Q3, run 2026-11-06-0041-sonnet-query

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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+

✅ D1 sql run 1 graded by code · query session

No, BB+. I02 is subordinated and was downgraded to BB+ on 2025-06-20 (A07).

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

✅ D1 sql run 2 graded by code · query session

No. The 2031 note is I02, rated BB+ since A07, which is sub-investment grade.

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

✅ D1 sql run 3 graded by code · query session

No, BB+. I02 (the 2031 subordinated note) was cut from BBB to BB+ in A07.

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

✅ D1 sql run 4 graded by code · query session

No. Kestrel's 2031 note (I02) was cut to BB+ on 2025-06-20 (A07), which is sub-investment grade.

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

✅ D1 sql run 5 graded by code · query session

No. The 2031 note I02 was downgraded to BB+ by A07, which is sub-investment grade.

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

✅ D2 sql+markdown run 1 graded by code · query session

No. I02 is subordinated and was cut to BB+ by A07, which is speculative grade.

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

✅ D2 sql+markdown run 2 graded by code · query session

No. The 2031 note (I02, subordinated) was downgraded to BB+ by A07, which is speculative grade.

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

✅ D2 sql+markdown run 3 graded by code · query session

No. The 2031 note (I02, subordinated) was downgraded to BB+ (A07), which is speculative grade.

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

✅ D2 sql+markdown run 4 graded by code · query session

No. The 2031 note (I02) is subordinated and was downgraded to BB+ (A07), which is speculative grade.

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

✅ D2 sql+markdown run 5 graded by code · query session

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

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

✅ D4 sparql run 1 graded by code · query session

No. The 2031 note I02 was downgraded to BB+ (A07), which is sub-investment grade.

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

✅ D4 sparql run 2 graded by code · query session

No. The 2031 note I02 was cut to BB+ on 2025-06-20 (A07), which is below investment grade.

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

✅ D4 sparql run 3 graded by code · query session

No, BB+. I02 was downgraded to BB+ on 2025-06-20 (A07), which is sub-investment grade.

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

✅ D4 sparql run 4 graded by code · query session

No, BB+. The 2031 note (I02) was downgraded to BB+ by A07.

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

✅ D4 sparql run 5 graded by code · query session

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

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

✅ D5 sparql+ontology run 1 graded by code · query session

No, BB+. Instrument I02 is subordinated, and A07 cut it to BB+ on 2025-06-20.

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

✅ D5 sparql+ontology run 2 graded by code · query session

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

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

✅ D5 sparql+ontology run 3 graded by code · query session

No. The 2031 note I02 is subordinated and was downgraded to BB+ by A07, which is speculative grade.

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

✅ D5 sparql+ontology run 4 graded by code · query session

No. I02 is subordinated and was downgraded by A07 to BB+, which is speculative grade.

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

✅ D5 sparql+ontology run 5 graded by code · query session

No. The 2031 note (I02) is subordinated and was downgraded to BB+ by A07 on 2025-06-20, which is speculative grade.

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

✅ D3 sql+executed run 1 graded by code · query session

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

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

✅ D3 sql+executed run 2 graded by code · query session

No, it is BB+. The 2031 note (I02) was cut to BB+ on 2025-06-20 (A07), which is below investment grade.

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

✅ D3 sql+executed run 3 graded by code · query session

No. I02 is rated BB+ (A07), which is sub-investment grade.

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

✅ D3 sql+executed run 4 graded by code · query session

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

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

✅ D3 sql+executed run 5 graded by code · query session

No, BB+. I02 was downgraded to BB+ on 2025-06-20 (A07), which is below investment grade.

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

✅ D6 sparql+axioms run 1 graded by code · query session

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

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

✅ D6 sparql+axioms run 2 graded by code · query session

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

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

✅ D6 sparql+axioms run 3 graded by code · query session

No. The 2031 note I02 is rated BB+ (A07), below investment grade, even though the issuer is BBB.

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

✅ D6 sparql+axioms run 4 graded by code · query session

No, BB+. The 2031 note (I02) was cut to BB+ on 2025-06-20 (A07), which is sub-investment grade.

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

✅ D6 sparql+axioms run 5 graded by code · query session

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

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