Q3, run 2026-11-04-1825-sonnet

← 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. The 2031 note (I02) was downgraded to BB+ (A07), which is sub-investment grade.

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

✅ R1 csv run 2 graded by code

No. I02 is rated BB+ (A07, 2025-06-20), which is below investment grade. It was BBB at assignment (A23).

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

✅ R1 csv run 3 graded by code

No, it is BB+. I02 was downgraded to BB+ in A07, so it is sub-investment grade.

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

✅ R1 csv run 4 graded by code

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

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

✅ R1 csv run 5 graded by code

No, BB+. I02 was cut from BBB (A23) to BB+ (A07) on 2025-06-20.

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

✅ R5 csv+ontology run 1 graded by code

No, it is BB+. I02 is subordinated and was downgraded to BB+ by A07, which is speculative grade.

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

✅ R5 csv+ontology run 2 graded by code

No. I02 is subordinated and was downgraded to BB+ (A07), which is speculative grade.

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

✅ R5 csv+ontology run 3 graded by code

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

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

✅ R5 csv+ontology run 4 graded by code

No, it is BB+. I02 is subordinated, and A07 downgraded it to BB+ on 2025-06-20.

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

✅ R5 csv+ontology run 5 graded by code

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

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

✅ R8 csv+axioms run 1 graded by code

No, it is BB+. The 2031 note (I02) was assigned BBB (A23) and downgraded to BB+ (A07).

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

✅ R8 csv+axioms run 2 graded by code

No, it is BB+. I02 was assigned BBB (A23) and downgraded to BB+ (A07).

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

✅ R8 csv+axioms run 3 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 4 graded by code

No. Its rating is BB+ (A07), which is below investment grade.

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

✅ R8 csv+axioms run 5 graded by code

No. The 2031 note (I02) was cut from BBB to BB+ on 2025-06-20 (A23, A07), which is sub-investment grade.

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

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

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

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

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

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

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

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

No, it is BB+. I02 was downgraded to BB+ in A07, so it is speculative grade.

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

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

No. I02 was cut to BB+ by A07, and BB+ is speculative grade.

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

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

No, it is BB+. I02 was assigned BBB (A23) and then downgraded to BB+ by A07.

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