Q3, run 2026-11-05-1227-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, below investment grade.

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

✅ R1 csv run 2 graded by code

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

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

✅ R1 csv run 3 graded by code

No. The 2031 note (I02) was cut to BB+ (A07), which is below investment grade.

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

✅ R1 csv run 4 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 5 graded by code

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

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

✅ R2 rdf run 1 graded by code

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

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

✅ R2 rdf run 2 graded by code

No, it is BB+. I02 was BBB (A23), then downgraded to BB+ (A07), which is below investment grade.

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

✅ R2 rdf run 3 graded by code

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

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

✅ R2 rdf run 4 graded by code

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

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

✅ R2 rdf run 5 graded by code

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

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

✅ R6 rdf+ontology run 1 graded by code

No. I02 is subordinated and has been rated BB+ since A07 (2025-06-20), which is speculative grade.

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

✅ R6 rdf+ontology run 2 graded by code

No. The 2031 note (I02, subordinated) has been rated BB+ since 2025-06-20 (A07), which is speculative grade.

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

✅ R6 rdf+ontology run 3 graded by code

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

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

✅ R6 rdf+ontology run 4 graded by code

No, it is BB+. I02 was assigned BBB (A23) and downgraded to BB+ in A07 on 2025-06-20, which is speculative grade.

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

✅ R6 rdf+ontology run 5 graded by code

No. I02, the subordinated 2031 note, was downgraded to BB+ by A07, which is speculative grade.

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

✅ R5 csv+ontology run 1 graded by code

No, it is BB+. I02 was assigned BBB (A23) and downgraded to BB+ (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, it is BB+. The 2031 note is I02 (subordinated), and its latest action 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. The 2031 note (I02) is subordinated and was downgraded to BB+ by A07, which is speculative grade.

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

✅ R5 csv+ontology run 5 graded by code

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

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

✅ R4 csv+markdown run 1 graded by code

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

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

✅ R4 csv+markdown run 2 graded by code

No. I02 is rated BB+ after A07 (DG), which is speculative grade.

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

✅ R4 csv+markdown run 3 graded by code

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

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

✅ R4 csv+markdown run 5 graded by code

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

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

✅ R3 csv+padding run 1 graded by code

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

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

✅ R3 csv+padding run 2 graded by code

No, BB+. I02 was downgraded to BB+ in A07, and it is subordinated.

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

✅ R3 csv+padding run 3 graded by code

No. I02 is rated BB+ after the 2025-06-20 downgrade (A07), which is below investment grade.

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

✅ R3 csv+padding run 4 graded by code

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

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

✅ R3 csv+padding run 5 graded by code

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

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

✅ R10 executed run 1 graded by code

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

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

✅ R10 executed run 2 graded by code

No. The 2031 note (I02, subordinated) has been rated BB+ since 2025-06-20 (A07), which is below investment grade.

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

✅ R10 executed run 3 graded by code

No. The 2031 note (I02) has been rated BB+ since 2025-06-20 (A07), which is below investment grade.

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

✅ R10 executed run 4 graded by code

No. The 2031 note (I02) is subordinated and currently rated BB+ (A07).

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

✅ R10 executed run 5 graded by code

No. The 2031 note (I02) is subordinated and rated BB+ since 2025-06-20 (A07), which is below investment grade.

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

✅ R7 csv+neutral run 1 graded by code

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

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

✅ R7 csv+neutral run 2 graded by code

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

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

✅ R7 csv+neutral run 3 graded by code

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

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

✅ R7 csv+neutral run 4 graded by code

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

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

✅ R7 csv+neutral run 5 graded by code

No, it is BB+. I02 (subordinated) was downgraded to BB+ in 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 (A23's BBB was superseded).

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+ on 2025-06-20 (A07).

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

✅ R8 csv+axioms run 3 graded by code

No, it is BB+. I02 was downgraded to BB+ by A07 and nothing has changed it since.

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

✅ R8 csv+axioms run 4 graded by code

No. I02 was downgraded to BB+ in A07, which is below investment grade.

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

✅ R8 csv+axioms run 5 graded by code

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

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

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

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

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

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

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

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

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

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

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

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

No, BB+. I02 is subordinated, and its latest action is A07 (2025-06-20), a downgrade to BB+.

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

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

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

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