Q3, run 2026-11-04-2013-sonnet

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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+

✅ R1 csv run 1 graded by code

No, it is BB+. I02 was cut to BB+ by A07 on 2025-06-20, after BBB under A23.

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

✅ R1 csv run 2 graded by code

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

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

✅ R1 csv run 3 graded by code

No. The 2031 note (I02) was downgraded to BB+ in A07, which is sub-investment grade.

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

✅ R1 csv run 4 graded by code

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

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

✅ R5 csv+ontology run 1 graded by code

No. I02 is subordinated and its latest rating is BB+ (A07, 2025-06-20), which is speculative grade.

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

✅ R5 csv+ontology run 2 graded by code

No. I02 is subordinated and its latest rating is BB+ (A07), which is speculative grade.

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

✅ R5 csv+ontology run 3 graded by code

No. I02 is rated BB+ (A07, a downgrade from BBB in A23), which is speculative grade.

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

✅ R5 csv+ontology run 4 graded by code

No, it is BB+. The 2031 note is I02, subordinated, and its latest action is A07 (2025-06-20, BB+), which is speculative grade.

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

✅ R5 csv+ontology run 5 graded by code

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

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

✅ R4 csv+markdown run 1 graded by code

No. The 2031 note (I02) was downgraded to BB+ by A07, which is speculative grade.

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

✅ R4 csv+markdown run 2 graded by code

No. I02 is rated BB+ (A07, downgrade of 2025-06-20), which is speculative grade.

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

✅ R4 csv+markdown run 3 graded by code

No, 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+"}

✅ R4 csv+markdown run 4 graded by code

No. I02 is rated BB+ after the downgrade A07, which is speculative grade.

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

✅ R4 csv+markdown run 5 graded by code

No. The 2031 note (I02) is rated BB+ (A07), which is speculative grade.

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

✅ R8 csv+axioms run 1 graded by code

No, it is BB+. I02 was downgraded to BB+ by A07, which superseded the BBB of A23.

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

✅ R8 csv+axioms run 2 graded by code

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

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

✅ R8 csv+axioms run 3 graded by code

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

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

✅ R8 csv+axioms run 4 graded by code

No, it is BB+. I02 was downgraded to BB+ in A07, which supersedes A23 (BBB).

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

✅ R8 csv+axioms run 5 graded by code

No, it is BB+. I02 was downgraded to BB+ (A07), which replaced the earlier BBB (A23).

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