Q3, run 2026-11-05-1515-sonnet-query
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+
sql run 1
No, it is BB+. I02 (Kestrel 6.25% 2031, subordinated) was downgraded to BB+ in A07, which is below investment grade.
JSON: {"investment_grade": "no", "rating": "BB+"}
sql run 2
No. The 2031 note I02 was downgraded to BB+ on 2025-06-20 (A07), which is sub-investment grade.
JSON: {"investment_grade": "no", "rating": "BB+"}
sql run 3
No. Instrument I02 (the 2031 note) is rated BB+ since A07, below investment grade.
JSON: {"investment_grade": "no", "rating": "BB+"}
sql run 4
No. The 2031 note I02 was cut to BB+ (A07), which is sub-investment grade.
JSON: {"investment_grade": "no", "rating": "BB+"}
sql run 5
No, BB+. I02 is subordinated and was cut from BBB to BB+ on 2025-06-20 (A07).
JSON: {"investment_grade": "no", "rating": "BB+"}
sql+markdown run 1
No. The 2031 note (I02) is subordinated and was cut to BB+ by A07, which is speculative grade.
JSON: {"investment_grade": "no", "rating": "BB+"}
sql+markdown run 2
No, it is BB+. The 2031 note is I02 (subordinated), downgraded to BB+ in A07.
JSON: {"investment_grade": "no", "rating": "BB+"}
sql+markdown run 3
No, it is BB+. The 2031 note I02 is subordinated and was downgraded to BB+ by A07.
JSON: {"investment_grade": "no", "rating": "BB+"}
sql+markdown run 4
No, BB+. The 2031 note is I02, a subordinated note; its latest action is the downgrade A07 to BB+, which is speculative grade.
JSON: {"investment_grade": "no", "rating": "BB+"}
sql+markdown run 5
No, it is BB+. The 2031 note is I02 (subordinated), and its latest action A07 rated it BB+.
JSON: {"investment_grade": "no", "rating": "BB+"}
sparql run 1
No. The 2031 note I02 is rated BB+ (A07), which is below investment grade.
JSON: {"investment_grade": "no", "rating": "BB+"}
sparql run 2
No, it is BB+. I02 (subordinated) was rated BB+ by A07 on 2025-06-20.
JSON: {"investment_grade": "no", "rating": "BB+"}
sparql run 3
Depends. I02 is subordinated and has no rating of its own in the data. The issuer rating is BBB (A03), which is investment grade.
JSON: {"investment_grade": "depends", "rating": "none"}
Why: investment_grade: expected no, got depends; rating: expected BB+, got none
sparql run 4
No, BB+. The 2031 note is I02, rated BB+ since the downgrade on 2025-06-20 (A07), which is below investment grade.
JSON: {"investment_grade": "no", "rating": "BB+"}
sparql run 5
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+"}
sparql+ontology run 1
No, BB+. I02 is subordinated and has been BB+ since the 2025-06-20 downgrade.
JSON: {"investment_grade": "no", "rating": "BB+"}
sparql+ontology run 2
No. I02 is subordinated and was downgraded to BB+ on 2025-06-20, which is speculative grade.
JSON: {"investment_grade": "no", "rating": "BB+"}
sparql+ontology run 3
No, BB+. The 2031 note (I02) is subordinated and was downgraded to BB+ on 2025-06-20 (A07).
JSON: {"investment_grade": "no", "rating": "BB+"}
sparql+ontology run 4
No, BB+. The 2031 note (I02) is subordinated and was downgraded to BB+ on 2025-06-20 (A07).
JSON: {"investment_grade": "no", "rating": "BB+"}
sparql+ontology run 5
No. The 2031 note (I02, subordinated) was downgraded to BB+ on 2025-06-20, which is speculative grade.
JSON: {"investment_grade": "no", "rating": "BB+"}
sql+executed run 1
No, BB+. The 2031 note I02 has been rated BB+ since 2025-06-20.
JSON: {"investment_grade": "no", "rating": "BB+"}
sql+executed run 2
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+"}
sql+executed run 3
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+"}
sql+executed run 4
No. The 2031 note (I02) has been rated BB+ since 2025-06-20, which is below investment grade.
JSON: {"investment_grade": "no", "rating": "BB+"}
sql+executed run 5
No. The 2031 note (I02) is rated BB+ after a downgrade on 2025-06-20 (A07).
JSON: {"investment_grade": "no", "rating": "BB+"}
sparql+axioms run 1
No. The 2031 note (I02) has been rated BB+ since 2025-06-20 (A07).
JSON: {"investment_grade": "no", "rating": "BB+"}
sparql+axioms run 2
No. The 2031 note (I02) has been BB+ since 2025-06-20 (A07).
JSON: {"investment_grade": "no", "rating": "BB+"}
sparql+axioms run 3
No. The 2031 note (I02) is subordinated and currently rated BB+ (A07), which is speculative grade.
JSON: {"investment_grade": "no", "rating": "BB+"}
sparql+axioms run 4
No, BB+. The 2031 note I02 was cut to BB+ by A07.
JSON: {"investment_grade": "no", "rating": "BB+"}
sparql+axioms run 5
No. The 2031 note I02 is rated BB+ (A07).
JSON: {"investment_grade": "no", "rating": "BB+"}