Q2, run 2026-11-05-2135-sonnet
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
csv run 1
No. The only 2026 action is A03, an affirmation at BBB with the outlook moved to Negative.
JSON: {"downgraded": "no"}
csv run 2
No. The only 2026 action on E01 is A03 (2026-02-10), an affirmation at BBB with a Negative outlook.
JSON: {"downgraded": "no"}
csv run 3
No. The only 2026 action is A03, an affirmation at BBB.
JSON: {"downgraded": "no"}
csv run 4
No. The only 2026 action on E01 is A03, an affirmation at BBB with Negative outlook.
JSON: {"downgraded": "no"}
csv run 5
No. The only 2026 action on E01 is A03 (affirmed BBB, outlook moved to Negative). The downgrade (A02) was in 2025.
JSON: {"downgraded": "no"}
rdf run 1
No. E01 was downgraded in 2025 (A02); in 2026 it was only affirmed at BBB with a Negative outlook (A03).
JSON: {"downgraded": "no"}
rdf run 2
No. E01's only 2026 action is an affirmation at BBB (A03, 2026-02-10). The downgrade was in 2025 (A02).
JSON: {"downgraded": "no"}
rdf run 3
No. E01's only 2026 action is A03, an affirmation at BBB with a Negative outlook; the downgrade (A02) was in 2025.
JSON: {"downgraded": "no"}
rdf run 4
No. E01's 2026 actions are affirmations (A03 BBB, A04 F2); the downgrade to BBB was A02 in 2025.
JSON: {"downgraded": "no"}
rdf run 5
No. E01's only 2026 actions are A03 and A04, both affirmations (BBB, F2).
JSON: {"downgraded": "no"}
rdf+ontology run 1
No. E01's only 2026 action is the affirmation A03/A04 (2026-02-10), which is not a downgrade.
JSON: {"downgraded": "no"}
rdf+ontology run 2
No. In 2026 E01 has only affirmations, A03 (long-term BBB) and A04 (short-term F2), and no downgrade.
JSON: {"downgraded": "no"}
rdf+ontology run 3
No. E01's only 2026 action is A03, an affirmation at BBB, and the 2026 short-term action A04 is also an affirmation. Its only downgrade, A02, was in 2025.
JSON: {"downgraded": "no"}
rdf+ontology run 4
No. E01's only 2026 actions are affirmations (A03, A04).
JSON: {"downgraded": "no"}
rdf+ontology run 5
No. The only E01 long-term action in 2026 is an affirmation at BBB (A03, 2026-02-10).
JSON: {"downgraded": "no"}
csv+ontology run 1
No. The only 2026 actions on E01 are affirmations (A03 LTIDR, A04 STIDR).
JSON: {"downgraded": "no"}
csv+ontology run 2
No. The only 2026 actions on E01 are affirmations (A03, A04); a negative outlook is not a downgrade.
JSON: {"downgraded": "no"}
csv+ontology run 3
No. E01's only 2026 action is an affirmation at BBB with a Negative outlook (A03).
JSON: {"downgraded": "no"}
csv+ontology run 4
No. The only 2026 action is A03 (2026-02-10), an affirmation at BBB with the outlook revised to Negative.
JSON: {"downgraded": "no"}
csv+ontology run 5
No. The only 2026 action is A03, an affirmation at BBB with a Negative outlook, which is not a downgrade.
JSON: {"downgraded": "no"}
csv+markdown run 1
No. E01's only 2026 actions are the affirmations A03 and A04.
JSON: {"downgraded": "no"}
csv+markdown run 2
No. E01's only 2026 action is A03, an affirmation at BBB with the outlook revised to Negative. That is not a downgrade.
JSON: {"downgraded": "no"}
csv+markdown run 3
No. E01's only 2026 actions, A03 and A04, are affirmations.
JSON: {"downgraded": "no"}
csv+markdown run 4
No. E01's only 2026 action is A03, an affirmation at BBB with a Negative outlook.
JSON: {"downgraded": "no"}
csv+markdown run 5
No. E01's only 2026 action is A03, an affirmation (BBB, outlook NEG).
JSON: {"downgraded": "no"}
csv+padding run 1
No. The only 2026 action on E01 is A03 (2026-02-10), which affirmed BBB with a Negative outlook.
JSON: {"downgraded": "no"}
csv+padding run 2
No. E01's only 2026 action is an affirmation at BBB (A03, A04); the downgrade was in 2025 (A02).
JSON: {"downgraded": "no"}
csv+padding run 3
No. The only 2026 action on E01 is A03, an affirmation at BBB (2026-02-10).
JSON: {"downgraded": "no"}
csv+padding run 4
No. The only 2026 action on E01 is A03 (affirmed BBB, Outlook Negative), and the downgrade A02 was in 2025.
JSON: {"downgraded": "no"}
csv+padding run 5
No. E01's only 2026 action is an affirmation at BBB with the outlook moved to Negative (A03).
JSON: {"downgraded": "no"}
executed run 1
No. In 2026 E01 only had an affirmation with the outlook moved to Negative (A03, BBB), and no downgrade.
JSON: {"downgraded": "no"}
executed run 2
No. E01 moved from A- to BBB in 2025 (A02); the 2026-02-10 record (A03) only changed the outlook to Negative, with the rating still BBB.
JSON: {"downgraded": "no"}
executed run 3
No. The 2026-02-10 record (A03) is an affirmation that only moved the outlook to Negative, and the downgrade to BBB was on 2025-06-20 (A02).
JSON: {"downgraded": "no"}
executed run 4
No. The only 2026 action (A03, 2026-02-10) kept the rating at BBB and moved the outlook to Negative. The downgrade to BBB was in 2025 (A02).
JSON: {"downgraded": "no"}
executed run 5
No. E01's only downgrade was on 2025-06-20 (A02). In 2026 it was affirmed at BBB with a Negative outlook (A03).
JSON: {"downgraded": "no"}
csv+neutral run 1
No. The only 2026 action on E01 is A03, an affirmation at BBB with a Negative outlook, which is not a downgrade.
JSON: {"downgraded": "no"}
csv+neutral run 2
No. The only 2026 action on E01 is A03, an affirmation at BBB with the outlook revised to NEG. Only DG counts as a downgrade.
JSON: {"downgraded": "no"}
csv+neutral run 3
No. A03 (2026-02-10) is an affirmation with a negative outlook, and the outlook is not a downgrade.
JSON: {"downgraded": "no"}
csv+neutral run 4
No. The only 2026 action on E01 is an affirmation at BBB (A03, NEG outlook); the downgrade A02 was in 2025.
JSON: {"downgraded": "no"}
csv+neutral run 5
No. The only 2026 issuer action is A03 (AF, BBB, outlook to NEG), and an affirmation is not a downgrade.
JSON: {"downgraded": "no"}
csv+axioms run 1
No. Kestrel's only 2026 action is A03, an affirmation at BBB; the downgrade (A02) was in 2025.
JSON: {"downgraded": "no"}
csv+axioms run 2
No. Kestrel's only 2026 action is A03, an affirmation at BBB; the downgrade (A02) was in 2025.
JSON: {"downgraded": "no"}
csv+axioms run 3
No. The only 2026 action on E01 is an affirmation at BBB on 2026-02-10 (A03). The downgrade was in 2025 (A02).
JSON: {"downgraded": "no"}
csv+axioms run 4
No. E01's only 2026 action is A03, an affirmation at BBB with a Negative outlook.
JSON: {"downgraded": "no"}
csv+axioms run 5
No. E01's only 2026 action is the 2026-02-10 affirmation at BBB (A03); the downgrade was in 2025 (A02).
JSON: {"downgraded": "no"}
csv+axioms+markdown run 1
No. E01's only 2026 action is A03, an affirmation at BBB with a Negative outlook, which is not a downgrade.
JSON: {"downgraded": "no"}
csv+axioms+markdown run 2
No. E01's only 2026 action is an affirmation (A03/A04, 2026-02-10).
JSON: {"downgraded": "no"}
csv+axioms+markdown run 3
No. The only 2026 action on E01 is A03, an affirmation with a Negative outlook.
JSON: {"downgraded": "no"}
csv+axioms+markdown run 4
No. The only 2026 action on E01 is A03, an affirmation (BBB, outlook Negative), and a Negative outlook is not a downgrade.
JSON: {"downgraded": "no"}
csv+axioms+markdown run 5
No. E01's only 2026 action is an affirmation (A03/A04), and only DG counts as a downgrade.
JSON: {"downgraded": "no"}