Q3, run 2026-11-05-1819-sonnet-query-graphdb

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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+

✅ 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+ (A07), which is below investment grade.

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

✅ D4 sparql run 3 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+"}

✅ D4 sparql run 4 graded by code · query session

No. The 2031 note (I02) was cut to BB+ by A07, which is below investment grade.

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

✅ D4 sparql run 5 graded by code · query session

No, BB+. I02, the subordinated 2031 note, was cut to BB+ in A07, which is below investment grade.

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

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

No, it is BB+. I02 is subordinated and was rated BBB at assignment, then BB+ after the 2025 downgrade.

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

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

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

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

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

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

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

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

No. The 2031 note (I02) is subordinated and has been rated BB+ since 2025-06-20, which is speculative grade.

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

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

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

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

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

No. The 2031 note (I02) was cut to BB+ by A07, which is below investment grade.

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

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

Yes (?). I01 is BBB (A06), but I could not confirm which instrument is the 2031 note; if it is I02, it is BB+ and the answer is no.

JSON: {"investment_grade": "yes", "rating": "BBB"}

Why: investment_grade: expected no, got yes; rating: expected BB+, got BBB

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

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

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+ (A07).

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

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

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

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