Q3, run 2026-11-05-1233-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 BBB (A23), then downgraded to BB+ on 2025-06-20 (A07).

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

✅ R1 csv run 2 graded by code

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

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, rated BB+. I02 was downgraded to BB+ on 2025-06-20 (A07), which is below investment grade.

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

✅ R1 csv run 5 graded by code

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

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

✅ R2 rdf run 1 graded by code

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

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

✅ R2 rdf run 2 graded by code

No, rated BB+. I02 was cut from BBB to BB+ (A23 → A07, 2025-06-20).

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

✅ R2 rdf run 3 graded by code

No, BB+
The 2031 note is I02, and its latest rating is BB+ from the 2025-06-20 downgrade (A07), which supersedes BBB (A23).

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

✅ R2 rdf run 4 graded by code

No, BB+. I02 was downgraded from BBB to BB+ in A07 (2025-06-20), and nothing later changes it.

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

✅ R2 rdf run 5 graded by code

No. I02's latest rating is BB+ (A07, 2025-06-20), which is below investment grade.

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

✅ R6 rdf+ontology run 1 graded by code

No, BB+. I02's latest action is A07 (DG to BB+, 2025-06-20), which supersedes A23 (BBB).

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

✅ R6 rdf+ontology run 2 graded by code

No; BB+
I02 was downgraded from BBB (A23) to BB+ by A07 on 2025-06-20, and it is subordinated.

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

✅ R6 rdf+ontology run 3 graded by code

No, rating BB+. I02 was downgraded from BBB to BB+ on 2025-06-20 (A07), and BB+ is speculative grade.

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

✅ R6 rdf+ontology run 4 graded by code

**No, BB+.** I02 (subordinated) was downgraded to BB+ by A07 (2025-06-20), below the issuer's BBB (A03).

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

✅ R6 rdf+ontology run 5 graded by code

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

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

✅ R5 csv+ontology run 1 graded by code

No; BB+. I02 was downgraded from BBB (A23) to BB+ by A07 (2025-06-20), which is speculative grade.

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

✅ R5 csv+ontology run 2 graded by code

No, rated BB+. I02 (the 2031 SUB note) was downgraded from BBB to BB+ by A07 (2025-06-20), and nothing later changed it.

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

✅ R5 csv+ontology run 3 graded by code

No, rated BB+. I02 (subordinated) was downgraded from BBB to BB+ by A07 on 2025-06-20, and no later action changes it.

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

✅ R5 csv+ontology run 4 graded by code

No, BB+. The 2031 note is I02, subordinated, and was downgraded to BB+ in A07, below investment grade.

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

✅ R5 csv+ontology run 5 graded by code

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

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

✅ R4 csv+markdown run 1 graded by code

No. The 2031 note (I02) is rated BB+ after its 2025 downgrade (A07), which is below investment grade.

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

✅ R4 csv+markdown run 2 graded by code

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

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

✅ R4 csv+markdown run 3 graded by code

No, rated BB+. I02 (the 2031 SUB note) was downgraded to BB+ by A07 (2025-06-20).

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

✅ R4 csv+markdown run 4 graded by code

No, rating BB+. I02 is the 2031 note; its latest instrument action is A07 (downgrade to BB+, 2025-06-20).

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

✅ R4 csv+markdown run 5 graded by code

No, rating BB+. I02 was downgraded from BBB to BB+ on 2025-06-20 (A07), and BB+ is speculative grade.

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

✅ R3 csv+padding 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+"}

✅ R3 csv+padding run 2 graded by code

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

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

✅ R3 csv+padding run 3 graded by code

No. The 2031 note (I02) was downgraded to BB+ on 2025-06-20 (A07).

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

✅ R3 csv+padding run 4 graded by code

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

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

✅ R3 csv+padding run 5 graded by code

No, rated BB+. I02 (subordinated) was downgraded to BB+ in A07, below investment grade.

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

✅ R10 executed run 1 graded by code

No, rated BB+. I02 (the 6.25% 2031 notes) was downgraded to BB+ on 2025-06-20 (A07) and remains current.

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

✅ R10 executed run 2 graded by code

No, rating BB+. I02 has been 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. I02 was downgraded to BB+ on 2025-06-20 (A07) and that rating is still in force.

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

✅ R10 executed run 4 graded by code

No, rating BB+. I02 is rated BB+ (A07, from 2025-06-20), below investment grade.

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

✅ R10 executed run 5 graded by code

No, rated BB+. The 2031 note (I02) currently carries BB+ (A07, from 2025-06-20), which is sub-investment grade.

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

✅ R7 csv+neutral run 1 graded by code

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

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

✅ R7 csv+neutral run 2 graded by code

Rating BB+, not investment grade. I02 was downgraded from BBB to BB+ (A07), and that is the latest action on the instrument.

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

✅ R7 csv+neutral run 3 graded by code

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

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

✅ R7 csv+neutral run 4 graded by code

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

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

✅ R7 csv+neutral run 5 graded by code

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

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

✅ R8 csv+axioms run 1 graded by code

No, BB+. The 2031 note (I02) was downgraded from BBB to BB+ (A07, 2025-06-20) and has no later action.

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

✅ R8 csv+axioms run 2 graded by code

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

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

✅ R8 csv+axioms run 3 graded by code

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

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

✅ R8 csv+axioms run 4 graded by code

No, it is BB+. Instrument I02 was assigned BBB (A23) and downgraded to BB+ on 2025-06-20 (A07), with no later action.

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

✅ R8 csv+axioms run 5 graded by code

No (BB+)
I02 is rated BB+ (A07), below the BBB- investment-grade floor.

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

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

No, rated BB+. Instrument I02 was downgraded from BBB (A23) to BB+ (A07, 2025-06-20) and has no later action.

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

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

No, and the rating is BB+. The 2031 note is I02, subordinated, and its INST downgrade A07 (2025-06-20) set it at BB+.

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

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

No; the rating is BB+. I02 is subordinated and rated BB+ (A07), below investment grade.

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

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

No, BB+. I02's latest action is A07 (downgrade to BB+, 2025-06-20), which supersedes A23 (BBB).

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

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

No, it is BB+. I02 was downgraded from BBB to BB+ in A07 (2025-06-20) and has no later action.

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