Q24, run 2026-11-04-1723-haiku

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Is Kestrel Energy's issuer rating investment grade?

Tests: Issuer versus instrument: BBB, at the issuer, even though one note is below investment grade.

Expected: investment_grade = yes

✅ R5 csv+ontology run 1 graded by code

Yes. Kestrel's LTIDR is BBB (A03), which is investment grade.

JSON: {"investment_grade": "yes"}

✅ R5 csv+ontology run 2 graded by code

Yes. Its current long-term FC rating is BBB (A03), which is investment grade.

JSON: {"investment_grade": "yes"}

✅ R5 csv+ontology run 3 graded by code

Yes. E01's current LTIDR FC is BBB (A03), and BBB- or higher is investment grade.

JSON: {"investment_grade": "yes"}

✅ R5 csv+ontology run 4 graded by code

Yes. The current issuer rating is BBB (A03), which is investment grade.

JSON: {"investment_grade": "yes"}

✅ R5 csv+ontology run 5 graded by code

Yes. E01's issuer rating is BBB (A02, A03), which is at or above BBB-.

JSON: {"investment_grade": "yes"}

✅ R7 csv+neutral run 1 graded by code

Yes, BBB. The only issuer rating is FC, and A03 (AF, BBB, 2026-02-10) is the latest action.

JSON: {"investment_grade": "yes"}

✅ R7 csv+neutral run 2 graded by code

Yes. E01's current long-term FC rating is BBB (A03), which is investment grade.

JSON: {"investment_grade": "yes"}

✅ R7 csv+neutral run 3 graded by code

Yes. E01's LTIDR FC is BBB (A03), which is investment grade.

JSON: {"investment_grade": "yes"}

✅ R7 csv+neutral run 4 graded by code

Yes. The issuer rating is BBB (A03, affirmed 2026-02-10), which is investment grade even though its outlook is Negative.

JSON: {"investment_grade": "yes"}

✅ R7 csv+neutral run 5 graded by code

Yes, BBB.
A03 (2026-02-10, AF) keeps E01's LTIDR at BBB, which is investment grade.

JSON: {"investment_grade": "yes"}