Q3, run 2026-11-04-1644-haiku

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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, rated BB+. The 2031 note I02 was downgraded from BBB to BB+ on 2025-06-20 (A07).

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

✅ R1 csv run 2 graded by code

No, rated BB+. I02 is subordinated and was cut to BB+ on 2025-06-20 (A07).

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

✅ R1 csv run 3 graded by code

No, BB+. The 2031 note's latest action is A07 (downgrade to BB+) on I02, which replaced A23 (BBB).

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

✅ R1 csv run 4 graded by code

No. BB+. The 2031 note (I02) was cut from BBB to BB+ by A07 (2025-06-20).

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

✅ R1 csv run 5 graded by code

No, BB+. The 2031 note is subordinated (I02), and its rating was downgraded from BBB to BB+ on 2025-06-20 (A07).

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

✅ R2 rdf run 1 graded by code

No, BB+
The 2031 note (I02) was downgraded from BBB (A23) to BB+ (A07, 2025-06-20), which is sub-investment grade.

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

✅ R2 rdf run 2 graded by code

No, BB+. I02 (the 2031 note, subordinated) was downgraded to BB+ in A07 (2025-06-20).

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

✅ R2 rdf run 3 graded by code

No, it is rated BB+. The 2031 subordinated note (I02) has BB+ from A07 (2025-06-20), below investment grade.

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

✅ R2 rdf run 4 graded by code

No, rating BB+. The latest I02 action is A07 (downgrade to BB+, 2025-06-20), which replaced A23 (BBB, 2024-03-12).

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

✅ R2 rdf run 5 graded by code

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

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

✅ R6 rdf+ontology run 1 graded by code

No, BB+. A07 (downgraded to BB+, 2025-06-20) is the latest action on I02, which was BBB in A23.

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

✅ R6 rdf+ontology run 2 graded by code

No. The rating is BB+.
I02's latest action is A07 (DG to BB+, 2025-06-20); the earlier BBB (A23) was superseded.

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

✅ R6 rdf+ontology run 3 graded by code

No, BB+. I02 was downgraded to BB+ by A07 (2025-06-20), which supersedes A23 (BBB).

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

✅ R6 rdf+ontology run 4 graded by code

No, BB+. The 2031 note is I02, a subordinated instrument; A07 (DG, 2025-06-20) set it at BB+, below investment grade.

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

✅ R6 rdf+ontology run 5 graded by code

No, rating BB+. I02 was downgraded to BB+ by A07 (2025-06-20), which is speculative grade.

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

✅ R5 csv+ontology run 1 graded by code

No. The 2031 note I02 was downgraded to BB+ on 2025-06-20 (A07), which is speculative grade.

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

✅ R5 csv+ontology run 2 graded by code

No, rated BB+. I02 is subordinated and its latest rating is A07 (DG to BB+, 2025-06-20).

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

✅ R5 csv+ontology run 3 graded by code

No, BB+. I02 (the 2031 note) was downgraded to BB+ (A07, 2025-06-20), which is speculative grade.

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

✅ R5 csv+ontology run 4 graded by code

No, BB+. The 2031 note (I02, subordinated) was downgraded to BB+ on 2025-06-20 (A07), and nothing later changed it.

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

✅ R5 csv+ontology run 5 graded by code

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

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

✅ R4 csv+markdown run 1 graded by code

No, rating BB+. Note I02 (6.25% 2031, subordinated) was downgraded to BB+ by A07 (2025-06-20), which is below investment grade.

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

✅ R4 csv+markdown run 2 graded by code

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

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

✅ R4 csv+markdown run 3 graded by code

No, rated BB+. The 2031 note is subordinated (I02), and its DG to BB+ (A07) is below investment grade.

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

✅ R4 csv+markdown run 4 graded by code

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

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

✅ R4 csv+markdown run 5 graded by code

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

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

✅ R3 csv+padding run 1 graded by code

No. I02 was downgraded to BB+ on 2025-06-20 (A07), which is below investment grade.

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

✅ R3 csv+padding run 2 graded by code

No, BB+. I02 was BBB (A23) and was downgraded to BB+ on 2025-06-20 (A07).

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

✅ R3 csv+padding run 3 graded by code

No, rated BB+. A07 downgraded I02 from BBB (A23) to BB+ on 2025-06-20.

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

✅ R3 csv+padding run 4 graded by code

No, BB+. I02 is subordinated and was cut to BB+ by A07 (2025-06-20), which is below investment grade.

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

✅ R3 csv+padding run 5 graded by code

No, BB+. I02 was downgraded from BBB to BB+ by A07 (2025-06-20).

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