Whether B7 is a stainless steel or not depends on what your definition of 'stainless' is!
There is no such thing as stainless steel in the sense of it being a single material. Rather, stainless steels are a large family of different alloys each formulated to resist some sort of corrosion. Loosely, 'stainless' just means a steel that doesn't rust, ie a steel that resists the corrosive action of oxygen, 'Inox' as they say in Europe.
But 'stainless' is much more complicated than that. For example, cutlery is made of an alloy suited to rolling knives, forks and spoons. Not only does the alloy resist oxygen, it also takes a high polish, and resists acid and biological staining. Unfortunately cutlery stainless isn't much cop for anything else because priority is given to corrosion resistance and manufacturing properties – cutlery steel is weak.
Other stainless steels are much stronger, tougher, harder or able to hold an edge. In the kitchen a different stainless is used to make sharp knives rather than cutlery. And the stainless used in an aircraft probably won't be the same alloy used to make chemical plant, or in food processing, in a hospital or at sea. Where it matters the designer chooses the alloy best suited to the application. They don't always get it right! At least one posh make of kitchen sink turned out to be highly vulnerable to salt, especially dish-washer salt. It doesn't obviously damage the sink, instead the salt bores tiny holes through it by reacting with one component of the alloy. Even though the stainless used is expensive, it's the wrong type of stainless to use when there's salt about.
For many ordinary purposes the exact grade of stainless may not matter much, except that quite a few of them work-harden ferociously and are very difficult to machine. Avoid milling, drilling, tapping sawing or turning them!
Looking closely at B7 it's a member of a group of strong, tough, shock resistant steels all of which apart from B7 do claim to be stainless. The alloy family is popular in the oil industry for strong nuts and bolts etc in a hostile environment, ie they are much more highly specified than 'needs to be rust-proof in a shed'. B7 is favoured for use in components exposed to 'Sour Gas', that is natural gas contaminated with Hydrogen Sulphide. This is a good thing – many stainless steel alloys that would be rust-proof in a damp shed are attacked by Hydrogen Sulphide!
My guess is that B7, especially if it is 'Bright Plated', is sufficiently 'stainless' for most ordinary purposes. Leave it out in the rain for a week and see what happens.
Dave