Q2, run 2026-11-04-1738-sonnet

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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

✅ R1 csv run 1 graded by code

No. The only 2026 action on E01 is A03, an affirmation at BBB with a Negative outlook.

JSON: {"downgraded": "no"}

✅ R1 csv run 2 graded by code

No. E01's only 2026 action is A03, an affirmation at BBB with a Negative outlook.

JSON: {"downgraded": "no"}

✅ R1 csv run 3 graded by code

No. The only 2026 action on E01 is an affirmation at BBB with a Negative outlook (A03).

JSON: {"downgraded": "no"}

✅ R1 csv run 4 graded by code

No. The only 2026 action on E01 is A03, an affirmation at BBB.

JSON: {"downgraded": "no"}

✅ R1 csv run 5 graded by code

No. The only 2026 actions are A03/A04, which affirmed BBB and F2.

JSON: {"downgraded": "no"}

✅ R4 csv+markdown run 1 graded by code

No. E01's only 2026 action is A03, an affirmation at BBB with the outlook revised to NEG, which is not a downgrade.

JSON: {"downgraded": "no"}

✅ R4 csv+markdown run 2 graded by code

No. E01's only 2026 actions, A03 and A04, are affirmations. A03 changes the outlook to NEG but leaves the rating at BBB.

JSON: {"downgraded": "no"}

✅ R4 csv+markdown run 3 graded by code

No. The only 2026 action on E01 is an affirmation (A03, A04), so no downgrade.

JSON: {"downgraded": "no"}

✅ R4 csv+markdown run 4 graded by code

No. E01's only 2026 action is A03, an affirmation at BBB with a Negative outlook, which is not a downgrade.

JSON: {"downgraded": "no"}

✅ R4 csv+markdown run 5 graded by code

No. In 2026 E01 only had affirmations (A03 LTIDR BBB with NEG outlook, A04 STIDR F2), and no downgrade.

JSON: {"downgraded": "no"}

✅ R10 executed run 1 graded by code

No. E01's only downgrade was on 2025-06-20 (A02), and the 2026-02-10 action (A03) was an affirmation with a Negative outlook.

JSON: {"downgraded": "no"}

✅ R10 executed run 2 graded by code

No. The only 2026 action on E01 is the 2026-02-10 affirmation at BBB (A03); the downgrade was in 2025 (A02).

JSON: {"downgraded": "no"}

✅ R10 executed run 3 graded by code

No. E01's only downgrade was on 2025-06-20 (A02); the 2026-02-10 action (A03) affirmed BBB with a Negative outlook.

JSON: {"downgraded": "no"}

✅ R10 executed run 4 graded by code

No. The only 2026 action on E01 is an affirmation at BBB with the outlook moved to Negative (A03); the downgrade was in 2025 (A02).

JSON: {"downgraded": "no"}

✅ R10 executed run 5 graded by code

No. The only 2026 action on E01 is A03, an affirmation with the outlook moved to Negative; the downgrade to BBB was A02, on 2025-06-20.

JSON: {"downgraded": "no"}