Q3, run 2026-11-04-1738-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. The 2031 note is I02, rated BBB (A23) and then cut to BB+ (A07), which is below investment grade.

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

✅ R1 csv run 2 graded by code

No. The 2031 note is I02, a subordinated note, and A07 (2025-06-20) downgraded it to BB+, which supersedes A23's BBB.

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

✅ R1 csv run 3 graded by code

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

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

✅ R1 csv run 4 graded by code

No. The 2031 note is I02 (subordinated), downgraded to BB+ by A07 (A23 had it at BBB), which is sub-investment grade.

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

✅ R1 csv run 5 graded by code

No. The 2031 note is I02, rated BBB in A23 and cut to BB+ in A07 (2025-06-20).

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

✅ R4 csv+markdown run 1 graded by code

No, it is BB+. The 2031 note is I02 (SUB). A07 downgraded it to BB+, below the earlier A23 (BBB).

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

✅ R4 csv+markdown run 2 graded by code

No. The 2031 note is I02 (subordinated), downgraded to BB+ by A07 on 2025-06-20 (A23 had assigned BBB). BB+ is speculative grade.

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

✅ R4 csv+markdown run 3 graded by code

No. The 2031 note is I02, a subordinated note, 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. The 2031 note is I02, a subordinated note, and A07 downgraded it to BB+ on 2025-06-20, which is speculative grade.

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

✅ R4 csv+markdown run 5 graded by code

No, BB+. The 2031 note is I02 (subordinated), downgraded to BB+ by A07 on 2025-06-20 after being assigned BBB (A23).

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

✅ R10 executed run 1 graded by code

No. The 2031 note is I02 (BB+, SUB, after the 2025-06-20 downgrade), which is below investment grade.

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

✅ R10 executed run 2 graded by code

No. The 2031 note is I02 (SUB), now rated BB+ (A07), which is sub-investment grade.

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

✅ R10 executed run 3 graded by code

No, BB+. The 2031 note is I02, a subordinated note, and it has been rated BB+ since the 2025-06-20 downgrade.

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

✅ R10 executed run 4 graded by code

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

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

✅ R10 executed run 5 graded by code

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

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