Q3, run 2026-11-04-2022-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, it is BB+. The 2031 note is I02, assigned BBB (A23) and downgraded to BB+ (A07).

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

✅ R1 csv run 2 graded by code

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

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

✅ R1 csv run 3 graded by code

No, it is BB+. The 2031 note is I02; A07 (2025-06-20) cut it from BBB (A23) to BB+.

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

✅ R1 csv run 4 graded by code

No, it is rated BB+. The 2031 note is I02 (subordinated), downgraded to BB+ on 2025-06-20 (A07, superseding A23's BBB).

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

✅ R1 csv run 5 graded by code

No, it is BB+. The 2031 note is I02, and A07 downgraded it to BB+, superseding A23 (BBB).

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

✅ R4 csv+markdown run 1 graded by code

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

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

✅ R4 csv+markdown run 2 graded by code

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

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

✅ R4 csv+markdown run 3 graded by code

No, BB+. The 2031 note is I02 (subordinated), downgraded to BB+ on 2025-06-20 (A07), which supersedes the earlier BBB (A23).

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

✅ R4 csv+markdown run 4 graded by code

No, BB+. I02 is E01's subordinated note, and its latest action is the downgrade to BB+ on 2025-06-20 (A07).

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

✅ R4 csv+markdown run 5 graded by code

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

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

✅ R10 executed run 1 graded by code

No, it is BB+. The 2031 note is I02, a subordinated note rated BB+ since 2025-06-20 (A07).

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

✅ R10 executed run 2 graded by code

No. The 2031 note (I02, subordinated) has been BB+ since 2025-06-20 (A07).

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

✅ R10 executed run 3 graded by code

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

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

✅ R10 executed run 4 graded by code

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

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

✅ R8 csv+axioms run 1 graded by code

No. The 2031 note (I02, subordinated) was assigned BBB in A23 and downgraded to BB+ in A07 (2025-06-20), which is sub-investment grade.

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

✅ R8 csv+axioms run 2 graded by code

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

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

✅ R8 csv+axioms run 3 graded by code

No. The 2031 note I02 (subordinated) went from BBB (A23) to BB+ (A07, downgrade 2025-06-20).

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

✅ R8 csv+axioms run 4 graded by code

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

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

✅ R8 csv+axioms run 5 graded by code

No. I02 is rated BB+ after A07 (2025-06-20) downgraded it from BBB (A23).

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