Q3, run 2026-11-05-2135-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, rated BB+
The 2031 note is I02, rated BB+ by A07 (2025-06-20), so it is sub-investment grade.

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

✅ R1 csv run 2 graded by code

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

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

✅ R1 csv run 3 graded by code

No, BB+. The 2031 notes (I02) were cut from BBB to BB+ by A07 (2025-06-20), which is the latest action.

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

✅ R1 csv run 4 graded by code

No, rated BB+. The 2031 notes (I02) were BBB (A23) and then downgraded to BB+ on 2025-06-20 (A07).

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

✅ R1 csv run 5 graded by code

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

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

✅ R2 rdf run 1 graded by code

No, BB+. The I02 2031 note was downgraded from BBB to BB+ (A07, 2025-06-20), and the BBB record (A23) is superseded.

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

✅ R2 rdf run 2 graded by code

No, it is rated BB+. The 2031 note is I02, whose latest rating is A07 (DG, BB+, 2025-06-20).

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

✅ R2 rdf run 3 graded by code

No, rating BB+. The 2031 note (I02) was downgraded to BB+ on 20 Jun 2025 (A07) and has no later action.

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

✅ R2 rdf run 4 graded by code

No, rated BB+. The 2031 note (I02) was downgraded to BB+ on 2025-06-20 (A07), below the BBB- investment-grade threshold.

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

✅ R2 rdf run 5 graded by code

No, BB+. I02 (Kestrel 6.25% 2031) was downgraded to BB+ on 2025-06-20 (A07).

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

✅ R6 rdf+ontology run 1 graded by code

No, BB+.
I02 (Kestrel 6.25% 2031, subordinated) was last rated by A07 (Downgraded 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 is subordinated, and its only rating action is A07 (downgraded to BB+, 2025-06-20).

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

✅ R6 rdf+ontology run 3 graded by code

No, BB+. I02 (Kestrel 6.25% 2031, subordinated) was assigned BBB in A23, then moved to BB+ in A07 (DG, 2025-06-20).

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

✅ R6 rdf+ontology run 4 graded by code

No, rated BB+. I02 (the 6.25% 2031) has its latest rating in A07 (DG BB+, 2025-06-20).

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

✅ R6 rdf+ontology run 5 graded by code

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

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

✅ R5 csv+ontology run 1 graded by code

No, BB+. I02 (the 2031 note) was downgraded from BBB to BB+ by A07 on 2025-06-20, and that is its latest action.

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

✅ R5 csv+ontology run 2 graded by code

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

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

✅ R5 csv+ontology run 3 graded by code

(no answer found)

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

✅ R5 csv+ontology run 4 graded by code

No, BB+. I02 is subordinated and its latest instrument action is A07 (DG, BB+, 2025-06-20), which supersedes A23 (BBB).

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

✅ R5 csv+ontology run 5 graded by code

No, BB+. I02 was BBB in 2024 (A23) but was downgraded to BB+ on 2025-06-20 (A07).

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

✅ R4 csv+markdown run 1 graded by code

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

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

✅ R4 csv+markdown run 2 graded by code

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

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

✅ R4 csv+markdown run 3 graded by code

No, BB+. The 2031 note (I02) was assigned BBB (A23, 2024-03-12) and downgraded to BB+ (A07, 2025-06-20). (I02)

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

✅ R4 csv+markdown run 4 graded by code

No, BB+. I02 (6.25% 2031) was downgraded from BBB to BB+ by A07 on 2025-06-20.

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

✅ R4 csv+markdown run 5 graded by code

No, BB+. The 6.25% 2031 note (I02) was assigned BBB in 2024 (A23) and downgraded to BB+ on 20 Jun 2025 (A07), which is below investment grade.

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

✅ R3 csv+padding run 1 graded by code

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

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

✅ R3 csv+padding run 2 graded by code

No, BB+. I02 was downgraded from BBB to BB+ on 2025-06-20 (A07).

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

✅ R3 csv+padding run 3 graded by code

No, BB+. The 6.25% 2031 note (I02) was downgraded from BBB to BB+ on 2025-06-20 (A07).

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

✅ R3 csv+padding run 4 graded by code

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

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

✅ R3 csv+padding run 5 graded by code

No, BB+. The 2031 notes (I02) were downgraded from BBB to BB+ on 2025-06-20 (A07, after A23).

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

✅ R10 executed run 1 graded by code

No, BB+. I02 (6.25% notes due 2031) was cut to BB+ (DG) on 2025-06-20 and is still in force.

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

✅ R10 executed run 2 graded by code

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

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

✅ R10 executed run 3 graded by code

No, BB+. I02 was cut from BBB to BB+ on 2025-06-20 (A07), and that row is still open.

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

✅ R10 executed run 4 graded by code

No. I02 is rated BB+ from 2025-06-20 (A07, still open).

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

✅ R10 executed run 5 graded by code

No, it is rated BB+. The 2031 note is I02, whose current INST rating is BB+ (DG from 2025-06-20).

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

✅ R7 csv+neutral run 1 graded by code

No, BB+. I02 was downgraded from BBB to BB+ by A07 (2025-06-20), which is its latest action.

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

✅ R7 csv+neutral run 2 graded by code

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

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

✅ R7 csv+neutral run 3 graded by code

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

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

✅ R7 csv+neutral run 4 graded by code

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

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

✅ R7 csv+neutral run 5 graded by code

No. The 2031 note (I02) is subordinated, and its latest action (A07, 2025-06-20) is a downgrade to BB+.

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

✅ R8 csv+axioms run 1 graded by code

No, BB+ (I02). A07 downgraded the note from BBB to BB+ on 2025-06-20, superseding A23.

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

✅ R8 csv+axioms run 2 graded by code

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

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

✅ R8 csv+axioms run 3 graded by code

No, BB+. I02's latest action is A07 (downgraded to BB+, 2025-06-20), which supersedes A23 (BBB, 2024).

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

✅ R8 csv+axioms run 4 graded by code

No, it is BB+. I02 is subordinated, and A07 (2025-06-20, DG) set BB+.

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

✅ R8 csv+axioms run 5 graded by code

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

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

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

No, BB+. The 2031 note (I02) was rated BBB at assignment (A23) and downgraded to BB+ on 2025-06-20 (A07). Record: I02.

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

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

No; BB+.
I02 (2031 note) was rated BBB in A23 and cut to BB+ in A07 (2025-06-20), its latest instrument action.

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

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

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

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

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

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

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

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

No, BB+. The 2031 note is I02, and its latest instrument action is A07 (downgraded to BB+, 2025-06-20), which is speculative grade.

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