Q3, run 2026-11-04-2028-haiku

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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 downgraded from BBB to BB+ on 2025-06-20 (A07).

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

✅ R1 csv run 2 graded by code

No, rated BB+. I02 was assigned BBB (A23), then downgraded to BB+ (A07, 2025-06-20), which is below investment grade.

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

✅ R1 csv run 3 graded by code

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

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

✅ R1 csv run 4 graded by code

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

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

✅ R1 csv run 5 graded by code

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

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

✅ R5 csv+ontology run 1 graded by code

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

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

✅ R5 csv+ontology run 2 graded by code

No. The 2031 note (I02) was downgraded to BB+ by A07 (2025-06-20), so it is speculative grade.

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

✅ R5 csv+ontology run 3 graded by code

No, rated BB+. I02 was downgraded from BBB (A23) to BB+ (A07), which is speculative grade.

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

✅ R5 csv+ontology run 4 graded by code

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

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

✅ R5 csv+ontology run 5 graded by code

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

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

✅ R4 csv+markdown run 1 graded by code

No, rating BB+. The 2031 note is subordinated (I02), and its last action was a downgrade to BB+ (A07), so it is speculative grade.

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

✅ R4 csv+markdown run 2 graded by code

No, BB+. The 2031 note (I02) is subordinated, and its rating was cut to BB+ on 2025-06-20 (A07).

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

✅ R4 csv+markdown run 3 graded by code

No, rating BB+. The 2031 note (I02, subordinated) was downgraded to BB+ on 2025-06-20 (A07), which is speculative grade.

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

✅ R4 csv+markdown run 4 graded by code

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

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

🟡 R4 csv+markdown run 5 graded by code

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

JSON: {"investment_grade": "no"}

Why: rating: expected BB+, got None

✅ R8 csv+axioms run 1 graded by code

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

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

✅ R8 csv+axioms run 2 graded by code

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

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

✅ R8 csv+axioms run 3 graded by code

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

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

✅ R8 csv+axioms run 4 graded by code

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

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

✅ R8 csv+axioms run 5 graded by code

No, BB+. The 2031 note I02 was downgraded to BB+ in DG action A07 (2025-06-20), which is not investment grade.

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