Q3, run 2026-11-04-1711-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, BB+. I02 was downgraded to BB+ on 2025-06-20 (A07).

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

✅ R1 csv run 2 graded by code

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

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

✅ R1 csv run 3 graded by code

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

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

✅ R1 csv run 4 graded by code

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

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

✅ R1 csv run 5 graded by code

No. I02 is rated BB+ (A07, after the A23 BBB assignment), which is sub-investment grade.

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

✅ R2 rdf run 1 graded by code

No. I02 is rated BB+ (A07, downgraded 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 is I02, whose latest rating is BB+ (A07, 2025-06-20), below investment grade.

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

✅ R2 rdf run 3 graded by code

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

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

✅ R2 rdf run 4 graded by code

No. I02 was assigned BBB (A23) and downgraded to BB+ on 2025-06-20 (A07), which is below investment grade.

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

✅ R2 rdf run 5 graded by code

No. I02 (Kestrel 6.25% 2031) was last rated BB+ in A07, and that is below investment grade.

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

✅ R6 rdf+ontology run 1 graded by code

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

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

✅ R6 rdf+ontology run 2 graded by code

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

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

✅ R6 rdf+ontology run 3 graded by code

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

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

✅ R6 rdf+ontology run 4 graded by code

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

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

✅ R6 rdf+ontology run 5 graded by code

No, it is BB+. The 2031 note is I02 (subordinated), and its latest action is A07 (DG, BB+, 2025-06-20).

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

✅ R5 csv+ontology run 1 graded by code

No, it is BB+. 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, BB+. 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 3 graded by code

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

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

✅ R5 csv+ontology run 4 graded by code

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

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

✅ R5 csv+ontology run 5 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+"}

✅ R4 csv+markdown run 1 graded by code

No, it is BB+. I02 was last set by A07 (2025-06-20, BB+), which is speculative grade.

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

✅ R4 csv+markdown run 2 graded by code

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

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

✅ R4 csv+markdown run 3 graded by code

No. I02 is rated BB+ (A07, 2025-06-20), which is speculative grade.

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

✅ R4 csv+markdown run 4 graded by code

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

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

✅ R4 csv+markdown run 5 graded by code

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

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

✅ R3 csv+padding run 1 graded by code

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

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

✅ R3 csv+padding run 2 graded by code

No, it is rated BB+. I02 was assigned BBB (A23) and cut to BB+ by A07.

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

✅ R3 csv+padding run 3 graded by code

No, it is BB+. I02 (the 2031 subordinated note) was downgraded to BB+ in A07.

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

✅ R3 csv+padding run 4 graded by code

No, it is rated BB+. 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 5 graded by code

No. I02 was assigned BBB (A23) and downgraded to BB+ on 2025-06-20 (A07), which is sub-investment grade.

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