Q3, run 2026-11-04-1723-haiku

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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+

✅ R5 csv+ontology run 1 graded by code

No, rating BB+. I02 is subordinated, and A07 (2025-06-20) downgraded it from BBB to BB+, which is speculative grade.

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

✅ R5 csv+ontology run 2 graded by code

No, rated BB+. The 2031 note (I02) was downgraded to BB+ on 2025-06-20 (A07), which is below BBB-.

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

✅ R5 csv+ontology run 3 graded by code

No, BB+. I02 was downgraded to BB+ by A07 (2025-06-20), which is speculative grade.

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

✅ R5 csv+ontology run 4 graded by code

No. BB+ is the current rating (A07, DG, 2025-06-20, replacing A23's BBB), which is below BBB-.

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

✅ R5 csv+ontology run 5 graded by code

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

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

✅ R7 csv+neutral run 1 graded by code

No, rating BB+. The 2031 note is I02, which is subordinated and was downgraded to BB+ by A07 (2025-06-20), superseding A23.

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

✅ R7 csv+neutral run 2 graded by code

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

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

✅ R7 csv+neutral run 3 graded by code

No, rated BB+. I02 was downgraded from BBB to BB+ by A07 (2025-06-20), the latest action on the instrument.

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

✅ R7 csv+neutral run 4 graded by code

No, rated BB+. I02 was downgraded from BBB to BB+ (A07, 2025-06-20), and BB+ is speculative grade.

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

✅ R7 csv+neutral run 5 graded by code

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

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