Q3, run 2026-11-04-1824-haiku

← back to the run

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+. The 2031 note (I02) was downgraded from BBB to BB+ on 2025-06-20 (A23, A07).

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

✅ R1 csv run 2 graded by code

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

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

✅ R1 csv run 3 graded by code

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

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

✅ R1 csv run 4 graded by code

No, BB+. The 2031 note (I02) was assigned BBB (A23) and downgraded to BB+ on 2025-06-20 (A07).

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

✅ R1 csv run 5 graded by code

No, BB+. I02 was downgraded from BBB to BB+ by A07 (2025-06-20), and it is subordinated.

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

✅ R5 csv+ontology run 1 graded by code

No, BB+. The 2031 note is I02, which was downgraded to BB+ (A07) from BBB (A23), and its issuer E01 is BBB.

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

✅ R5 csv+ontology run 2 graded by code

No, BB+. I02 is subordinated and was downgraded to BB+ on 2025-06-20 (A07), below the BBB issuer rating.

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

✅ R5 csv+ontology run 3 graded by code

No, it is BB+. I02 was downgraded from BBB to BB+ on 2025-06-20 (A07), and as a subordinated note it sits below the issuer.

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

✅ R5 csv+ontology run 4 graded by code

No, the 2031 note is rated BB+.
I02 is subordinated, and its latest action (A07, 2025-06-20) is a downgrade to BB+, which is speculative grade.

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

✅ R5 csv+ontology run 5 graded by code

No, BB+. I02 was downgraded to BB+ by A07 (2025-06-20), which superseded the BBB of A23.

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

✅ R8 csv+axioms run 1 graded by code

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

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

✅ R8 csv+axioms run 2 graded by code

No; BB+
The 2031 note I02 was downgraded to BB+ on 2025-06-20 (A07), and nothing later supersedes it.

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

✅ R8 csv+axioms run 3 graded by code

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

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

✅ R8 csv+axioms run 4 graded by code

No (BB+)
I02's 2024 BBB (A23) was downgraded to BB+ (A07, 2025-06-20), which is below investment grade.

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

✅ R8 csv+axioms run 5 graded by code

No, rated BB+. The 2031 note (I02) was downgraded to BB+ on 2025-06-20 (A07), so it is not investment grade.

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

✅ R9 csv+axioms+markdown run 1 graded by code

No, rating BB+. The 2031 note (I02) was downgraded from BBB to BB+ on 2025-06-20 (A07).

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

✅ R9 csv+axioms+markdown run 2 graded by code

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

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

✅ R9 csv+axioms+markdown run 3 graded by code

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

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

✅ R9 csv+axioms+markdown run 4 graded by code

No, rating BB+. I02 (the 2031 notes) was downgraded to BB+ by A07 on 2025-06-20, and no later action exists.

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

✅ R9 csv+axioms+markdown run 5 graded by code

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

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