Q2, run 2026-11-04-1825-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 actions on Kestrel are affirmations at BBB (A03, A04), though the outlook turned Negative.

JSON: {"downgraded": "no"}

✅ R1 csv run 2 graded by code

No. E01's only 2026 action is A03, an affirmation at BBB with a Negative outlook. The downgrade to BBB was A02 in 2025.

JSON: {"downgraded": "no"}

✅ R1 csv run 3 graded by code

No. The only 2026 Kestrel issuer actions are A03 and A04, which are affirmations (AF).

JSON: {"downgraded": "no"}

✅ R1 csv run 4 graded by code

No. Kestrel's only 2026 actions are the affirmations A03 and A04, both on 2026-02-10.

JSON: {"downgraded": "no"}

✅ R1 csv run 5 graded by code

No. The only 2026 action on E01 is A03, which affirmed BBB with a Negative outlook.

JSON: {"downgraded": "no"}

✅ R5 csv+ontology run 1 graded by code

No. The only 2026 actions on E01 are affirmations (A03, A04); the outlook moved to NEG, but that is not a downgrade.

JSON: {"downgraded": "no"}

✅ R5 csv+ontology run 2 graded by code

No. E01's only 2026 action is A03, an affirmation (AF) with the outlook moved to negative, which is not a downgrade.

JSON: {"downgraded": "no"}

✅ R5 csv+ontology run 3 graded by code

No. The only 2026 E01 action is A03, an affirmation (AF) with a NEG outlook, which is not a downgrade.

JSON: {"downgraded": "no"}

✅ R5 csv+ontology run 4 graded by code

No. The only 2026 action on E01 is A03, an affirmation (BBB, outlook NEG).

JSON: {"downgraded": "no"}

✅ R5 csv+ontology run 5 graded by code

No. The only 2026 actions on E01 are affirmations (A03, A04); the downgrade was in 2025 (A02).

JSON: {"downgraded": "no"}

✅ R8 csv+axioms run 1 graded by code

No. The only 2026 issuer actions for Kestrel (E01) are affirmations (A03, A04). Its downgrades (A02, A06, A07) were in 2025.

JSON: {"downgraded": "no"}

✅ R8 csv+axioms run 2 graded by code

No. The only 2026 actions on E01 are affirmations (A03, A04), and the downgrade to BBB was in 2025 (A02).

JSON: {"downgraded": "no"}

✅ R8 csv+axioms run 3 graded by code

No. The only Kestrel downgrade is A02 (2025); the 2026 action A03 is an affirmation at BBB.

JSON: {"downgraded": "no"}

✅ R8 csv+axioms run 4 graded by code

No. The only 2026 action on Kestrel Energy's issuer rating is A03, an affirmation at BBB. The downgrade (A02) was in 2025.

JSON: {"downgraded": "no"}

✅ R8 csv+axioms run 5 graded by code

No. The only 2026 Kestrel action is an affirmation at BBB (A03, A04). The downgrade, A02, was in 2025.

JSON: {"downgraded": "no"}

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

No. E01's only 2026 issuer actions are the affirmations A03 and A04, and no 2026 action on E01 is a downgrade.

JSON: {"downgraded": "no"}

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

No. E01's only 2026 actions are the affirmations A03 and A04; the downgrade A02 was in 2025.

JSON: {"downgraded": "no"}

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

No. The only 2026 action on E01 is A03, an affirmation (the outlook went to negative).

JSON: {"downgraded": "no"}

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

No. E01's only 2026 actions are affirmations (A03, A04); the downgrade A02 was in 2025.

JSON: {"downgraded": "no"}

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

No. E01's only 2026 actions are the affirmations A03 and A04, and the downgrades A02, A06 and A07 were in 2025.

JSON: {"downgraded": "no"}