Q2, run 2026-11-04-1712-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. The only 2026 Kestrel actions are affirmations (A03, A04); the downgrade to BBB was A02 in 2025.

JSON: {"downgraded": "no"}

✅ R1 csv run 2 graded by code

No. The only 2026 action on E01 is an affirmation at BBB (A03/A04).

JSON: {"downgraded": "no"}

✅ R1 csv run 3 graded by code

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

JSON: {"downgraded": "no"}

✅ R1 csv run 4 graded by code

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

JSON: {"downgraded": "no"}

✅ R1 csv run 5 graded by code

No. The only 2026 action on Kestrel's issuer ratings is an affirmation at BBB with a Negative outlook (A03, A04).

JSON: {"downgraded": "no"}

✅ R10 executed run 1 graded by code

No. E01's only 2026 action was an affirmation at BBB with the outlook moved to Negative (A03). The downgrade to BBB was on 2025-06-20 (A02).

JSON: {"downgraded": "no"}

✅ R10 executed run 2 graded by code

No. E01's only downgrade was on 2025-06-20 (A02). On 2026-02-10 only the outlook changed to NEG (A03, affirmed).

JSON: {"downgraded": "no"}

✅ R10 executed run 3 graded by code

No. E01's only 2026 action was an affirmation with a Negative outlook (A03, 2026-02-10); the downgrade to BBB was in 2025 (A02).

JSON: {"downgraded": "no"}

✅ R10 executed run 4 graded by code

No. The only 2026 action on E01 is an affirmation at BBB with the outlook moved to Negative (A03).

JSON: {"downgraded": "no"}

✅ R10 executed run 5 graded by code

No. E01's only downgrade was on 2025-06-20 (A02), and the 2026-02-10 action was an affirmation with a Negative outlook (A03).

JSON: {"downgraded": "no"}