Q2, run 2026-11-04-2013-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 action on E01 is A03, which affirmed BBB with a Negative outlook.

JSON: {"downgraded": "no"}

✅ R1 csv run 2 graded by code

No. The only 2026 action on Kestrel Energy (E01) is A03/A04, which are affirmations (BBB, Negative outlook).

JSON: {"downgraded": "no"}

✅ R1 csv run 3 graded by code

No. Kestrel's only 2026 actions, A03 and A04, are affirmations.

JSON: {"downgraded": "no"}

✅ R1 csv run 4 graded by code

No. The only 2026 actions on Kestrel are affirmations (A03, A04).

JSON: {"downgraded": "no"}

✅ R1 csv run 5 graded by code

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

JSON: {"downgraded": "no"}

✅ R5 csv+ontology run 1 graded by code

No. The only 2026 actions on E01 are affirmations (A03, A04).

JSON: {"downgraded": "no"}

✅ R5 csv+ontology run 2 graded by code

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

JSON: {"downgraded": "no"}

✅ R5 csv+ontology run 3 graded by code

No. E01's only 2026 actions are the affirmations A03 and A04, and affirmations are not downgrades.

JSON: {"downgraded": "no"}

✅ R5 csv+ontology run 4 graded by code

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

JSON: {"downgraded": "no"}

✅ R5 csv+ontology run 5 graded by code

No. The only 2026 actions on E01 are affirmations (A03, A04), which are not downgrades.

JSON: {"downgraded": "no"}

✅ R4 csv+markdown run 1 graded by code

No. The only 2026 actions on E01 are A03 and A04, and both are affirmations.

JSON: {"downgraded": "no"}

✅ R4 csv+markdown run 2 graded by code

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

JSON: {"downgraded": "no"}

✅ R4 csv+markdown run 3 graded by code

No. E01's only 2026 action is A03, an affirmation (BBB, outlook NEG), which is not a downgrade.

JSON: {"downgraded": "no"}

✅ R4 csv+markdown run 4 graded by code

No. The only 2026 actions on E01's issuer ratings are affirmations (A03, A04).

JSON: {"downgraded": "no"}

✅ R4 csv+markdown run 5 graded by code

No. The only 2026 actions on E01 are affirmations (A03, A04).

JSON: {"downgraded": "no"}

✅ R8 csv+axioms run 1 graded by code

No. The only 2026 Kestrel action on the issuer is A03, an affirmation at BBB.

JSON: {"downgraded": "no"}

✅ R8 csv+axioms run 2 graded by code

No. Kestrel's only 2026 actions are the affirmations A03 and A04, and its downgrades (A02, A06, A07) are from 2025.

JSON: {"downgraded": "no"}

✅ R8 csv+axioms run 3 graded by code

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

JSON: {"downgraded": "no"}

✅ R8 csv+axioms run 4 graded by code

No. The only 2026 Kestrel action on its issuer rating is an affirmation at BBB (A03).

JSON: {"downgraded": "no"}

✅ R8 csv+axioms run 5 graded by code

No. Kestrel's only 2026 issuer action is an affirmation (A03, A04); its downgrades were in 2025 (A02, A06, A07).

JSON: {"downgraded": "no"}