Q2, run 2026-11-06-0935-sonnet-query
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
sql run 1
No. In 2026 Kestrel only had affirmations (A03, A04), with the outlook moved to Negative.
JSON: {"downgraded": "no"}
sql run 2
No. Kestrel's only 2026 actions are affirmations (A03, A04); the downgrade was in 2025 (A02).
JSON: {"downgraded": "no"}
sql run 3
No. The only 2026 actions on E01 are A03 and A04, which are affirmations. A03 moved the outlook to Negative, but the rating stayed BBB.
JSON: {"downgraded": "no"}
sql run 4
No. A03 (2026-02-10) affirmed Kestrel at BBB and only moved the outlook to Negative. The downgrade A02 was in 2025.
JSON: {"downgraded": "no"}
sql run 5
No. In 2026, A03 affirmed BBB and moved the outlook to Negative, with no rating cut.
JSON: {"downgraded": "no"}
sql+markdown run 1
No. E01's only 2026 actions are the affirmations A03 and A04, and A03 only moved the outlook to NEG.
JSON: {"downgraded": "no"}
sql+markdown run 2
No. E01's only 2026 actions are affirmations (A03, A04); the outlook moved to NEG, but the rating did not change.
JSON: {"downgraded": "no"}
sql+markdown run 3
No. Kestrel's only 2026 actions are the affirmations A03 and A04, and the downgrades A02, A06 and A07 were in 2025.
JSON: {"downgraded": "no"}
sql+markdown run 4
No. The only 2026 actions on Kestrel are affirmations (A03, A04).
JSON: {"downgraded": "no"}
sql+markdown run 5
No. The only 2026 Kestrel issuer actions are the affirmations A03 and A04.
JSON: {"downgraded": "no"}
sparql run 1
No. Kestrel's only 2026 actions are affirmations on 2026-02-10 (A03, A04), with the outlook moved to Negative.
JSON: {"downgraded": "no"}
sparql run 2
No. A03 (2026-02-10) affirmed the BBB rating and moved the outlook to Negative. The only downgrade, A02, was in 2025.
JSON: {"downgraded": "no"}
sparql run 3
No. A03 (2026-02-10) affirmed BBB with a Negative outlook.
JSON: {"downgraded": "no"}
sparql run 4
No. A03 (2026-02-10) affirmed BBB and only moved the outlook to Negative.
JSON: {"downgraded": "no"}
sparql run 5
No. E01's only 2026 actions (A03, A04, 2026-02-10) are affirmations: BBB with a Negative outlook, and F2.
JSON: {"downgraded": "no"}
sparql+ontology run 1
No. In 2026 E01 only had an affirmation (A03, with the outlook moved to Negative), which is not a downgrade.
JSON: {"downgraded": "no"}
sparql+ontology run 2
No. Kestrel's only 2026 actions are A03 and A04, and both are affirmations.
JSON: {"downgraded": "no"}
sparql+ontology run 3
No. E01's only 2026 actions are affirmations (A03, A04), and the outlook moved to Negative, which is not a downgrade.
JSON: {"downgraded": "no"}
sparql+ontology run 4
No. The only 2026 action on E01's issuer rating is A03, an affirmation with a Negative outlook (BBB stays BBB).
JSON: {"downgraded": "no"}
sparql+ontology run 5
No. Kestrel's only 2026 action on its issuer rating is A03, an affirmation at BBB with the outlook moved to Negative.
JSON: {"downgraded": "no"}
sql+executed run 1
No. E01's only 2026 action was an affirmation with the outlook moved to Negative (A03), and the rating stayed BBB.
JSON: {"downgraded": "no"}
sql+executed run 2
No. E01 was affirmed at BBB on 2026-02-10 (A03), and only the outlook moved to Negative. Its last downgrade was in 2025 (A02).
JSON: {"downgraded": "no"}
sql+executed run 3
No. The only downgrade was on 2025-06-20 (A02). The 2026-02-10 action (A03) was an affirmation at BBB, with the outlook moving to Negative.
JSON: {"downgraded": "no"}
sql+executed run 4
No. The only 2026 action on E01 was an affirmation of BBB with a Negative outlook (A03).
JSON: {"downgraded": "no"}
sql+executed run 5
No. E01's only 2026 action was an affirmation with the outlook moved to Negative (A03, 2026-02-10); the downgrade to BBB was in 2025 (A02).
JSON: {"downgraded": "no"}
sparql+axioms run 1
No. The 2026-02-10 action (A03) affirmed BBB and only moved the outlook to Negative.
JSON: {"downgraded": "no"}
sparql+axioms run 2
No. The 2026-02-10 action (A03) was an affirmation with the outlook moved to Negative; the downgrade (A02) was in 2025.
JSON: {"downgraded": "no"}
sparql+axioms run 3
No. The only 2026 action is A03 on 2026-02-10, which affirmed BBB and set a Negative outlook. The downgrade to BBB came in 2025 (A02).
JSON: {"downgraded": "no"}
sparql+axioms run 4
No. A03 on 2026-02-10 affirmed BBB with a Negative outlook; the downgrade was A02 on 2025-06-20.
JSON: {"downgraded": "no"}
sparql+axioms run 5
No. Kestrel's only 2026 action was an affirmation at BBB with a Negative outlook (A03).
JSON: {"downgraded": "no"}