Q2, run 2026-11-04-1711-sonnet
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
csv run 1
No. The only 2026 actions on Kestrel Energy (E01) are affirmations at BBB (A03, A04).
JSON: {"downgraded": "no"}
csv run 2
No. Kestrel's only 2026 actions are the affirmations A03 and A04. Its downgrade, A02, was in 2025.
JSON: {"downgraded": "no"}
csv run 3
No. The only 2026 action on Kestrel's issuer rating is an affirmation at BBB (A03).
JSON: {"downgraded": "no"}
csv run 4
No. E01's only 2026 actions are A03 and A04, both affirmations (BBB with a Negative outlook, and F2).
JSON: {"downgraded": "no"}
csv run 5
No. The only 2026 actions on E01 are affirmations (A03, A04); the downgrade A02 was in 2025.
JSON: {"downgraded": "no"}
rdf run 1
No. E01's only 2026 action is A03 (affirmed BBB, 2026-02-10), and its downgrade was A02 in 2025.
JSON: {"downgraded": "no"}
rdf run 2
No. E01's only 2026 action is A03, an affirmation at BBB. Its downgrades were in 2025 (A02, I01's A06, I02's A07).
JSON: {"downgraded": "no"}
rdf run 3
No. E01's only 2026 action is the affirmation of BBB in A03/A04 (2026-02-10); the downgrades in A02, A06 and A07 were in 2025.
JSON: {"downgraded": "no"}
rdf run 4
No. The only 2026 action on E01 is A03, an affirmation at BBB; the downgrade (A02) was in 2025.
JSON: {"downgraded": "no"}
rdf run 5
No. E01's only 2026 action is A03, which affirmed BBB on 2026-02-10. Its downgrade (A02) was in 2025.
JSON: {"downgraded": "no"}
rdf+ontology run 1
No. E01's only 2026 action is A03, an affirmation (BBB, outlook Negative), which is not a downgrade.
JSON: {"downgraded": "no"}
rdf+ontology run 2
No. E01's only 2026 actions are affirmations (A03, A04). The 2025 downgrades were to its notes (A06, A07) or to the IDR in 2025 (A02).
JSON: {"downgraded": "no"}
rdf+ontology run 3
No. E01's only 2026 action is A03/A04, which are affirmations (AF); the downgrades A02 and A06 were in 2025.
JSON: {"downgraded": "no"}
rdf+ontology run 4
No. E01's only 2026 issuer action is A03, an affirmation with a Negative outlook. The 2025 downgrades (A02, A06, A07) are outside 2026.
JSON: {"downgraded": "no"}
rdf+ontology run 5
No. E01's only 2026 action is A03/A04, an affirmation (AF), and the negative outlook is not a downgrade.
JSON: {"downgraded": "no"}
csv+ontology run 1
No. E01's only 2026 actions are affirmations (A03, A04); the downgrade A02 was in 2025.
JSON: {"downgraded": "no"}
csv+ontology run 2
No. The only 2026 action on E01 is A03, an affirmation, and the outlook moved to NEG.
JSON: {"downgraded": "no"}
csv+ontology run 3
No. The only 2026 issuer action on Kestrel (E01) is A03, an affirmation at BBB with the outlook revised to Negative.
JSON: {"downgraded": "no"}
csv+ontology run 4
No. E01's only 2026 actions are affirmations (A03 and A04), and the downgrade A02 was in 2025.
JSON: {"downgraded": "no"}
csv+ontology run 5
No. The only 2026 Kestrel actions are A03 and A04, which are affirmations (AF); the downgrade A02 was in 2025.
JSON: {"downgraded": "no"}
csv+markdown run 1
No. The only 2026 Kestrel actions are A03 and A04, and both are affirmations.
JSON: {"downgraded": "no"}
csv+markdown run 2
No. E01's only 2026 actions are affirmations (A03, A04); the downgrade A02 was in 2025.
JSON: {"downgraded": "no"}
csv+markdown run 3
No. E01's only 2026 action is A03, an affirmation (AF), and an AF is not a downgrade.
JSON: {"downgraded": "no"}
csv+markdown run 4
No. The only 2026 Kestrel action on the issuer is A03, an affirmation (the outlook moved to NEG).
JSON: {"downgraded": "no"}
csv+markdown run 5
No. The only 2026 issuer actions on E01 are A03 and A04, both affirmations (AF), and A03 only moved the outlook to NEG.
JSON: {"downgraded": "no"}
csv+padding run 1
No. E01's only 2026 actions are affirmations (A03, A04).
JSON: {"downgraded": "no"}
csv+padding run 2
No. A03 on E01 (2026-02-10) affirmed BBB with a Negative outlook, so it was not a downgrade.
JSON: {"downgraded": "no"}
csv+padding run 3
No. The only 2026 actions on Kestrel (E01) are affirmations (A03, A04).
JSON: {"downgraded": "no"}
csv+padding run 4
No. E01's only 2026 actions are affirmations at BBB (A03, A04), with the outlook moved to Negative.
JSON: {"downgraded": "no"}
csv+padding run 5
No. E01's only 2026 actions are affirmations at BBB (A03, A04).
JSON: {"downgraded": "no"}