Q3, run 2026-11-04-1712-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. I02 was cut to BB+ (A07, 2025-06-20), which is below investment grade.

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

✅ R1 csv run 2 graded by code

No, it is BB+. I02 was downgraded to BB+ in A07, which is below investment grade.

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

✅ R1 csv run 3 graded by code

No. I02 was cut to BB+ (A07), which is below investment grade.

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

✅ R1 csv run 4 graded by code

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

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

✅ R1 csv run 5 graded by code

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

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

✅ R10 executed run 1 graded by code

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

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

✅ R10 executed run 2 graded by code

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

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

✅ R10 executed run 3 graded by code

No. The 2031 note (I02) is rated BB+ (A07), which is below investment grade.

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

✅ R10 executed run 4 graded by code

No. The 2031 note (I02) is rated BB+ since the 2025-06-20 downgrade (A07), which is below investment grade.

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

✅ R10 executed run 5 graded by code

No. The 2031 note (I02) has been rated BB+ since 2025-06-20 (A07), which is below investment grade.

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