: {"downgraded": "no"}

✅ R6 rdf+ontology run 5 graded by code

No. E01's only 2026 action is the affirmation A03 (BBB, outlook Negative), and an outlook change is not a downgrade. The downgrades A02, A06 and A07 were in 2025.

JSON: {"downgraded": "no"}

✅ R5 csv+ontology run 1 graded by code

No. E01's only 2026 action is A03, an affirmation at BBB with a Negative outlook, and only a DG counts as a downgrade.

JSON: {"downgraded": "no"}

✅ R5 csv+ontology run 2 graded by code

No. E01's only 2026 actions are A03 and A04, both affirmations. The downgrade A02 was in 2025.

JSON: {"downgraded": "no"}

✅ R5 csv+ontology run 3 graded by code

No. E01's only 2026 actions are affirmations (A03, A04), and the outlook change to NEG 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, and both are affirmations.

JSON: {"downgraded": "no"}

✅ R5 csv+ontology run 5 graded by code

No. E01's only 2026 actions (A03, A04) are affirmations; the downgrade A02 was in 2025.

JSON: {"downgraded": "no"}

✅ R4 csv+markdown run 1 graded by code

No. E01's only 2026 actions are affirmations (A03, A04).

JSON: {"downgraded": "no"}

✅ R4 csv+markdown run 2 graded by code

No. The 2026 actions on Kestrel (A03, A04) are affirmations, not downgrades.

JSON: {"downgraded": "no"}

✅ R4 csv+markdown run 3 graded by code

No. E01's only 2026 issuer actions are affirmations (A03, A04).

JSON: {"downgraded": "no"}

✅ R4 csv+markdown run 4 graded by code

No. E01's only 2026 actions are affirmations (A03, A04); the downgrade A02 was in 2025.

JSON: {"downgraded": "no"}

✅ R4 csv+markdown run 5 graded by code

No. E01's only 2026 actions are affirmations (A03, A04).

JSON: {"downgraded": "no"}

✅ R3 csv+padding run 1 graded by code

No. E01's only 2026 actions are affirmations (A03, A04); its downgrade (A02) was in 2025.

JSON: {"downgraded": "no"}

✅ R3 csv+padding run 2 graded by code

No. The only 2026 actions on E01 are affirmations (A03, A04).

JSON: {"downgraded": "no"}

✅ R3 csv+padding run 3 graded by code

No. The only 2026 action on E01 is an affirmation (A03, BBB, Negative outlook).

JSON: {"downgraded": "no"}

✅ R3 csv+padding run 4 graded by code

No. E01's only 2026 actions are A03 and A04, and both are affirmations.

JSON: {"downgraded": "no"}

✅ R3 csv+padding run 5 graded by code

No. E01's only 2026 actions are affirmations (A03, A04), with the outlook moved to Negative.

JSON: {"downgraded": "no"}