Q2, run 2026-11-05-1227-sonnet
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
csv run 1
No. The only 2026 action on Kestrel (E01) is A03, an affirmation at BBB with the outlook moved to Negative.
JSON: {"downgraded": "no"}
csv run 2
No. The only 2026 Kestrel action on the issuer is A03, an affirmation at BBB with a Negative outlook.
JSON: {"downgraded": "no"}
csv run 3
No. The only 2026 action on E01 is an affirmation at BBB (A03).
JSON: {"downgraded": "no"}
csv run 4
No. The only 2026 actions on Kestrel (E01) are affirmations (A03, A04).
JSON: {"downgraded": "no"}
csv run 5
No. The only 2026 actions on E01 (A03, A04) are affirmations.
JSON: {"downgraded": "no"}
rdf run 1
No. E01's only 2026 action is an affirmation at BBB (A03, A04). The downgrade was in 2025 (A02).
JSON: {"downgraded": "no"}
rdf run 2
No. E01's only 2026 action is A03, an affirmation at BBB. The downgrade was A02, in 2025.
JSON: {"downgraded": "no"}
rdf run 3
No. E01's only 2026 action is an affirmation at BBB with a Negative outlook (A03, A04).
JSON: {"downgraded": "no"}
rdf run 4
No. E01's only 2026 actions are A03 and A04, both affirmations (BBB with Negative outlook, and F2). The downgrade was A02 in 2025.
JSON: {"downgraded": "no"}
rdf run 5
No. E01's only 2026 action is the affirmation A03 (BBB, outlook Negative), and neither of its instruments, I01 and I02, has a 2026 action.
JSON: {"downgraded": "no"}
rdf+ontology run 1
No. E01's only 2026 action is A03, an affirmation at BBB with a Negative outlook, and an outlook is not a downgrade.
JSON: {"downgraded": "no"}
rdf+ontology run 2
No. E01's only 2026 action is an affirmation at BBB on 2026-02-10 (A03, A04); the outlook went to Negative, which is not a downgrade.
JSON: {"downgraded": "no"}
rdf+ontology run 3
No. E01's only 2026 action is the affirmation A03 (BBB, outlook to Negative), and an affirmation or outlook change is not a downgrade.
JSON: {"downgraded": "no"}
rdf+ontology run 4
No. The only 2026 action on E01 is A03, an affirmation at BBB with a Negative outlook, which is not a downgrade.
JSON: {"downgraded": "no"}
rdf+ontology run 5
No. E01's only 2026 action is A03, an affirmation at BBB with a negative outlook, which is not a downgrade.
JSON: {"downgraded": "no"}
csv+ontology run 1
No. A03 (2026-02-10) is an affirmation, and the outlook moved to Negative, which is not a downgrade.
JSON: {"downgraded": "no"}
csv+ontology run 2
No. The only 2026 action on E01 is A03, an affirmation (AF) with a Negative outlook, which is not a downgrade.
JSON: {"downgraded": "no"}
csv+ontology run 3
No. E01's only 2026 actions are the affirmations A03 and A04, and the NEG outlook is not a downgrade.
JSON: {"downgraded": "no"}
csv+ontology run 4
No. The only 2026 action on Kestrel (E01) is A03, an affirmation (AF) with the outlook moved to negative, which is not a downgrade.
JSON: {"downgraded": "no"}
csv+ontology run 5
No. Kestrel's only 2026 actions are the affirmations A03 (LTIDR) and A04 (STIDR). A03 revised the outlook to Negative, which is not a downgrade.
JSON: {"downgraded": "no"}
csv+markdown run 1
No. The only 2026 actions on E01 are affirmations (A03, A04).
JSON: {"downgraded": "no"}
csv+markdown run 2
No. E01's only 2026 action on its long-term rating is A03, an affirmation at BBB with a Negative outlook, which is not a downgrade.
JSON: {"downgraded": "no"}
csv+markdown run 3
No. The only 2026 actions on E01 are affirmations (A03, A04); the downgrade was in 2025 (A02).
JSON: {"downgraded": "no"}
csv+markdown run 4
No. The only 2026 actions on E01 are affirmations (A03, A04).
JSON: {"downgraded": "no"}
csv+markdown run 5
No. E01's only 2026 action is A03, an affirmation (the outlook moved to NEG), which is not a downgrade.
JSON: {"downgraded": "no"}
csv+padding run 1
No. Kestrel's only 2026 actions on E01 are affirmations (A03, A04); its downgrade (A02) was in 2025.
JSON: {"downgraded": "no"}
csv+padding run 2
No. E01's only 2026 actions are affirmations (A03, A04), with the outlook moved to Negative.
JSON: {"downgraded": "no"}
csv+padding run 3
No. E01's only 2026 actions are affirmations (A03, A04), and the rating stayed BBB.
JSON: {"downgraded": "no"}
csv+padding run 4
No. The only 2026 action on E01 is an affirmation at BBB (A03).
JSON: {"downgraded": "no"}
csv+padding run 5
No. E01's only 2026 action is an affirmation at BBB (A03).
JSON: {"downgraded": "no"}
executed run 1
No. The downgrade to BBB was in 2025 (A02); the 2026-02-10 action only affirmed BBB and moved the outlook to Negative (A03).
JSON: {"downgraded": "no"}
executed run 2
No. The only downgrade was on 2025-06-20 (A02); the 2026-02-10 action was an affirmation with the outlook moved to Negative (A03).
JSON: {"downgraded": "no"}
executed run 3
No. The only downgrade was on 2025-06-20 (A02); the 2026-02-10 action (A03) was an affirmation with the outlook moved to Negative.
JSON: {"downgraded": "no"}
executed run 4
No. E01's only downgrade was on 2025-06-20 (A02); the 2026-02-10 action (A03) was an affirmation with the outlook moved to Negative.
JSON: {"downgraded": "no"}
executed run 5
No. On 2026-02-10 E01 stayed at BBB and only its outlook moved to Negative (A03, action AF). The downgrade to BBB was in 2025 (A02).
JSON: {"downgraded": "no"}
csv+neutral run 1
No. E01's only 2026 actions are the affirmations A03 and A04, and affirmations are not downgrades.
JSON: {"downgraded": "no"}
csv+neutral run 2
No. The only 2026 actions on Kestrel are affirmations (A03, A04).
JSON: {"downgraded": "no"}
csv+neutral run 3
No. The only 2026 Kestrel actions are affirmations (A03, A04); the downgrade (A02) was in 2025.
JSON: {"downgraded": "no"}
csv+neutral run 4
No. E01's only 2026 actions are A03 and A04, both affirmations, and A03 only moved the outlook to negative.
JSON: {"downgraded": "no"}
csv+neutral run 5
No. E01's only 2026 action is A03, an affirmation (BBB, outlook to NEG); the downgrade A02 was in 2025.
JSON: {"downgraded": "no"}
csv+axioms run 1
No. Kestrel's only 2026 action is A03 (2026-02-10), an affirmation at BBB; the downgrade A02 was in 2025.
JSON: {"downgraded": "no"}
csv+axioms run 2
No. The only 2026 action on Kestrel is A03, an affirmation at BBB.
JSON: {"downgraded": "no"}
csv+axioms run 3
No. The only 2026 action on E01 is an affirmation (A03, BBB). The downgrade was A02 in 2025.
JSON: {"downgraded": "no"}
csv+axioms run 4
No. The only 2026 Kestrel actions are affirmations (A03, A04). The downgrade, A02, was in 2025.
JSON: {"downgraded": "no"}
csv+axioms run 5
No. The only 2026 action on E01's issuer rating is A03, an affirmation at BBB.
JSON: {"downgraded": "no"}
csv+axioms+markdown run 1
No. E01's only 2026 action is the affirmation A03, and A02 (the downgrade) was in 2025.
JSON: {"downgraded": "no"}
csv+axioms+markdown run 2
No. The only 2026 Kestrel actions are affirmations (A03, A04), and the outlook moving to negative is not a downgrade.
JSON: {"downgraded": "no"}
csv+axioms+markdown run 3
No. The only 2026 Kestrel action is A03, an affirmation; the downgrade (A02) was in 2025.
JSON: {"downgraded": "no"}
csv+axioms+markdown run 4
No. E01's only 2026 actions are affirmations (A03, A04); the downgrade A02 was in 2025.
JSON: {"downgraded": "no"}
csv+axioms+markdown run 5
No. The only 2026 action on E01 is an affirmation at BBB (A03/A04), and the downgrade to BBB was in 2025 (A02).
JSON: {"downgraded": "no"}